'Lacklustre' guidance, mixed FY weigh on Ubisoft shares
** Shares in French video game maker Ubisoft UBIP.PA slump about 14%, weighed down by "lacklustre" guidance and "uneven" FY2024 results
** The group sees FY2025 solid net bookings growth, a slight increase in EBIT and a positive cash flow, which J.P.Morgan calls "lacklustre" when looking at the 459 million euro ($499.12 million) EBIT consensus for 2025
** Jefferies also says the group's 2025 non-IFRS EBIT looks weak
** Ubisoft reports Q4 net bookings at 873 million euros, 18% ahead of consensus cited by JPM
** TD Cowen, which sees an uncertain year ahead for Ubisoft, flags FY non-IFRS operating income of 401.5 million euros was below its expectations
** "The topline beat didn't flow through to EBIT due to incremental amortization, largely due to the cancellation of The Division Heartland and write down of the associated development costs," JPMorgan says
** The "unexpected"cancellation of the game "Division Heartland" reduces the F2P/Mobile optionality, JPM adds, and drags FY operating profit down around 75 million euros
** JPMorgan also notes "poor" cash conversion
** The stock is the weakest performer on France's SBF 120 .SBF120 index
** Shares on track for their worst day since early-Sept 2022 if losses persist
($1 = 0.9195 euros)
Reporting by Dagmarah Mackos
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