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Ubisoft Entertainment UBI

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Morningstar’s Analysis

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Currency in EUR
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5-Star Price

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Economic Moat

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Capital Allocation

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Ubisoft Reports Mixed First Half Despite Strong Catalog Performance; More Games Delayed

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Ubisoft posted a mixed first-half fiscal 2022 as revenue just beat, and operating income just missed, our projections. While the firm is no longer benefiting from gamers staying at home, net bookings only fell 5%, buoyed by strong catalog performance including a 70% rebound in engagement for The Crew 2. The previously delayed Far Cry 6 launched in October with playtime per player up 25% versus Far Cry 5. We are maintaining our narrow moat rating and EUR 81 fair value estimate.

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Company Profile

Business Description

Founded in 1986 in France by five brothers of the Guillemot family, Ubisoft is the third-largest independent video game publisher. Ubisoft employs a deep pool of developers at studios across the globe. The firm owns a number of well-known franchises, including Assassin’s Creed, Far Cry, Tom Clancy’s Rainbow Six and Ghost Recon, Rayman, Trials, and Just Dance.

Contact
28, Rue Armand Carrel
Montreuil, 93108, France
T +33 148185000
Sector Communication Services
Industry Electronic Gaming & Multimedia
Most Recent Earnings
Fiscal Year End Mar 31, 2022
Stock Type
Employees 20,324