(Boursier.com) — bigben fall of 10% to 13.30 euros on Tuesday, penalized by a disappointing publication. Over the three months to the end of March, the specialist in the design and distribution of accessories for video game consoles’ revenues reached 60.3 ME, down 13.6%, due in particular to a sharp drop activity in the Nacon/Gaming division (-25.6%) following several game delays. Over the year as a whole, in a context disturbed by several exogenous elements (shortage of components, delay in the release of new game controllers or smartphones, etc.), Bigben’s turnover was in the range announced at 275.7 ME.
Due to 4th quarter sales slightly below expectations, current operating income is now expected to be between 19 ME and 21 ME for the full year, i.e. an MOC of between 7% and 7, 5% against 8% to 9% previously.
Taking note of this announcement, Oddo BHF is lowering its estimates for the closed financial year, which is therefore confirmed as a transition year. Regarding the 2022-2023 financial year, the management remains confident and reiterates its guidance, namely a turnover of between 400-450 ME and a MOC of more than 14%, supported by the strong rebound for Nacon (line up record and better quality, integration of Daedelic…) and a more marked recovery in Audio/Telco (new smartphones, 5G…). Following the update of its model, the broker lowers its target from 25 to 22 euros but remains at ‘outperformance’. The attractive valuation, the significant discount vs. Nacon (21% in spot), and the group’s solid outlook do indeed encourage the broker to be optimistic…
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