GDEV Inc (GDEV) is undervalued and NetEase Inc ADR (NTES) is slightly undervalued.
Against our estimates of intrinsic value, GDEV trades at the wider discount: a margin of safety of +71%, against +12% for NTES.
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 8.6% (average of 3 methods) values the shares at $142.99; the price of $125.25 is 12% below that value, and 77% of that value comes from beyond year five.
Leak Score 78/100 on 11 of 12 signals
| Metric | GDEV | NTES |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $10.76 | $125.25 |
| Intrinsic value | $36.74 | $142.99 |
| Margin of safety | +71% | +12% |
| Leak Score | 75/100 (9/12) | 78/100 (11/12) |
| Market cap | $196M | $79.8B |
| Revenue growth, 5 years | 9.2% | 8.0% |
| Operating margin | 19.9% | 35.3% |
| Net margin | 19.7% | 27.9% |
| Return on equity | — | 20.4% |
| Debt to equity | — | 0.08 |
| P/E | 2.6x | 17.4x |
| Forward P/E | 2.1x | 11.7x |
| P/B | — | 3.3x |
| Dividend yield | — | 2.5% |