Weak Execution Has Overshadowed the Value of Ubisoft's Core Franchises

Ubisoft owns some of the best-known video game franchises, including Assassin’s Creed and the Tom Clancy series. We expect these core titles will provide opportunities to create new content that generates consistent revenue. However, increased investment in new game development over the past few years has delivered poor results, and execution around core titles has faltered. We still see room for financial results to improve, but we suspect the next year will be bumpy.