GCL Global Holdings Ltd Ordinary Shares

GCL

TechnologyElectronic Gaming & MultimediaNASDAQ

$0.47

Market Cap: $57.13M

GCL Global Holdings Ltd Ordinary Shares (GCL) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.01 – $2.57	$0.56	+10.0%
Revenue DCF 10Y	$0.19 – $4.06	$1.02	+101.2%
▸ Trading Multiples
EV/Revenue	$0.47 – $5.03	$3.39	+567.9%

Valuation History

DCF Analysis

GCL Global Holdings Ltd Ordinary Shares (GCL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.02

Market Price

$0.47

Upside / Downside

+119.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -2.5% to a target of 10.0% over 5 years, discounted at a WACC of 8.6%, GCL Global Holdings Ltd Ordinary Shares (GCL) has an intrinsic value of $1.02 per share (range: $0.19 – $4.06).

Key Assumptions

Current Operating Margin

-2.5%

Target Operating Margin

10.0%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

18.3%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	117	20.0%	0.0%	0	0	2	(1)	3	-2	-2
2026	139	18.3%	2.5%	3	3	2	(2)	2	1	1
2027	162	16.6%	5.0%	8	7	3	(3)	2	4	3
2028	186	14.9%	7.5%	14	11	3	(5)	2	7	5
2029	210	13.2%	10.0%	21	17	4	(7)	3	12	8
2030	234	11.5%	10.0%	23	19	4	(9)	2	12	8
2031	257	9.8%	10.0%	26	21	5	(11)	2	12	7
2032	278	8.1%	10.0%	28	23	5	(14)	2	12	6
2033	296	6.4%	10.0%	30	24	5	(16)	2	11	6
2034	310	4.7%	10.0%	31	25	6	(19)	1	11	5

Enterprise Value Bridge

Sum of PV(FCFF)47

Terminal Value (Gordon Growth at 3.0%)198

PV of Terminal Value90

Enterprise Value137

(–) Net Debt8

Equity Value129

(÷) Shares Outstanding126

Fair Value per Share$1.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.6%	$-0	$0	$2	$3	$4
7.6%	$-0	$0	$1	$2	$3
8.6%	$-0	$0	$1	$2	$2
9.6%	$-0	$0	$1	$1	$2
10.6%	$-0	$0	$1	$1	$2

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

GCL Global Holdings Ltd Ordinary Shares (GCL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.56

Market Price

$0.47

Upside / Downside

+20.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-2.5%

Target Operating Margin

10.0%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

18.3%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	116	18.6%	0.0%	0	0	2	(2)	3	-3	-2
2026	134	15.5%	2.5%	3	3	2	(4)	2	-0	-0
2027	150	12.4%	5.0%	8	6	3	(6)	2	1	1
2028	164	9.2%	7.5%	12	10	3	(8)	1	3	3
2029	174	6.1%	10.0%	17	14	3	(10)	1	6	4

Enterprise Value Bridge

Sum of PV(FCFF)5

Terminal Value (Gordon Growth at 3.0%)107

PV of Terminal Value74

Enterprise Value79

(–) Net Debt8

Equity Value70

(÷) Shares Outstanding126

Fair Value per Share$0.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.6%	$-0	$0	$1	$2	$3
7.6%	$-0	$0	$1	$1	$2
8.6%	$-0	$0	$1	$1	$2
9.6%	$-0	$0	$0	$1	$1
10.6%	$-0	$0	$0	$1	$1

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.39

Market Price

$0.47

Upside / Downside

+627.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), GCL Global Holdings Ltd Ordinary Shares (GCL) has a fair value of $3.39 based on 9 comparable companies in the Electronic Gaming & Multimedia industry.

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
GCL Global Holdings Ltd Ordinary SharesGCL	59	0.7x	—
Satellogic Inc.SATL	672	36.2x	19.6x
Ceragon Networks Ltd.CRNT	222	0.7x	0.6x
Immersion CorporationIMMR	196	0.4x	13.1x
Tucows Inc.TCX	182	2.1x	2.5x
Marti Technologies, Inc.MRT	180	6.6x	15.6x
Duos Technologies Group, Inc.DUOT	171	5.7x	10.0x
Perfect Corp.PERF	169	0.6x	0.7x
Digimarc CorporationDMRC	156	4.5x	3.9x
DeFi Development Corp.DFDV	80	17.7x	18.3x
Industry Median		4.5x	10.0x
(*) Revenue		98
= Enterprise Value		436
(-) Net Debt		8
Equity Value		428
(/) Outstanding shares		126
Fair Price		$3

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.01 – $2.57

$0.56

+10.0%

Revenue DCF 10Y

$0.19 – $4.06

$1.02

+101.2%

▸ Trading Multiples

EV/Revenue

$0.47 – $5.03

$3.39

+567.9%

DCF Analysis

GCL Global Holdings Ltd Ordinary Shares (GCL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.02

Market Price

$0.47

Upside / Downside

+119.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-2.5%

Target Operating Margin

10.0%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

18.3%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	117	20.0%	0.0%	0	0	2	(1)	3	-2	-2
2026	139	18.3%	2.5%	3	3	2	(2)	2	1	1
2027	162	16.6%	5.0%	8	7	3	(3)	2	4	3
2028	186	14.9%	7.5%	14	11	3	(5)	2	7	5
2029	210	13.2%	10.0%	21	17	4	(7)	3	12	8
2030	234	11.5%	10.0%	23	19	4	(9)	2	12	8
2031	257	9.8%	10.0%	26	21	5	(11)	2	12	7
2032	278	8.1%	10.0%	28	23	5	(14)	2	12	6
2033	296	6.4%	10.0%	30	24	5	(16)	2	11	6
2034	310	4.7%	10.0%	31	25	6	(19)	1	11	5

Enterprise Value Bridge

Sum of PV(FCFF)47

Terminal Value (Gordon Growth at 3.0%)198

PV of Terminal Value90

Enterprise Value137

(–) Net Debt8

Equity Value129

(÷) Shares Outstanding126

Fair Value per Share$1.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.6%	$-0	$0	$2	$3	$4
7.6%	$-0	$0	$1	$2	$3
8.6%	$-0	$0	$1	$2	$2
9.6%	$-0	$0	$1	$1	$2
10.6%	$-0	$0	$1	$1	$2

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.39

Market Price

$0.47

Upside / Downside

+627.9%

Verdict

Undervalued

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
GCL Global Holdings Ltd Ordinary SharesGCL	59	0.7x	—
Satellogic Inc.SATL	672	36.2x	19.6x
Ceragon Networks Ltd.CRNT	222	0.7x	0.6x
Immersion CorporationIMMR	196	0.4x	13.1x
Tucows Inc.TCX	182	2.1x	2.5x
Marti Technologies, Inc.MRT	180	6.6x	15.6x
Duos Technologies Group, Inc.DUOT	171	5.7x	10.0x
Perfect Corp.PERF	169	0.6x	0.7x
Digimarc CorporationDMRC	156	4.5x	3.9x
DeFi Development Corp.DFDV	80	17.7x	18.3x
Industry Median		4.5x	10.0x
(*) Revenue		98
= Enterprise Value		436
(-) Net Debt		8
Equity Value		428
(/) Outstanding shares		126
Fair Price		$3