Following management presentation and greater details on mid-term pipeline, we feel more positive on revenue growth prospect (CAGR sales +20% pa) but neutral on adj. EBIT given higher opex to support the pipeline. We continue to see solid upside on margin in the mid to long term thanks to operating leverage and higher share of owned IP. Given the required investment to support the pipeline (game capex), FCF will remain soft in the next 2 years and improve by FY25. We increased our sales estimate ....
17 Jun 2022
Business transformation is progressing well
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Business transformation is progressing well
- Published:
17 Jun 2022 -
Author:
Langlet Nicolas NL -
Pages:
7
Following management presentation and greater details on mid-term pipeline, we feel more positive on revenue growth prospect (CAGR sales +20% pa) but neutral on adj. EBIT given higher opex to support the pipeline. We continue to see solid upside on margin in the mid to long term thanks to operating leverage and higher share of owned IP. Given the required investment to support the pipeline (game capex), FCF will remain soft in the next 2 years and improve by FY25. We increased our sales estimate ....