Although Ubisoft’s FY22/23 was guided to be a write-off year, it came in below expectations on the top line. The FY23/24 guidance was confirmed but the low net bookings target for Q1 23/24 calls for an empty release agenda despite the admittedly risky loaded pipeline for the year. The good news on the Free-to-Play side already looks discounted. The FCF again came in in the red zone in FY23/24. Any recovery in the share price will be a factor of “until when?”.
