* Solid Q1, EBITA set to beat guidance
* The full year guidance is likely to be topped for EBITA (guidance >150 mio, Natixis 200 mio (!!!!))
* Well stocked pipeline, benefiting from console renewal cycle
* FULL YEAR GUIDANCE IS UNCHANGED, BUT ROBUST PERFORMANCE OF WATCH DOGS COULD OFFER UPSIDE POTENTIAL FOR THE MARGIN (Natixis : 200 mio vs 150 mio guidance)
* Maintaining BUY rating and target price of 17 € (average between DCF, peer comparison and average multiples over past two cycles)
* Watch dogs : > 10 mio for the year ?
* Enhancing margins via strong digital sales 14% of total sales for Watch Dogs
* Q2 unsurprising, no major releases
* We estimate that the next-gen consoles will see the physical software market return to growth after five straigth years of decline, with a shift from the old generation to the new likely IN FISCAL Q3 OR Q4 (around Christmas).
=> la faiblesse du cours d’Ubi est plutot une point d’entrée