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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 Posts Weak Start to Fiscal-Year 2022; F2P Pivot Continues to Shape Up

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Ubisoft reported a weak start to fiscal-year 2022 as first-quarter revenue declined 17% to EUR 353 million. While Ubisoft only reports revenue for its fiscal first- and third-quarter results, management reiterated its targets for fiscal 2021 despite pushing back the release dates for Rainbow Six Extraction and Riders Republic. The firm will still release multiple digital-only titles this fiscal year, including expansions for Assassin’s Creed Valhalla and Watch Dogs: Legion along with new seasons for Rainbow Six Siege and For Honor. We are maintaining our narrow moat and fair value estimate of EUR 81.

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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