Keywords Studios — Update 8 February 2017

Keywords Studios (LN: KWS)

Last close As at 28/03/2024

2,920.00

50.00 (1.74%)

Market capitalisation

2,207m

More on this equity

Research: TMT

Keywords Studios — Update 8 February 2017

Keywords Studios

Analyst avatar placeholder

Written by

TMT

Keywords Studios

Another beat and raise

Trading update

Software & comp services

8 February 2017

Price

593p

Market cap

£323m

£/€1.16

Net cash (€m) 31 December 2016

9

Shares in issue

54.4m

Free float

68%

Code

KWS

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

15.8

28.9

152.3

Rel (local)

15.9

21.9

107.4

52-week high/low

612p

211.5p

Business description

Keywords Studios provides localisation, testing, artwork and community support services to the video games industry. It provides services to 20 of the top 25 games developers and is looking to consolidate the fragmented industry.

Next events

Full-year results

Early April

Analysts

Dan Ridsdale

+44 (0)20 3077 5729

Jane Anscombe

+44 (0)20 3077 5740

Keywords Studios is a research client of Edison Investment Research Limited

Full-year revenues and PBT are both expected to come in 3% above our forecasts, which were upgraded in November, suggesting like-for-like growth in the region of 20%. We upgrade our FY17 revenue and EPS estimates by 2% and 4% respectively, but with the company attractively positioned within a generally buoyant gaming technical services sector, we see clear scope for the organic upgrade trajectory to continue through both organic performance and acquisitions.

Year end

Revenue (€m)

PBT*
(€m)

EPS*
(c)

DPS**
(p)

P/E
(x)

Yield
(%)

12/14

37.3

5.1

8.5

1.1

80.8

0.4

12/15

58.0

8.0

12.6

1.2

54.6

0.4

12/16e

96.6

14.8

20.9

1.3

33.0

0.5

12/17e

115.2

17.0

24.0

1.5

28.7

0.5

Note:*PBT and EPS (fully diluted) are normalised, excluding intangible amortisation, exceptional items and share-based payments. **DPS in distributable currency.

Broad-based strength

Full-year revenues and PBT are expected to be €96.6m and €14.8m vs our old estimates of €93.5m and €14.3m respectively. The upgrade is nearly entirely underlying, with the December acquisition of Sonox for €650k the only M&A activity since we last upgraded our estimates in November and suggests like-for-like growth at close to 20%. The strength is broad based, with Localisation, Art and Community Management (the latter off a low base) all performing particularly well. Net cash stands at €9m (€17m cash, €8m debt) down from €17.3m last year, with solid cash generation offset by eight acquisitions for a net cash spend of €20.7m.

Set for another good year

We upgrade our FY17 sales and EPS by 2% and 4% respectively (detailed overleaf), which we believe leaves scope for further upgrades. The games industry as a whole appears to be in good health and well set to continue growing at a mid-to high single-digit rate. As the largest supplier of outsourcing services in a fragmented competitive landscape, Keywords is well placed to take market share organically and through acquisition as well as being a net beneficiary of customer consolidation. M&A will continue and may also accelerate. Given the fragmentation of the market and lack of alternative exits for independent studios, we believe that the company should continue to be able to acquire at attractive multiples.

Valuation: EPS growth prospects justify premium

In our view, one of the key attractions of Keyword’s investment case is that it has scope to continue growing earnings at a double-digit rate without substantially deviating from the existing strategy, which has generated 57% CAGR EPS growth since 2013. At 29x FY17 earnings, Keyword’s rating is a premium to peers (average 19x), with a wide range, but we believe the company’s growth prospects justify this; further accretive acquisition activity or upgrades could quickly bring the rating more in line. Hence, prospects for further share price appreciation continue to look good.

Investment summary

Games industry dynamics remain supportive

The global games industry is estimated to be worth US$90-100bn with the market broadly equally split between PC, console and mobile. Newzoo estimates the industry grew 8.5% in 2016 and will expand at an annual rate of 6.6% through 2019. Growth is being driven by the mobile market, which is increasing at c 20% pa, with growth of PC and Console in the low single digits. Nevertheless, recent results from major PC and console brands such as Electronic Arts and Take-Two indicate sales over the peak holiday season were robust.

