Nexters (GDEV) AI Stock Analysis

• Market Cap: $388.35M
• Dividend Yield: 10.51%
• Average Volume (3M): 5.70K
• Price to Earnings (P/E): 10.0
• Beta (1Y): 1.26
• Revenue Growth: -5.57%
• EPS Growth: N/A
• Country: US
• Employees: 589
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.90
• Shares Outstanding: 18,130,090
• 10 Day Avg. Volume: 6,402
• 30 Day Avg. Volume: 5,699
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.53
• Enterprise Value/Revenue: 0.49
• Enterprise Value/Gross Profit: 0.74
• Enterprise Value/Ebitda: 4.34
• 1Y Price Target: $43.25
• Price Target Upside: 37.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 72 Outperform
• Price Target: $16.50 ▼(-47.64% Downside)

Nexters' stock is supported by strong valuation metrics, with a low P/E ratio and high dividend yield indicating potential undervaluation. Technical analysis suggests moderate bullish momentum. However, financial performance is a concern due to declining revenues and negative equity, which could impact long-term sustainability.

Nexters Business Overview & Revenue Model

Company Description

GDEV Inc. operates as a gaming and entertainment company in the United States, Europe, Asia, and internationally. It develops desktop, mobile, web, and social games. The company was formerly known as Nexters Inc. and changed its name to GDEV Inc. in June 2023. GDEV Inc. was founded in 2010 and is headquartered in Limassol, Cyprus.

How the Company Makes Money

Nexters makes money through a freemium revenue model, where its games are free to play but offer in-app purchases that enhance the gaming experience. These purchases can include virtual goods, additional features, or enhancements that allow players to progress faster or customize their gameplay. Additionally, the company generates revenue through advertising, as some games display ads to users. Strategic partnerships with other gaming and technology companies also contribute to Nexters' earnings, allowing for expanded distribution and access to new markets.

Nexters Financial Statement Overview

Summary

Nexters shows strong cash flow management with positive trends, but faces challenges with declining revenues and negative equity, raising concerns about long-term financial sustainability.

Income Statement

Nexters has experienced fluctuating revenue with a recent decline from $464.5M in 2023 to $420.9M in 2024. The gross profit margin remains strong at approximately 66.3% for 2024. However, the net profit margin decreased from 9.9% in 2023 to 6.1% in 2024. Notably, EBIT and EBITDA margins were impacted by declining revenues, reflecting operational challenges.

Balance Sheet

The balance sheet reveals significant weaknesses, particularly with negative stockholders' equity of -$101.5M in 2024, indicating potential financial instability. The debt-to-equity ratio is not applicable due to negative equity. While the company has managed to maintain low levels of debt, high liabilities pose a risk to financial health.

Cash Flow

Nexters shows positive cash flow trends with free cash flow growth from $17.2M in 2023 to $28.1M in 2024. The operating cash flow to net income ratio improved, indicating efficient cash generation relative to net income. However, the company faces challenges with volatile investing and financing cash flows.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	420.93M	464.55M	479.69M	434.09M	260.89M
Gross Profit	278.92M	303.86M	306.03M	297.92M	168.34M
EBITDA	36.65M	56.68M	19.14M	4.72M	-1.11M
Net Income	25.53M	46.12M	7.30M	-117.44M	-751.00K
Balance Sheet
Total Assets	272.20M	320.55M	322.04M	312.98M	211.55M
Cash, Cash Equivalents and Short-Term Investments	134.81M	156.03M	137.14M	142.80M	84.56M
Total Debt	1.30M	2.44M	1.19M	1.93M	1.16M
Total Liabilities	373.73M	420.37M	470.82M	474.03M	313.46M
Stockholders Equity	-101.53M	-99.81M	-148.78M	-161.09M	-101.91M
Cash Flow
Free Cash Flow	28.09M	17.20M	115.02M	104.08M	120.48M
Operating Cash Flow	28.52M	17.95M	116.08M	105.52M	120.62M
Investing Cash Flow	55.90M	-32.46M	-171.78M	-2.72M	361.00K
Financing Cash Flow	-44.94M	-1.95M	-1.90M	-42.98M	-56.05M

Nexters Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 31.51
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GDEV, the sentiment is Positive. The current price of 31.51 is above the 20-day moving average (MA) of 16.39, above the 50-day MA of 15.28, and above the 200-day MA of 15.01, indicating a bullish trend. The MACD of 2.09 indicates Negative momentum. The RSI at 85.87 is Negative, neither overbought nor oversold. The STOCH value of 78.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GDEV.

Nexters Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DDI	75 Outperform	465.80M	4.38	0.00%	―	0.51%	-8.46%
GDEV	72 Outperform	$388.35M	9.99		10.51%	-5.57%	―
PLTK	59 Neutral	1.38B	14.92	-98.41%	10.90%	4.98%	-60.29%
GMGI	56 Neutral	143.67M	-14.25	0.00%	―	97.84%	-268.53%
MYPS	51 Neutral	127.85M	-4.07	-12.78%	―	-13.95%	-75.02%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%

Nexters Corporate Events

GDEV Inc. Reports Strong Q2 2025 Financial Results and AGM Approvals

On September 2, 2025, GDEV Inc. announced its financial results for the second quarter and first half of 2025, showing a 13% year-over-year increase in revenue for Q2, reaching $120 million, and a net profit of $17 million. Despite a decline in bookings and advertising revenue, the company achieved a higher adjusted EBITDA due to refined revenue recognition processes. Additionally, GDEV held its annual general meeting on August 29, 2025, where all proposed agenda items, including the re-election of directors and the appointment of auditors, were approved by shareholders.

GDEV Inc. Acquires Light Hour Games to Boost Mobile Casual Game Portfolio

On August 5, 2025, GDEV Inc. announced the acquisition of Light Hour Games, a mobile studio based in Cyprus known for its AI-driven workflows in game development. This strategic acquisition aims to enhance GDEV’s portfolio in mobile casual games, allowing Light Hour Games to maintain creative freedom while benefiting from GDEV’s resources and expertise. This move is expected to bolster GDEV’s growth strategy by integrating Light Hour Games’ innovative approaches and experienced team into its ecosystem.

GDEV Inc. Appoints New Accounting Firm in July 2025

On July 14, 2025, GDEV Inc. announced a change in its independent registered public accounting firm, appointing KPMG Somekh Chaikin from Israel to succeed KPMG Certified Auditors S.A. from Greece. This decision, effective June 24, 2025, was made after a careful evaluation and approved by the company’s audit committee, aiming for a seamless transition to ensure continued compliance with PCAOB standards.

GDEV Inc. Announces 2025 Virtual AGM and Key Agenda Items

GDEV Inc. has announced its 2025 Annual General Meeting (AGM) scheduled for August 29, 2025, to be held virtually. The agenda includes confirming the appointment of KPMG as auditors and re-electing several directors, including Marie Holive, Andrew Sheppard, and Tal Shoham. Members as of July 3, 2025, are eligible to vote, and proxy submissions are accepted until August 29, 2025.

GDEV Announces Leadership Change with COO Departure

On June 23, 2025, GDEV Inc. announced the departure of Olga Loskutova from her role as Chief Operating Officer, effective July 1, 2025. Since October 2024, Loskutova has been instrumental in establishing the planning and coordination frameworks that support GDEV’s operations. Her departure marks a significant change in leadership, potentially impacting the company’s operational structure and strategic direction.