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* JP Morgan expects revenues Q2 (estimated €92,5 mio) to slightly outperform company guidance (€85 mio) and a small operating loss for H1 15, in line with what the company has indicated.
* JP Morgan expects gross margin to be higher (75,5% in H1), but negative operating result of € -4,8 mio.
* JP Morgan updates estimates and increases Price Target (PT) from €10.20 to €12.00, driven by better operating margins, slightly lower capex and the roll-forward of DCF-based valuation to Mar-15E offsetting some minor game delays.
* JP Morgan doesn’t expect Ubisoft to change its full year guidance at this point as no major game was released in Q2, and with
key games to be released in Q3 15 (Assassin’s Creed Unity / Far Cry 4).
* JP Morgan updates estimates (including recent USD strengthening and
minor delays in some game launches, e.g. Assassin’s Creed Unity to Nov
11th/13th in the US/Europe) and raises PT to €12.0
* JP Morgan estimates year revenues of €1,433m and EBIT of €163.8m. Net income should be at €107.2m (EPS €0.97).*JP Morgans remains Neutral on the stock, recognises Ubisoft leadership in the high-end gaming segment and understands the extensive potential
pipeline of next gen console games, but is cautious because of small number of hit-driven games and the risk of game delays.Source : JP Morgan
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