Keywords looks well placed to continue outgrowing the market

Strategically, we believe Keywords is uniquely placed. No other service provider has as many touch points in the global games industry, both in terms of developer penetration and stages of the games development cycle covered. An increased trend towards outsourcing by the games developers should support faster growth than the games market, and cross-selling opportunities are expanding. Ongoing consolidation in the games market (combined spend in FY16 was estimated at US$21bn) may cause some unpredictability, but as the largest, most diverse outsourced supplier, Keywords should be well placed to gain market share in this trend.

Pace of M&A to continue

We expect the pace of M&A to continue, and perhaps accelerate. With €17m of cash on the balance sheet and a €15m facility (of which €8m is currently drawn), the company has €15-20m of cash to deploy from current resources; we believe this facility has scope to be expanded (in our view, net debt/EBITDA of c 2x would be a comfortable threshold). Given the fragmentation of the outsourced supplier market and lack of alternative exits for independent studios, we feel the company should continue to be able to acquire at attractive multiples, despite the expansion of Keywords’ own rating.

Expect to add a new service line in engineering, dipping toe in new markets

We expect Keywords will initiate its entry into engineering (coding) over the year, adding a seventh service line to the overall offering. The company is also seeing opportunities for localisation, audio and art in the video production industry, where the rise of streaming services (such as Netflix, Amazon etc) are creating dynamics more akin to the games industry with faster production cycles and global distribution. The online gambling industry (where, for now, Keywords is minimally involved) also provides opportunities for growth.

Investing to scale

Management is taking steps to ensure the model continues to scale, through investment in core platforms in some areas and increased decentralisation in others. The company is investing in a new accounting platform, which will be rolled out across the group over the next 12-18 months, and new resource management and project management platforms for the Arts business. At the same time, the development of key leaders and processes will enable M&A activity to become less centralised. The company has also expanded its sales and support team to 14 over the last year, up from nine.

Estimate changes

Our estimate changes are shown in Exhibit 1. We believe our new estimates are still cautious. We estimate that 2016 revenues were boosted by c €4m of exceptional revenue from very strong trading at Synthesis over the year. Stripping this out, our estimates assume c 8% like-for-like* growth in FY17 (calculated on the basis of revenues included for 2016 acquisitions from the date of acquisition and for the equivalent period in the prior year) versus c 20% in FY16 (albeit with Synthesis’s exceptional strength). Further acquisitions will almost certainly be accretive to earnings.

Exhibit 1: Estimate changes

€000s

2015

2016e

2016e

Change

2017e

2017e

Change

31-December

Actual

Old

New

Old

New

PROFIT & LOSS

 

 

Revenue

 

 

57,951

93,531

96,600

3%

112,705

115,248

2%

Cost of Sales

(36,172)

(58,743)

(60,671)

3%

(68,750)

(70,301)

2%

Gross Profit

21,779

34,788

35,929

3%

43,955

44,947

2%

EBITDA

 

 

9,459

16,052

16,544

3%

18,251

18,984

4%

Operating Profit (before amort. and except.)

 

 

8,162

14,552

15,044

3%

16,491

17,224

4%

Operating Profit

5,824

11,303

11,795

4%

14,742

15,475

5%

Profit Before Tax (norm)

 

 

8,007

14,292

14,784

3%

16,241

16,974

5%

Profit After Tax (norm)

6,175

11,290

11,679

3%

12,993

13,581

5%

EPS - normalised fully diluted (c)

 

 

12.6

20.2

20.9

3%

23.5

24.0

4%

EPS - (IFRS) (c)

 

 

7.0

12.5

13.2

6%

20.4

21.4

5%

Dividend per share (pence)

1.2

1.3

1.3

0%

1.5

1.5

0%

Closing net debt/(cash)

 

 

(17,284)

(8,892)

(9,032)

2%

(14,394)

(17,939)

25%

Source: Keywords Studios, Edison Investment Research

Valuation

At 29x FY17 earnings Keywords’ rating is a premium to peers (average 19x), with a wide range, but we believe the company’s growth prospects justify this. In the near term, further acquisition activity or upgrades could quickly bring the rating more in line. Looking longer term, we believe the company has a strong platform to continue generating double-digit earnings growth. Hence, prospects for further share price appreciation continue to look good.

