BRYAN GARNIER : RELEVE L’OBJECTIF DE € 21 à € 23 (+9,5%)
Richard-Maxime Beaudoux de Bryan Garnier :
« Better-than-expected FY14-15 FCF guidance and FY15-16 derisked Ubisoft’s fiscal Q3 sales came out at EUR810m (vs. guidance of EUR730m, consensus of EUR744m and our at least EUR815m). »
« Ubisoft revised upwards its FY14-15 guidance: sales from at least EUR1.4bn to EUR1.44bn (vs BG est.: EUR1.487bn) and a non-IFRS EBIT from at least EUR150m to EUR165m (vs BG est.: EUR187.5m), and FCF from EUR50-80m to EUR150m (vs. BG est.: EUR95.1m). »
« Management has decided to over-depreciate some games this year in order to be derisked next year. Restating this R&D over-depreciation, we reckon the group would have upgraded its non-IFRS FY14-15 EBIT guidance from EUR150m to EUR200m. »
ACHETER, OBJECTIF € 23
A SUIVRE !
