FOCUS HOME INTERACTIVE: Happy new fiscal years: sales >EUR110m in 2018-19 and EUR130-150m in 2021-22 | BUY | EUR34 vs. EUR27
FOCUS HOME INTERACTIVE - BUY | EUR34 vs. EUR27 (+26%)Happy new fiscal years: sales >EUR110m in 2018-19 and EUR130-150m in 2021-22
Very strong fiscal H1 2018-19
Record fiscal Q3 and FY sales guidance upgrade
The new group’s strategy gives visibility until FY 2021-22
We maintain our Buy recommendation and raise FV to EUR34
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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