(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Nacon share, with a slightly reduced target price of 3.7 to 3.5 euros.
Nacon published results yesterday evening in line with expectations, with in particular an annual turnover already published of 156 ME (stable compared to the previous financial year), a gross margin up 18% to 92.1 ME and a net result (NR) up 28% to 12.8 ME (vs 10.9 MEe).
In terms of prospects for 2023/24, Nacon does not reveal any guidance at this stage, but confirms its line up of around twenty games, against 13 a year earlier.
Nacon, however, avoids the failure of Gollum’s exit (May 25).
According to the analyst, the ‘bad buzz’ around this game, developed by Deadelic, is clearly detrimental to short-term sales, with an impact of around 5% on EPS, but it ‘does not call into question the outlook a marked rebound in results this year’,
After a 2022/23 financial year far from the group’s initial objectives, the bad buzz on Gollum is not likely to reassure in a still delicate context in the sector, and the stock’s reaction over one week attests to this (-21% )’, Oddo BHF analysis.
‘However, despite the failure of Gollum that we take into account in our new forecasts, the line up promises to be quite dynamic over the coming months with content that seems to us to be of much better quality,’ concludes the broker.
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