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.£795.4m
Last close1,416.00p
High / Low (52 weeks)1466.0p / 421.0p
Stock market listingLN
Forecast net cash (€m)6.4
Forecast gearing ratio (%)N/A

Price performance

Relative *7.7476.21183.02

* % Relative to local index

Other companies in sector Show

1Spatial 7digital Group
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON Algomizer
All for One Steeb AG Allocate Software
Allot Communications Alpha and Omega Semiconductor
Alphapoint Technology Inc Amazon
Amino Technologies ANADIGICS
Arria NLG artec technologies
AsiaCell AT&S Austria Technologie & Systemtechnik
Beta Systems Blancco Technology Group
blinkx blur Group
Brady Bulletproof Group
Carclo Catapult Group International
CENIT CentralNic
Cerillion CityFibre Infrastructure Holdings
Cliq Digital CML Microsystems
CoAssets Comptel
Covata Craneware
CREALOGIX Cypress Semiconductor
Dillistone Group door2door
dotDigital DSP Group
e2v technologies Eagle Eye
Eckoh Elmos Semiconductor
EMIS Group Emulex
Endace EnWave Corporation
Epipoli eServGlobal
Esker Evolving Systems
EVR Holdings PLC Expert System
Facebook Featurespace
FFastFill FinTech Group
First Derivatives First Sensor
Focus Solutions Group Foresight Autonomous Holdings
FreeAgent Freelancer
Fusionex International Gamma Communications
GB Group GBST Holdings
Globo GO internet
Himax Technologies Hrvatski Telekom
ifa systems ikeGPS Group
Infinera Inmarsat
Innovation Group InVision
IQE IS Solutions
Jenoptik K3 Business Technology
Kainos Kalibrate Technologies
Learning Technologies Group LRAD Corporation
Magix Manpower Software
Manx Telecom Manz
Maxima Holdings Medicsight
Mensch & Maschine Software Mercia Technologies
Micro Focus International Micron Technology
Migme Mobile ecosystems
Monitise Montage Technology
Morse mVISE
My Net Fone Nano Dimension
Nanoco Group nearmap
Nemetschek Netcall
NetDimensions Netflix
Nexus Management O2Micro International
OMG OmniVision Technologies
Orion Health Group Osirium Technologies
Outsourcery Panorama Synergy
Pantaflix Patsystems
Paysafe Group Pebble Beach Systems Group
Pericom Semiconductor Phitek
Piteco PLX Technology
Pointer Telocation Pricer
Prodware PSI
Pure Wafer QSC
Real Estate Investar Group REALTECH
Redflex Holdings Redstone
Reed Elsevier Reply SpA Rex Bionics
Rheinmetall RM
Secunet Seeing Machines
Sepura Serko
Seven Principles Siemens
Sigma Designs Silicom
Silicon Image SimiGon
SinnerSchrader SITO Mobile
SLI Systems Smartpay Holdings
SNP Schneider-Neureither & Partner Software AG
Solera Spansion
Spirent Communications SQS Software Quality Systems AG
Stadium Group StatPro Group
Store Electronic Systems Straker Translations
SuperCom Synchronica
Taptica Technology sector
TerraNet Texas Instruments
The Marketing Group The Naga Group
Thin Film Electronics Thoughtonomy
Tikit Group Toumaz
Track Group TXT e-solutions
TZ Limited Ubisense Group
UMT United Mobility Technology United Power Technology
VASCO Data Security Vectron Systems
Virtual Piggy Vista Group International
Vitec Vizrt
VMob Group WANdisco
Webinar Wincor Nixdorf
WorkPlace Systems International XP Power
Xploite Xplore Technologies Corp

Company news

Keywords Studios acquires video game developer

Thu, 19 Oct 2017 07:02:10 GMT

Keywords Studios PLC scoops AIM growth business of the year award

Fri, 13 Oct 2017 15:01:51 GMT

Keywords Studios crashes through £10 as revenues surge

Thu, 27 Jul 2017 14:50:47 GMT

Keywords Studios acquires clutch of French computer games service suppliers

Fri, 04 Aug 2017 07:22:06 GMT

Keywords Studios investing to accommodate organic growth

Tue, 19 Sep 2017 07:27:21 GMT

Investment summary

Keywords Studios’ financial performance highlights the strength of the company’s platform and its ability to acquire companies at reasonable multiples then drive an acceleration in sales and earnings growth through synergies with the rest of the group. The company’s expansion into art and engineering strengthens this platform further, expanding the company’s addressable market, creating new opportunities for cross-selling and deepening relationships with developers at every stage of the development cycle. Keywords is valued at a premium, but has delivered a 55% EPS CAGR over the past three years and we see ample scope for the company to continue on a similar trajectory.

Last updated on 03/10/2017

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 12.6 123.4 157.2
2016A 96.6 16.9 14.9 20.3 76.6 50.6
2017E 135.1 23.0 20.5 28.6 54.4 38.5
2018E 158.8 27.0 24.3 33.5 46.4 33.1

Last updated on 19/09/2017

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 03/10/2017

Key management

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

Company address

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