GDEV Inc (GDEV) is undervalued and Gravity Co Ltd ADR (GRVY) is undervalued.
Against our estimates of intrinsic value, GDEV trades at the wider discount: a margin of safety of +71%, against +50% for GRVY.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 13.4% (average of 3 methods) values the shares at $36.74; the price of $10.76 is 71% below that value, and 61% of that value comes from beyond year five.
Leak Score 75/100 on 9 of 12 signals
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $132.82; the price of $66.47 is 50% below that value, and 73% of that value comes from beyond year five.
Leak Score 74/100 on 10 of 12 signals
| Metric | GDEV | GRVY |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $10.76 | $66.47 |
| Intrinsic value | $36.74 | $132.82 |
| Margin of safety | +71% | +50% |
| Leak Score | 75/100 (9/12) | 74/100 (10/12) |
| Market cap | $187M | $465M |
| Revenue growth, 5 years | 9.2% | 2.8% |
| Operating margin | 19.9% | 16.2% |
| Net margin | 19.7% | 14.9% |
| Return on equity | — | 13.2% |
| Debt to equity | — | 0.01 |
| P/E | 2.5x | 7.9x |
| Forward P/E | 2.0x | — |
| P/B | — | 1.0x |
| Dividend yield | — | 4.8% |