Gameloft: H1 sales guidance is in line with our scenario (with higher Q1 and lower Q2 than expected)

SELL, Fair Value EUR3.4 (-25%)

News published on April Wednesday 29, 2015
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Q1 sales were 3% above our estimate and at the high end of the consensus range. The group expects to post a Y/Y increase of 17% in H1 on a reported basis (i.e. Q2 at -2% sequentially). This is perfectly in line with our H1 forecast, although we modelled lower Q1 and higher Q2 sales. In our view, the seasonality of the operating margin should be strong this year (one third in H1 / two thirds in H2). The group doesn’t give any guidance for the FY, reflecting as usual poor visibility beyond one quarter. Our FY15/17 EPS sequence remains unchanged. We keep our Sell rating and FV of EUR3.4



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