Report
Neil Macker

Ubisoft Posted a Strong 2H of FY18; Delays Skull & Bones into FY20

Ubisoft reported a strong end to fiscal 2018 with second-half sales of EUR 1,265 million, ahead of both the consensus estimate and our projection. The company reiterated its 2019 guidance for operating income and free cash flow despite pushing Skull & Bones into fiscal 2020. The firm now expects to launch three AAA titles (The Crew 2, The Division 2, and an unspecified franchise title) in fiscal 2019 with total estimated sales of 19 million units. We are maintaining our narrow moat rating an...
Underlying
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
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Neil Macker

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