NATIXIS : Ubisoft : Return of a favourable consolidation cycle ?

ACCUEILForumsUBISOFTNATIXIS : Ubisoft : Return of a favourable consolidation cycle ?

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  • Author
    Billets
    • #4084
      blubber
      Participant

      * Note 10/09/2014
      * Headlines already reported earlier on Asamacubi

      * Some further details :

      – Microsoft could acquire Mojang (Minecraft) for $ 2bn.
      – This price implies a premium of 25% to the multiples at which Ubisoft is valued (forward Price Earnings).
      – In fact, Ubisoft deserves a premium to Mojang, because Minecraft could just as well fade in the next months whereas Ubi’s portfolio is bigger and offers better visibility.
      – Ubisoft is still a target of choice (« the best » according to Natixis) in the gaming sector, with predators such as publishers (Activision, EA) as well as film studios (Warner).

      Note : Microsoft eventually paid $ 2.5 bn instead of $ 2 bn, so that implies a premium of 56% to the multiples of Ubisoft !!

      – Natixis note
      – Analyst : Pavel Goviciyan
      – Target Price Ubisoft : € 17

      Estimated EPS : 14/15 : € 0.88
      15/16 : € 1.25
      16/17 : € 1.63 !!!!! (looks very optimistic to me)

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