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.£919.8m
Last close1,494.00p
High / Low (52 weeks)1661.0p / 496.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual1.111.2197.9
Relative *0.09.4174.0

* % Relative to local index

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Company news

Keywords Studios on the acquisition trail again, buying Mexico-City based LOLA

Fri, 15 Dec 2017 07:30:00 GMT

Keywords acquires Eastern European games development services provider

Wed, 13 Dec 2017 07:52:30 GMT

Keywords Studios crashes through £10 as revenues surge

Thu, 27 Jul 2017 14:50:47 GMT

Keywords Studios into the major leagues with VMC acquisition

Tue, 24 Oct 2017 13:46:50 GMT

Keywords Studios acquires clutch of French computer games service suppliers

Fri, 04 Aug 2017 07:22:06 GMT

Investment summary

Keywords Studios’ march towards becoming the go-to provider of outsourced services across the games industry has taken strong steps forward in 2017. Recent acquisitions have significantly strengthened the company’s position across audio, art and testing while the move into engineering enlarges the company’s addressable market and rounds out a comprehensive solution offering. We see potential for market share gains to accelerate, driven by a strengthened platform for cross-selling and for entering into strategic, retained relationships with more developers. Scope for further accretive acquisitions remains as strong as ever.

Last updated on 13/12/2017

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 12.6 133.5 170.1
2016A 96.6 16.9 14.9 20.3 82.9 54.8
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 12/12/2017

Latest video

Executive Interview - Keywords Studios

Industry outlook

Growth is supported by a generally buoyant environment in the global games development industry; market analyst Newzoo estimates the industry grew 8.5% in 2016 and will expand at an annual rate of 6.6% through to 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 13/12/2017

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