Keywords Studios - Affected by industry flux but still performing well

Edison Investment Research - Technology - Keywords Studios: Trading in H2 was affected in some areas by flux in the games industry, so although the overall picture remains relatively healthy (we est 8% l-f-l revenue growth, 49% EPS growth for FY18) FY18 revenues and PBT are expected to be 2% and 6% below our respective forecasts. Looking through this disruption, we still believe Keywords remains attractively positioned in a games industry that should continue to deliver robust growth. There remains plenty of scope for Keywords to continue accretive M&A, as demonstrated by the acquisition of games marketing services specialist, Sunny Side Up for C$5.9m (c €3.8m) for c 4.9x trailing EBITDA.

ISIN: GB00BBQ38507

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