Unsurprising FY21 results but FY22 guidance and the postponement of Skull & Bones disappointed. Two AAA games remain in the pipeline for H1 22, while the two promising free-to-play releases are expected, at most, to breakeven. We believe that this cautious guidance limits the risk of a downward revision while leaving room for positive surprises from new releases. We stick to our positive stance on the stock, seeing a ramp-up of PRI in subsequent years as free-to-play titles start to bear fruit.
18 May 2021
Cautious FY22 guidance; mid-term perspective remains sound
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Cautious FY22 guidance; mid-term perspective remains sound
- Published:
18 May 2021 -
Author:
Valentin Mory -
Pages:
3
Unsurprising FY21 results but FY22 guidance and the postponement of Skull & Bones disappointed. Two AAA games remain in the pipeline for H1 22, while the two promising free-to-play releases are expected, at most, to breakeven. We believe that this cautious guidance limits the risk of a downward revision while leaving room for positive surprises from new releases. We stick to our positive stance on the stock, seeing a ramp-up of PRI in subsequent years as free-to-play titles start to bear fruit.