Enzyme the catalyst for a 6% EPS upgrade
Keywords’ acquisition of Enzyme strengthens the company’s position in French-speaking Canada, and in localisation and functional testing. Enzyme’s expertise in focus group testing should be a good complement to the recent Player Research acquisition and may support the company’s drive to develop more comprehensive, strategic outsourcing relationships with developers and publishers. The company is paying a mere 4.2x FY15 EBIT for the business and synergies should reduce this multiple in FY17. The deal adds a further 6% to our FY17 EPS.Keywords Studios is a technical services provider to the video games industry. Co.'s segments include: Localization Services, which relate to translation and cultural adaptation of in-game text and audio scripts; Localization Testing, which includes testing of linguistic correctness and cultural acceptability of computer games; Audio/Voiceover Services, which relate to audio production process for computer games; Functional Testing, which relates to quality assurance services provided to game producers; Art Creation Services, which relate to the production of graphical art assets for inclusion in the video game; and Customer Support, which relates to the live operations support services.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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