Focus Home Interactive: Strong fiscal Q1 2018-19 sales thanks to Vampyr and a robust back catalogue (
Focus Home Interactive: (NEUTRAL, Fair Value EUR28.5 (+6%))Strong fiscal Q1 2018-19 sales thanks to Vampyr and a robust back catalogue
Focus Home posted strong fiscal Q1 2018-19 sales to EUR28.5m (i.e. 3.6% higher than our estimate of EUR27.5m), driven by the strong success of Vampyr and robust back catalogue sales. As a reminder, the year was extended until end-March to match its seasonal pattern of trading (like the vast majority of games publishers). 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. For our part, we firmly encourage the group to keep the same proven strategy used so far and the fairly low risk profile.
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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