Ubisoft: Great show but no surpise as Assassin’s Creed Odyssey was confirmed ahead of E3
Ubisoft: (SELL, Fair Value EUR65 (-33%))Great show but no surpise as Assassin’s Creed Odyssey was confirmed ahead of E3
The group had a great E3 press conference again this year with a rich and varied lineup. We were particularly convinced by Assassin’s Creed Odyssey (available on 5th October 2018), The Division 2 (on 15th March 2019) and Skull & Bones (for FY 2019-20). However, because of leaks a couple of weeks ahead of E3 on Assassin’s Creed, the group had no surprise to announce during its show in order to create a “wow effectâ€. We maintain our Sell recommendation and FV of EUR65. We are not able to find any upside potential to the current share price. The stock is trading with P/E 2018-19e at an unprecedented premium of 38% to its US peers (Activision Blizzard, EA and Take-two).
Ubisoft Entertainment is an international independent developer, publisher & distributor of video games. Co. centers its business activities on developing, publishing & distributing video games for portable & home consoles, the PC, smartphones & tablets in both physical & online formats: high-definition with games for Xbox 360, PlayStation®3 & PC; casual with games for Nintendo®, KINECT & PlayStation®3 Move; and online for on-line games. Co.'s catalogue includes various types of games: Action/Adventure, Shooters, Sports, Strategy, Simulation, TV and Movie licenses, Games for everyone and Driving. Co.'s trademarks include Assassin's Creed®, Rainbow Six® Vegas 2, and Rayman Raving Rabids®.
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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