Report
Neil Macker
EUR 101.80 For Business Accounts Only

Ubisoft Reports Strong 1H; Vivendi Stake Remains Key Issue

Ubisoft reported a strong first half for fiscal 2018 with sales of EUR 466 million, well ahead of our EUR 394 million projection and guidance of EUR 392 million. Despite the beat, the company reiterated its fiscal 2018 and 2019 guidance. We are maintaining our narrow moat rating and our EUR 30 fair value estimate. As shares are trading in 1-star territory with respect to our EUR 30 fair value estimate, we continue to view the shares as overvalued, due largely to speculation around a potential ho...
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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