2022 revenue was in line but Normalised Adjusted EBITDA was ahead of our expectations. The company has made a clean reset, writing down underperforming games, cancelling games in development, impairing, and restructuring acquisitions, and appointing a Group COO. However, the company’s H1 games releases have further disappointed, growth in most of its back catalogue has tapered to flat growth and a couple of planned releases in 2023 have been delayed. Therefore we lower our 2023 Normalised Adjust ....
11 Apr 2023
Devolver Digital (DEVO LN) - Reset
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Devolver Digital (DEVO LN) - Reset
Devolver Digital, Inc. (DEVO:LON) | 19.5 0.1 4.0% | Mkt Cap: 86.7m
- Published:
11 Apr 2023 -
Author:
Bob Liao, CFA | Carl Smith, CFA -
Pages:
12
2022 revenue was in line but Normalised Adjusted EBITDA was ahead of our expectations. The company has made a clean reset, writing down underperforming games, cancelling games in development, impairing, and restructuring acquisitions, and appointing a Group COO. However, the company’s H1 games releases have further disappointed, growth in most of its back catalogue has tapered to flat growth and a couple of planned releases in 2023 have been delayed. Therefore we lower our 2023 Normalised Adjust ....