Report
Richard-Maxime Beaudoux

UBISOFT: Demanding valuation – we maintain our Sell recommendation | SELL | EUR65(

UBISOFT - SELL | EUR65(-22%)
Demanding valuation – we maintain our Sell recommendation

Q2 net bookings broadly in line with our estimate
H1 non-IFRS EBIT lower than expected
Unsurprisingly, FY 2018-19 guidance has been reiterated
Competition set to suffer from the release of RDR 2
We maintain our Sell recommendation and FV of EUR65
Underlyings
Ubisoft Entertainment

Ubisoft Entertainment SA

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®.

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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