Report
Richard-Maxime Beaudoux

FOCUS HOME INTERACTIVE: Transfer of the publishing and distribution rights of Werewolf: The Apocalypse to Bigben | BUY | EUR27 vs. EUR28.5 (+21%)

FOCUS HOME INTERACTIVE - BUY | EUR27 vs. EUR28.5 (+21%)
Transfer of the publishing and distribution rights of Werewolf: The Apocalypse to Bigben

Werewolf: The Apocalypse rights to be sold to Bigben
We already pointed out that it could end up in Bigben’s hands
As a reminder, Bigben acquired Cyanide a couple of months ago
We maintain our Buy recommendation and lower our FV to EUR27
Underlying
Focus Home Interactive SA

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Richard-Maxime Beaudoux

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