Codemasters Group (CDM)

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.

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