Ubisoft entertain: Oddo reiterates its advice after the rise of Tencent


(CercleFinance.com) – Ubisoft announced last night the rise of Tencent in the capital of Ubisoft. Tencent invests 300 ME in Guillemot Brothers (200 ME of securities acquisitions and 100 ME of capital increase) to take 49.9% of the capital of this holding company (and only 5% of the voting rights) which holds 13.6 % of Ubisoft shares.

The operation is carried out on the basis of a valuation of 80 E per share. The new Guillemot/Tencent concert rises to 19.8% in the capital of the French video game group (24.9% of voting rights), compared to 15.4% before for the Guillemot concert (21.4% of voting rights). vote) emphasizes Oddo.

The new Guillemot/Tencent concert may increase its stake to 29.9% of the capital and voting rights.

“These changes in Ubisoft’s capital have no impact on its governance and Tencent does not obtain any operational veto rights. The strategic partnership set up in 2018 between the 2 groups is also continuing (development of Ubisoft franchises on mobile + launch of Ubisoft PC games in China) ‘indicates Oddo.

‘ The bad news is that this operation is especially interesting for the Guillemot family (high premium on the shares sold within their holding company, no change in governance, locking of Tencent’s participation…) and does not involve minority shareholders (who will however benefit from the buyback of shares on the market by the new concert)’ adds the analyst.

‘Continuing to judge the company undervalued despite major operational difficulties, we remain positive on the value with an unchanged target at 55 E’ indicates Oddo, which remains at Outperformance on the value.

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