Analysts flag risks to Ubisoft earnings, debt after new games' sluggish performance
** Ubisoft UBIP.PA shares fall for the fifth consecutive day as the weaker-than-expected performance of its latest games raise concerns over its finances
** Shares in Ubisoft, trading at 10-year lows, fall about 3% on Wednesday
** After a year with an "outperform" rating, Exane BNP Paribas cuts Ubisoft to "neutral" citing the much weaker-than-expected performances of the new AAA and free-to-play initiatives and reduced unit sales estimates
** Ubisoft has lost around a fourth of its value since the release of the Star Wars Outlaws title on Aug. 30, which initially received generally negative reviews from users
** Exane says 2025 looks increasingly competitive as several high-profile games, including Take-Two Interactive's TTWO.O GTA VI, are set for release
** The broker expects the French game developer's FCF to turn positive only in FY27, instead of FY25
** It also flags EUR 1.3 bln ($1.4 bln) of debt to pay by 2027, which Ubisoft will have to refinance at possibly elevated costs given its operating momentum and high leverage
** Separately, Morgan Stanley raises questions on how Ubisoft can grow FY earnings at better quality without delivering on new large IP or better free-to-play traction
($1 = 0.9058 euros)
Reporting by Piotr Lipinski
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