A UK based company that develops video games with a portfolio that includes over 90 games, including the Worms franchise, Overcooked and The Escapists
18-Jul-2018 – 232.5p – £305.2m – PER 50.7
Certainly flavour of the month, gaming companies – I need to do more research here though before considering investment. On a PER of 50.7 it better be compelling!
11-Sep-2018 – 225p – £295.4m – PER 26.6
Interim Results For The 6 Months To End June 2018 – “Record H1 Performance” – Revenueup 48% to £15.4m (H1 2017: £10.4m), Gross Profit up 25% to £6.9m (H1 2017: £5.5m), Adjusted EPS of 1.93 pence (H1 2017: 0.56 pence) with Net Cash (debt) of £13.4m (H1 2017: (£37.5m)).
Looks more tempting at this price, will go on the Watchlist if I don’t get involved this week.
Subsequent note: After further analysis decided to go Neutral here as upgrades are required for 2019E (currently forecast for a fall in EPS).
29-Jan-2019 – 222p – £292m – PER 25.9
Trading Update For The 12 Months To End December 2018 – Revenues ahead of expectations with EBITDA at the upper end. A solid portfolio of game launches planned for 2019.
Could be tempted here, will keep an eye out for Broker notes.
19-Mar-2019 – 230p – £302m – PER 26
Results For The 12 Months To End December 2018 – Revenue up 46% to £43.2m, Profit up 18% with Adjusted Basic EPS up from 4.3p to 6.1p (both ahead of expectations). Net Cash stands at £23.5m (£8.4m last time).
Still quite like this and would like to see revised Broker notes following these results.
18-Jun-2019 – 247p – £319m – PER 25.9
H1 Trading Update – Strong start, expects FY Adjusted Revenue and EBITDA to be ahead of market expectations.
I still reckon this is overvalued but will now keep an eye out for updated forecasts.
10-Sep-2019 – 302p – £396m – PER 32
Interim Results For The 6 Months To End June 2019 – Revenue up 97%, Adjusted EBITDA up 145% and EPS up 356%, Cash at £35.8m (£16.7m). Comfortable with FY expectations with a solid selection of game releases planned.
Still think this is overvalued although it is a popular and obviously growing sector at present.
4-Nov-2019 – 297p – £390m – PER 30
Trading Update For The 12 Months To End December 2019 – Expects FY Adjusted Revenue and EBITDA to be ahead of market expectations.
Still quite like this but would need to see some significant upgrade to forecasts to get involved at this level.