Financials Ubisoft Entertainment

Equities

UBI

FR0000054470

Software

Market Closed - Euronext Paris Other stock markets 11:35:09 2024-04-26 am EDT			5-day change	1st Jan Change
21.82 ^EUR	+0.46%		+3.61%	-5.58%

Apr. 24	Ubisoft Appoints Cecile Russeil as Executive Vice President	CI
Apr. 19	Pullup: sales ahead of expectations, share price rises	CF

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,604	8,048	7,994	4,922	3,031	2,780	-	-
Enterprise Value (EV) ¹	8,898	8,149	8,461	4,639	3,693	3,894	3,834	3,675
P/E ratio	89.2 x	-60 x	76.3 x	61.5 x	-6 x	19.8 x	14.1 x	11.9 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	4.66 x	5.25 x	3.57 x	2.31 x	1.74 x	1.27 x	1.19 x	1.13 x
EV / Revenue	4.82 x	5.31 x	3.78 x	2.18 x	2.12 x	1.78 x	1.64 x	1.49 x
EV / EBITDA	9.12 x	13.6 x	7.12 x	5.44 x	4.69 x	3.91 x	3.43 x	2.91 x
EV / FCF	28.7 x	-42.6 x	117 x	-16.4 x	-8.67 x	-33.6 x	35.8 x	17.1 x
FCF Yield	3.49%	-2.35%	0.85%	-6.08%	-11.5%	-2.98%	2.8%	5.86%
Price to Book	9.63 x	5.7 x	4.95 x	2.81 x	2 x	1.64 x	1.43 x	1.22 x
Nbr of stocks (in thousands)	108,422	119,796	123,210	123,193	123,933	127,428	-	-
Reference price ²	79.36	67.18	64.88	39.95	24.46	21.82	21.82	21.82
Announcement Date	5/15/19	5/14/20	5/11/21	5/11/22	5/16/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,846	1,534	2,241	2,128	1,740	2,188	2,331	2,468
EBITDA ¹	975.6	599.9	1,189	852.5	786.9	994.6	1,117	1,264
EBIT ¹	446	34.2	473.3	407.6	-500.2	400.2	467.1	541.1
Operating Margin	24.17%	2.23%	21.12%	19.15%	-28.76%	18.29%	20.04%	21.92%
Earnings before Tax (EBT) ¹	148.4	-78.56	237.8	193.1	-603.3	225.2	333	373.2
Net income ¹	99.98	-125.6	103.1	79.1	-494.2	150.8	210	246.8
Net margin	5.42%	-8.19%	4.6%	3.72%	-28.41%	6.89%	9.01%	10%
EPS ²	0.8900	-1.120	0.8500	0.6500	-4.080	1.104	1.552	1.833
Free Cash Flow ¹	310.3	-191.3	72.3	-282	-425.8	-115.9	107.2	215.4
FCF margin	16.81%	-12.47%	3.23%	-13.25%	-24.48%	-5.3%	4.6%	8.73%
FCF Conversion (EBITDA)	31.8%	-	6.08%	-	-	-	9.6%	17.04%
FCF Conversion (Net income)	310.32%	-	70.13%	-	-	-	51.04%	87.26%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	5/15/19	5/14/20	5/11/21	5/11/22	5/16/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 S2	2026 S1	2026 S2
Net sales ¹	661.1	872.9	754.7	1,486	326	392.2	718.2	746.1	664.2	1,410	293.3	406.1	699.4	726.9	313.2	1,040	267.7	554.8	822.4	626.2	742.4	1,385	450	650	886.6	500	1,393	901.4	1,400
EBITDA	-	-	215.2	848.4	-	-	145.4	-	-	-	-	-	160.5	-	-	511.5	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	6.9	27.3	114.3	359	-	-	44.1	-	-	363.5	-	-	-139	-	-	-361.2	-	-	43.5	-	356	357.9	-	-	113.2	-	385	200	400
Operating Margin	1.04%	3.13%	15.15%	24.16%	-	-	6.14%	-	-	25.77%	-	-	-19.87%	-	-	-34.73%	-	-	5.29%	-	47.95%	25.84%	-	-	12.77%	-	27.64%	22.19%	28.57%
Earnings before Tax (EBT)	-1.136	-77.42	38.4	199.4	-	-	13.8	-	-	179.3	-	-	-218.5	-	-	-384.8	-	-	-13.7	-	-	167	-	-	12	-	389	-	-
Net income	0.909	-126.5	21.1	82	-	-	0.9	-	-	78.2	-	-	-190.1	-	-	-304.1	-	-	-34.4	-	-	169.9	-	-	35.35	-	188.8	-	-
Net margin	0.14%	-14.5%	2.8%	5.52%	-	-	0.13%	-	-	5.54%	-	-	-27.18%	-	-	-29.24%	-	-	-4.18%	-	-	12.27%	-	-	3.99%	-	13.55%	-	-
EPS	0.0100	-1.130	0.1700	0.6800	-	-	0.0100	-	-	0.6400	-	-	-1.580	-	-	-2.500	-	-	-0.2800	-	-	1.183	-	-	0.3100	-	1.393	0.3400	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/30/19	5/14/20	10/29/20	5/11/21	7/20/21	10/28/21	10/28/21	2/17/22	5/11/22	5/11/22	7/21/22	10/27/22	10/27/22	2/16/23	5/16/23	5/16/23	7/20/23	10/26/23	10/26/23	2/8/24	-	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	294	101	467	-	662	1,113	1,054	895
Net Cash position ¹	-	-	-	283	-	-	-	-
Leverage (Debt/EBITDA)	0.3012 x	0.1677 x	0.393 x	-	0.8413 x	1.119 x	0.9437 x	0.7076 x
Free Cash Flow ¹	310	-191	72.3	-282	-426	-116	107	215
ROE (net income / shareholders' equity)	36.9%	-0.91%	21.1%	15.5%	-24.3%	15.5%	15%	14.9%
ROA (Net income/ Total Assets)	10.9%	-0.3%	7.39%	5.47%	-8.31%	3.76%	5.55%	5.47%
Assets ¹	913.5	42,451	1,396	1,447	5,949	4,006	3,784	4,511
Book Value Per Share ²	8.240	11.80	13.10	14.20	12.20	13.30	15.30	17.90
Cash Flow per Share ²	8.150	5.360	7.590	5.540	5.690	6.870	7.770	8.860
Capex ¹	74.4	105	96.8	90.6	71.6	114	93.1	100
Capex / Sales	4.03%	6.84%	4.32%	4.26%	4.12%	5.2%	3.99%	4.06%
Announcement Date	5/15/19	5/14/20	5/11/21	5/11/22	5/16/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ubisoft Entertainment

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

21.82 EUR

Average target price

29.11 EUR

Spread / Average Target

+33.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Software

	1st Jan change	Capi.
UBISOFT ENTERTAINMENT	-5.58%	2.97B
SYNOPSYS INC.	+5.58%	82.93B
CADENCE DESIGN SYSTEMS, INC.	+3.69%	76.85B
DASSAULT SYSTÈMES SE	-14.62%	53.04B
ATLASSIAN CORPORATION	-24.56%	46.55B
PALANTIR TECHNOLOGIES INC.	+31.16%	50.15B
THE TRADE DESK, INC.	+17.75%	41.41B
SEA LIMITED	+55.21%	35.63B
TAKE-TWO INTERACTIVE SOFTWARE, INC.	-10.24%	24.64B
ROBLOX CORPORATION	-21.24%	23.04B

Other Software