Ubisoft: Caution!

NEUTRAL, Fair Value EUR15.5 (-14%)
News published on September Wednesday 30, 2015
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At this stage and after months with no big launches, we are concerned by bad pre-order rankings for Assassin’s Creed: Syndicate in the US and pre-alpha tests. Moreover, the recent delay of Rainbow Six puts pressure on Assassin’s Creed as it will be almost the only contributor to EBIT during the critical festive season. And last but not least The Division has good preorder rankings but we cannot rule out a postponement to the next fiscal year. We believe that the unannounced AAA title is necessarily a safe game, and we continue to strongly believe it is an update of last year’s Far Cry 4. At the current share price, we consider the risk/reward as unattractive. Neutral rating – FV of EUR15.5.

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