Codemasters Group (CDM)

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Codemasters Group CDM Logo

A UK based video game developer and publisher (driving and racing games) – Such as DiRT, GRID, Micro Machines, ONRUSH and the Formula 1 series of video games.

8-Oct-2018 – 176.5p – £247.1m – PER 14.9

Trading Update For The 6 Months To End September 2018 – FY to be in-line.

First coverage for me, I will go Neutral here while I look into what “in-line” is forecast to look like – Gross margin here is 88.5% and they have a decent amount of Cash too, so looks healthy enough.

13-Nov-2018 – 171.5p – £242.2m – PER 14.6

Interim Results For The 6 Months To End September 2018 – Doesn’t seem to read particularly well but expects FY to be in-line with the Boards expectations (wonder what they are!).

I remain Neutral until I see those first set of results (IPO was less than 6 months ago).

1-Apr-2019 – 238p – £333m – PER 18.7

Trading Update For The 12 Months To End March 2019 – Trading continues to be strong (anticipates Revenue of £71m and Adjusted EBITDA of £18.5m (ahead of market expectations).

Would still like to see those actuals before making any call on this quite recent IPO.

10-Jun-2019 – 255p – £357m – PER 20.4

Results For The 12 Months To End March 2019 – Revenue up 11.9% from £63.6m to £71.2m, Gross Profit up 16%, Adjusted EPS up 64.1% from 8.1p to 13.3p, Net Cash at £18.2m (Net Debt of £112.9m last time). Strong schedule of games and increased focus on digital and “Games As A Service”.

Looks about in-line to me but with next years EPS growth forecast to be flat I will remain on the side-lines for now.

9-Oct-2019 – 212p – £298m – PER 17

Trading Update For The 6 Months To End September 2019 – As a result of the strong performance in H1, expects FY to be in-line.

I would love to back one of the winners in this space, I am just not sure it’s Codemasters though, will keep an eye out for any updated Broker notes though.

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