Nicolas Pepe is now worth £13.5million less than Arsenal paid for him in the summer, according to transfer market analysts.
The figures – which are on respected website Transfermarkt – now rate the Ivory Coast international's value at £58.5million after they re-valued him in December following his summer move from Lille.
Transfermarkt also felt the Gunners slightly overpaid in the summer, valuing him at £67.5million, with Arsenal shelling out a club-record £72million.
Pepe has not had the easiest of first seasons in the Premier League. He came in for some heavy criticism in the first half of the term, with the Gunners as a whole struggling under Unai Emery's guidance.
The winger has now contributed four goals and six assists in his 24 Premier League appearances this season, and seems to have earned the trust of Mikel Arteta, starting all but one of the last eight league encounters.
His high point in an Arsenal shirt this season probably came in the win over Manchester United on New Year's Day, scoring the opening goal against Ole Gunnar Solskjaer's team and firing on all cylinders before being replaced after the hour mark.
However, while he has been heading in the right direction under Arteta, there have been notable performances that have earned ire from the fans.
The Olympiacos defeat at home that saw the Gunners knocked out of the Europa League saw the winger attract plenty of criticism.
Despite a decent first half, a poor showing followed as he consistently lost the ball with his side growing more and more desperate for a goal that would send them through.
Pepe still has plenty of time on his side to come good at Arsenal, and push his value way beyond what the Gunners paid for him in the summer of 2019.
But for the moment, the Gunners are not quite getting the expected return on the deal that brought him to the club. Especially if you stack it against their past record buy, club captain Pierre-Emerick Aubameyang.
