(Boursier.com) — PulluP Entertainment fall of more than 10% to 10.5 euros the day after the presentation of sharply reduced annual results. For the 2024-2025 financial year, the group is confident of achieving solid growth in turnover and a rebound in results thanks to a dynamic line-up.
Oddo BHF speaks of results without surprise, in marked decline. The broker had adjusted its scenario post Forum Nextcap. Its forecasts for 2024/25 confirm a turnover growing by 18% to 220 ME (incl. catalog +101% and back-catalogue -17%), and an EBIT of 22 ME, leading to a margin of 10%. Its DN forecast at the end of the financial year stands at 111 ME (including the product of the AK). The launch of Space Marine will determine the financial performance of the financial year. The broker remains at ‘outperformance’ on the file knowing that the valuation remains modest (EV/EBIT 7.4x 2024/25). He also reminds that the group will organize an investor day on 10/17.
TP ICAP Midcap notes that expectations for the coming year are high (and could be higher) but are based on the success of a game that represents significantly more than 50 ME over the financial year: Space Marine 2. This game should fuel the internal development strategy that should quickly gain weight as indicated in the group’s medium-term “line-up”. If financial discipline is confirmed, the firm seems to be in the financial take-off phase. The current valuation is far from reflecting this potential take-off, which is why the broker maintains its ‘buy’ recommendation.
Portzamparc believes for his part that the issue does not really concern today’s announcements, but rather the release in September (9/9) of “Space Marine 2” which has “the potential to become the biggest commercial success of the ‘history of the group’ according to the analyst who remains a buyer on the issue.
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