Keywords Studios (KWS)

Business description

Keywords Studios provides localisation, testing, artwork, community support and now engineering services exclusively to the video games industry. It provides services to 20 of the top 25 games developers and is leading consolidation of this fragmented industry.

Stock data

Market cap.£411.4m
Last close737.50p
High / Low (52 weeks)859.0p / 260.0p
Stock market listingLN
Forecast net cash (€m)13.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(9.5)20.5167.2
Relative *(7.9)17.9113.0

* % Relative to local index

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Company news

Keywords Studios PLC

Wed, 27 Apr 2016 10:52:46 GMT

Founders cut their stake in Keywords Studios

Wed, 24 May 2017 07:40:56 GMT

A Chartists Perspective on Keywords Studios PLC (KWS.L)

Tue, 27 Jun 2017 06:22:30 GMT

Keywords Studios agrees to buy animator Spov

Fri, 17 Feb 2017 07:35:43 GMT

Keywords beats expectations once again in 2016

Wed, 08 Feb 2017 07:49:05 GMT

Investment summary

The three acquisitions in May have enhanced our FY18 EPS forecast by 11% while broadening and strengthening the company's proposition. The acquisition of GameSim for $4.76m marks the company’s long-planned entry into engineering. We expect follow-on acquisitions as it replicates its strategy of building a service line through consolidating the fragmented games outsourcer market. The $6m acquisition of Red Hot CG makes it the largest provider of art creation services to the games industry and strengthens the company's position in China and with Activision. The shares will be included in the MSCI UK index from 31 May.

Last updated on 01/06/2017

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 58.0 9.5 8.0 12.6 67.4 85.9
2016A 96.6 16.9 14.9 20.3 41.9 27.7
2017E 123.1 21.2 18.6 26.0 32.7 21.7
2018E 136.5 23.7 21.0 29.1 29.2 20.5

Last updated on 24/05/2017

Latest video

Executive Interview - Keywords Studios

Industry outlook

The global games industry is estimated to be worth US$90-100bn. Newzoo estimates the industry grew 8.5% in 2016 and will expand at an annual rate of 6.6% through 2019. Industry consolidation is ongoing and there is a continued trend to technical outsourcing as publishers seek to improve flexibility and efficiency. Both trends should benefit Keywords.

Last updated on 01/06/2017

Key management

Ross Graham, Chairman
Andrew Day, CEO
David Broderick, FD

Company address

South County Business Park
Dublin 18
Ireland
+353 1 902 2730
View website