Ubisoft Will Benefit From Chinese Publishing Deal With Tencent; Raising FVE to EUR 66
We are raising our fair value estimate for narrow-moat Ubisoft to EUR 66 from EUR 42 to reflect the impact of the firm’s deal with Tencent. As part of the Vivendi share repurchase agreement, Tencent and Ubisoft agreed to a strategic partnership agreement that will allow Tencent to publish the Ubisoft franchises in China. We project that this new deal should help revenue expand by 12% on average over the next five years.At E3, Ubisoft management noted that China only represented 5% of its PC and...
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®.
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.
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