PLAYSIDE STUDIOS LIMITED (PLY)
Share Price Analysis and Chart

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

25/08/2026

1

Buy

$0.23

84.00%

Shaw and Partners maintains its Buy recommendation for Playside Studios with its target price reduced to $0.23 from $0.28 following FY26 results where revenue of $54.9m exceeded guidance, driven by a strong second half performance from the MOUSE release which validated the original IP strategy.

Underlying EBITDA reached $16.7m, while the company closed the period with net cash of $9.4m after adjusting for cash of $15.4m and $6m of debt.

A recent corporate restructure reduced headcount by -40 roles and is expected to deliver incremental annualised cost savings of approximately $5m, lowering anticipated FY27 cash costs to roughly $58m.

The analyst notes that key FY27 growth drivers include continued MOUSE monetisation, the upcoming launch of Dumb Ways to Build, and the anticipated 2H FY27 launch of Game of Thrones: War for Westeros.

Trading at an attractive valuation multiple of 1.1x FY27 EV/Revenue compared to 2.2x at the target price, Playside Studios is seen representing solid upside potential for long-term investors.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.10 cents.
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -0.40 cents.