UPDATE : source Berenberg/bloomberg
* Ubisoft initiated buy with price target of € 17 at Berenberg.
* Company is « well placed » among competitors in growing console market.
* Estimates indicate accelerating revenue growth will fuel compound EPS growth of 20% in 2013-2016
* Valuation compelling at 5 times 2016 estimated EV/EBit and 9,1 times estimated P/E of 2016
* Ubisoft appears to be cheap and offers considerable discount to listed peers
