NACON : Invest Securities remains Buy on the stock
January 23, 2024 at 04:20 pm IST
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Invest Securities confirms its Buy recommendation on the stock, with a target price of 3.8 E.
The analyst believes that, after a complicated 1st half 23/24 marked by the failure of Gollum, 3rd quarter sales (+43%) are reassuring, even if they are below expectations.
While the main levers identified are in place (Robocop, Back-Catalogue and the rebound in Accessories), this publication also reflects the commercial failure of Gangs of Sherwood, which reminds us that there is still a long way to go before improving the quality of its entire portfolio", says the analyst's office.
The main pleasant surprise of this publication comes from the confirmation of the release of Test Drive for Q4, a game which is a major stake for Nacon (50mE to 100mE of potential sales over time, according to the CEO). Although we still have a long way to go to reassure our customers, the trajectory is improving," adds Invest Securities.
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NACON specialises in the development and publishing of so-called AA video game software (games with sales of between 200,000 and 3 million copies) in both physical and digital form. The group provides action/adventure games (Warhammer, The Sinking City, Werewolf, Paranoia, etc.), racing games (TT Isle of Man, WRC, V-Rally, FIA Truck Racing Championship, Overpass, etc.), sports games (Rugby20, Tennis World Tour, Tour de France, etc.) and simulation games (Farmers Dynasty, Bee Simulator, Pro Fishing Simulator, etc.).
In addition, NACON develops a business designing and manufacturing video game accessories for PCs and consoles (keyboards, mice, mats, controllers, headsets, microphones, steering wheels, game seats, etc.).