Focus Home Interactive: 15-month FY 2017-18 earnings with no surprise – investors still waiting for the new strategy
Focus Home Interactive: (NEUTRAL, Fair Value EUR28.5 (+4%))15-month FY 2017-18 earnings with no surprise – investors still waiting for the new strategy
Focus Home posted its 15-month earnings and its first 12-month earnings at end-March 2018. As a reminder, the year was extended until end-March to match its seasonal pattern of trading (like the vast majority of games publishers). All in all, these results were fairly decent, knowing that two major games were delayed (Vampyr and Call of Cthulhu, initially programmed for 2017). We maintain our Neutral recommendation and FV of EUR28.5 (at this price, the worst of the storm is priced in), pending the presentation of the new strategy. Investors still have to be patient.
Focus Home Interactive SA is France-based company principally engaged in the video games industry. The Company publishes interactive video games. The Company produces the catalogue, Focus, which publishes and distributes original titles, such as Blood Bowl, the strategy games Wargames, Sherlock Holmes, TrackMania, Runaway, Cities XL, Cycling Manager and Farming Simulator, among others. The Company has also games under development, such as The Technomancer, Act of Aggression, Vampyr, Call of Cthulhu, as well as several games based on Games Workshop Warhammer and Warhammer licenses: Blood Bowl 2, Space Hulk, Mordheim, and Battlefleet Gothic. The Company operates in France and overseas.
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