Ubisoft Entertainment

UBI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€58.00	Hyytnh	Ycdtbkqw

Ubisoft Earnings: Back-Catalog Growth Remains Impressive as Major Releases Loom

Michael Hodel

Feb 9, 2024

Ubisoft’s fiscal third-quarter trading update, which includes only sales data, was in line with management’s prior outlook, and the firm continues to expect record bookings for the fiscal year. Looking to fiscal 2025, management provided few concrete views but committed to the release of Star Wars Outlaws and Assassin’s Creed Codename Red during the year. Ubisoft expects to see strong demand for both. We are maintaining our EUR 33 fair value estimate.

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