Note JP Morgan


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    • #7670

      JP Morgan said in a note (feedback from investor day) :

      * Ubisoft is well positioned for FY2016
      * Open world games market share continues to increase : from 16% in 2008 to 30% in 2014. Ubisoft should profit from this evolution.
      * Ubi has lagged regarding digital revenues, but JP Morgan thinks Ubi will catch up, thanks to multiplayer games.
      * Ubi has relatively high R&D costs, but this is because IP’s are produced internally, so that the company remains owner, preventing brand owners from taking the next game development off the hands of the company after a first success.
      * Regarding E3 : JP Morgan thinks feedback from the industry was very positive for each game displayed by Ubi.
      * Furthermore : Ubi sees good growth potential in developing markets (Eastern Europe, Russia, Brazil,…)
      * Ubi expects Free-To-Play to break even in FY 2016
      * JP Morgan maintains « OVERWEIGHT », Price Target € 18,5

      (note published by JP Morgan on 30/06)

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