Nacon - Disappointing H1 results and lack of transparency in communications, but improvement expected in Q3
Sharp deterioration in H1 results due to a sharp increase in depreciation and amortization costs, linked to the numerous game releases which have not yet been reflected in sales.The drop in results was also partly masked by €10m of non-recurring income, on which the Group's communication left something to be desired.A more promising line-up for H2, with a very good start for Robocop, but a risk of a delay for Test Drive, the biggest release of the year.We have adopted an Add opinion (vs. Buy previously), with a price target lowered to €1.7/share (vs. €2 previously).Toy manufacturer
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