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Keywords Studios (KWS)

Business description

Keywords Studios is now the largest and most diverse supplier of outsourced services to the games industry. Through regular acquisitions, the company is building its scale, geographic footprint and delivery capability.

Stock data

Market cap.£1149.1m
Last close1,808.00p
High / Low (52 weeks)1878.0p / 800.0p
Stock market listingLN
Forecast net cash (€m)19.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(2.3)4.5123.5
Relative *(2.8)0.5116.6

* % Relative to local index

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Company news

Investment summary

Keywords’ acquisition of Blindlight for up to $10m gives the group the ability to apply Hollywood movie production resources to the games industry. Factoring in Blindlight and the May acquisition of Fire without Smoke, EPS is enhanced by 2% and 4% for FY18 and FY19 respectively. With the €75m revolving credit now secured, with scope to extend to €105m, the company has plenty of headroom to continue its consolidation strategy while enhancing earnings.

Last updated on 29/06/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 96.6 16.9 14.9 20.3 101.5 67.1
2017A 151.4 26.6 23.0 29.9 68.9 65.9
2018E 252.3 43.2 37.3 47.7 43.2 35.3
2019E 283.3 49.1 42.5 52.8 39.0 32.6

Last updated on 22/06/2018

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 10.7% in 2017 and will expand at an annual rate of 7.2% through to 2020. 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 29/06/2018

Key management

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

Company address

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