FY 21 results came in line with our estimates with EBIT up +29% YoY. Despite mixed reviews, performance of recently released games appear decent. Line up for the rest of the year is solid enough to at least reach the mid-point of guidance. FY 23 could see a net acceleration of sales given major projects (Plague Tale: Requiem + 2 big projects to be revealed by end of 2021). After recent capital increase, Focus Home has what it takes to invest in transformative deal.
FY 21 EBIT up +29% driven by ....
