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COMMUNICATIONS: Ubisoft Q125 Results; Mixed Signals As EUR 27s Move Wider

COMMUNICATIONS
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{UBI FP Equity}   Unrated    EUR 27s +5bp

  • Q1 revenue +12.0% YoY with net bookings +8.3% at EUR 290mn against the company target of EUR 275mn. We are unable to view consensus, but these look like strong results.
  • Equity move looks to be driven by the Q2 guidance which shows EUR 500mn in net bookings which looks to have come in ~20% short of consensus (as per BBG headline) and would be a 9.9% YoY decrease despite the release of Star Wars Outlaws in August and management “factoring in a strong launch”.
  • We note that on the call management discussed that Q2 last year was particularly strong on higher-than-expected partnerships and included Assassin's Creed Mirage shipments – excluding these factors they expect growth in Q2.
  • Two anticipated releases, Rainbow Six Mobile and The Division Resurgence, have been pushed back to the next fiscal year though management see “no significant impact on the overall guidance” with limited impact on EBIT in H2.
  • No updates on credit metrics. 
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{UBI FP Equity}   Unrated    EUR 27s +5bp

  • Q1 revenue +12.0% YoY with net bookings +8.3% at EUR 290mn against the company target of EUR 275mn. We are unable to view consensus, but these look like strong results.
  • Equity move looks to be driven by the Q2 guidance which shows EUR 500mn in net bookings which looks to have come in ~20% short of consensus (as per BBG headline) and would be a 9.9% YoY decrease despite the release of Star Wars Outlaws in August and management “factoring in a strong launch”.
  • We note that on the call management discussed that Q2 last year was particularly strong on higher-than-expected partnerships and included Assassin's Creed Mirage shipments – excluding these factors they expect growth in Q2.
  • Two anticipated releases, Rainbow Six Mobile and The Division Resurgence, have been pushed back to the next fiscal year though management see “no significant impact on the overall guidance” with limited impact on EBIT in H2.
  • No updates on credit metrics.