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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