As expected, H1 FY 22 profitability was weak given impairment loss on Hood: Outlaw and legends and Warhammer Age of Sigmar: Storm grounds. After a soft FY 22, momentum should accelerate in the coming years supported by a rich pipeline of new games and contribution from recently acquired companies (Dotemu, Deck 13). We lower estimates by -11% in FY22 and FY23 to reflect H1 22 impairment loss, and risk of some game delays in FY 23. As a consequence, we have reduced the high end of our valuation ra ....
21 Jan 2022
Weak H1 FY 22 profitability, strong pipeline ahead
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Weak H1 FY 22 profitability, strong pipeline ahead
- Published:
21 Jan 2022 -
Author:
Langlet Nicolas NL -
Pages:
7
As expected, H1 FY 22 profitability was weak given impairment loss on Hood: Outlaw and legends and Warhammer Age of Sigmar: Storm grounds. After a soft FY 22, momentum should accelerate in the coming years supported by a rich pipeline of new games and contribution from recently acquired companies (Dotemu, Deck 13). We lower estimates by -11% in FY22 and FY23 to reflect H1 22 impairment loss, and risk of some game delays in FY 23. As a consequence, we have reduced the high end of our valuation ra ....