Embracer Group AB
Embracer Group AB (publ), together with its subsidiaries, develops and publishes PC, console, mobile, VR, and board games for the games market internationally. It operates through, PC/Console Games, Mobile Games, and Entertainment and Services segments. The company also publishes films and comic bo…
Embracer Group AB (publ), together with its subsidiaries, develops and publishes PC, console, mobile, VR, and board games for the games market internationally. It operates through, PC/Console Games, Mobile Games, and Entertainment and Services segments. The company also publishes films and comic books, as well as engages in the trading of card games. It distributes games through retailers, physical stores, and digital distributors. The company was formerly known as THQ Nordic AB (publ) and changed its name to Embracer Group AB (publ) in October 2019. Embracer Group AB (publ) was founded in 1990 and is headquartered in Karlstad, Sweden.Priced within the modelled range
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: SEK 121.18–262.43 (median 191.80). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 2% growth, 2.9% terminal growth, and 10.4% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 10.40%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 7.0%, own revenue history -10.0%, analyst revenue consensus 3.9%).
Analyst consensus expects revenue growth of 3.9% a year; the growth assumption used is 2.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — SEK 117.15 (+23.4%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— SEK 117.15 (+23.4%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— SEK 121.18 (+27.7%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— SEK 262.43 (+176.5%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— SEK 117.31 (+23.6%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— SEK 459.87 (+384.5%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear SEK 91.38 | -3.9% |
| Base SEK 117.15 | 19.0% |
| Bull SEK 162.27 | 41.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At SEK 94.92 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.9%, discount 10.4%).
Compare: the market implies -3.6% a year, this model assumes 2.0%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.4% | 9.4% | 10.4% | 11.4% | 12.4% |
|---|---|---|---|---|---|
| -2.0% | 131.43 | 113.74 | 100.76 | 90.82 | 82.96 |
| 0.0% | 142.54 | 122.99 | 108.65 | 97.67 | 89.01 |
| 2.0% | 154.51 | 132.96 | 117.15 | 105.05 | 95.50 |
| 4.0% | 167.41 | 143.68 | 126.28 | 112.98 | 102.48 |
| 6.0% | 181.29 | 155.21 | 136.10 | 121.50 | 109.97 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 56 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 2 of 5 years profitable | 8 / 20 |
| Cash generation | free cash flow positive in 1 of 5 years | 4 / 20 |
| Growth | revenue -18.2% a year | 4 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 26% | 20 / 20 |
Peers in Communication Services
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| EMBRAC-B.ST (this company) | SEK 95.44 | 18.5% | – | 1.0 | – | 56 |
| DTE.DE Deutsche Telekom AG | EUR 25.87 | 49.7% | 14.4 | 2.1 | 5.5% | 82 |
| PUB.PA Publicis Groupe S.A. | EUR 102.60 | 42.0% | 15.7 | 2.5 | 3.5% | 90 |
| VOD.L Vodafone Group Public Limited Company | GBP 1.17 | 42.0% | – | 0.7 | 3.2% | 66 |
| CMCSA Comcast | USD 24.95 | 39.1% | 7.9 | 1.0 | 5.4% | 82 |
| TEF.MC Telefonica, S.A. | EUR 3.36 | 33.8% | – | – | 8.9% | 59 |
| INF.L Informa plc | GBP 8.40 | 23.0% | – | 1.9 | 2.4% | 66 |
| SONY Sony Group Corporation | USD 27.54 | 19.5% | – | – | – | 82 |
| GOOG Alphabet Inc. (Class C) | USD 281.74 | 11.7% | 14.8 | 5.1 | 0.3% | 100 |
| Peer median | 14.6 | 2.0 | ||||
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 14:41
| Revenue | SEK 16,900,000,000 |
|---|---|
| EBITDA | SEK 4,412,000,000 |
| EBIT | SEK -6,300,000,000 |
| Net income | SEK -5,366,000,000 |
| Free cash flow | SEK 1,666,000,000 |
| Capital expenditures | SEK 732,000,000 |
| Debt | SEK 2,044,000,000 |
| Cash | SEK 4,997,000,000 |
| Working capital | SEK 3,837,000,000 |
| Shares outstanding | 213,000,000 |