Q1 23 net booking declined -7% YoY but came c.+8% above our estimates thanks to success of Dotemu''s game ''Teenage Mutant Ninja Turtles: Shredder''s Revenge'' and stronger than expected back catalog. The trend should improve in the coming quarters supported by solid line up of new games which will result in c.27% net booking growth YoY for FY23. Looking to the years ahead, we continue to see solid topline growth, margin improvement supporting progressive FCF improvement by FY 25e. We leave our ....
22 Jul 2022
A solid start but major new games have yet to come
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A solid start but major new games have yet to come
- Published:
22 Jul 2022 -
Author:
Langlet Nicolas NL -
Pages:
6
Q1 23 net booking declined -7% YoY but came c.+8% above our estimates thanks to success of Dotemu''s game ''Teenage Mutant Ninja Turtles: Shredder''s Revenge'' and stronger than expected back catalog. The trend should improve in the coming quarters supported by solid line up of new games which will result in c.27% net booking growth YoY for FY23. Looking to the years ahead, we continue to see solid topline growth, margin improvement supporting progressive FCF improvement by FY 25e. We leave our ....