Exhibit 2: Peer group valuation

Name

Ticker

Current price (ccy value)

Quoted currency

Market cap (m)

EV/Sales FY1 (x)

EV/Sales FY2 (x)

EV/ EBITDA FY2 (x)

EV/ EBITDA FY2 (x)

P/E FY1 (x)

P/E FY2 (x)

Outsourced services

Keywords Studios Plc

KWS LN

593

GBP

323

3.8

3.2

22.2

19.4

33.0

28.7

Lionbridge Technologies Inc

liox us

6

USD

349

0.8

0.7

8.6

7.3

11.5

8.9

Sdl Plc

sdl ln

482

GBP

491

1.5

1.5

12.5

10.9

19.9

17.8

Rws Holdings Plc

rws ln

345

GBP

930

5.4

5.2

20.4

19.5

27.3

26.1

Capita Plc

cpi ln

505

GBP

4,214

1.2

1.3

8.5

8.6

8.1

8.6

Serco Group Plc

srp ln

146

GBP

2,009

0.6

0.6

13.1

14.9

30.5

47.2

Wipro Ltd-Adr

wit us

9

USD

22,218

2.4

2.3

11.5

10.6

17.7

16.1

Poletowin Pitcrew Holdings

3657 JT

1,082

JPY

184

0.8

0.8

nm

nm

15.2

13.2

Capgemini

cap fp

76

EUR

13,918

1.2

1.2

9.2

8.6

14.3

13.1

Games Industry

Microsoft Corp

MSFT US

63

USD

490,157

4.7

4.4

12.6

11.3

21.4

19.5

Sony Corp

6758 JT

3,573

JPY

40,253

0.6

0.6

7.1

5.2

65.8

17.9

Square Enix Holdings Co Ltd

9684 JT

3,170

JPY

3,459

1.1

1.1

6.9

5.7

18.4

14.6

Ubisoft Entertainment

UBI FP

31

EUR

3,753

2.1

1.9

5.4

4.0

22.5

18.0

Bandai Namco Holdings Inc

7832 JT

3,040

JPY

6,018

0.8

0.8

6.0

5.5

15.9

14.5

Konami Holdings Corp

9766 JT

4,455

JPY

5,701

2.4

2.1

10.6

9.1

24.5

20.5

Electronic Arts Inc

EA US

82

USD

25,342

4.5

4.2

12.8

12.4

21.4

19.7

Source: Bloomberg, Edison Investment Research. Note: Priced at 8 February 2017.

Exhibit 3: Financial summary

€000s

2014

2015

2016e

2017e

31-December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

37,293

57,951

96,600

115,248

Cost of Sales

(24,566)

(36,172)

(60,671)

(70,301)

Gross Profit (inc multimedia tax credits)

12,727

21,779

35,929

44,947

EBITDA

 

 

6,027

9,459

16,544

18,984

Operating Profit (before amort. and except.)

 

 

5,159

8,162

15,044

17,224

Intangible Amortisation

(468)

(857)

(1,357)

(1,357)

Exceptionals

(1,461)

(1,089)

(1,500)

0

Other

(156)

(392)

(392)

(392)

Operating Profit

3,074

5,824

11,795

15,475

Net Interest

(106)

(264)

(260)

(250)

FOREX

467

(474)

(1,200)

0

Profit Before Tax (norm)

 

 

5,053

8,007

14,784

16,974

Profit Before Tax (FRS 3)

 

 

3,435

5,086

10,335

15,225

Tax

(1,215)

(1,832)

(3,105)

(3,395)

Profit After Tax (norm)

3,838

6,175

11,679

13,581

Profit After Tax (FRS 3)

2,220

3,254

7,230

11,831

Average Number of Shares Outstanding (m)

45.0

48.2

54.7

55.3

EPS - normalised (c)

 

 

8.5

12.8

21.3

24.6

EPS - normalised fully diluted (c)

 

 

8.5

12.6

20.9

24.0

EPS - (IFRS) (c)

 

 

4.9

7.0

13.2

21.4

Dividend per share (p)

1.10

1.21

1.33

1.46

Gross Margin (%)

34.1%

37.6%

37.2%

39.0%

EBITDA Margin (%)

16.2%

16.3%

17.1%

16.5%

Operating Margin (before GW and except.) (%)

13.8%

14.1%

15.6%

14.9%

BALANCE SHEET

Fixed Assets

 

 

20,874

32,132

77,186

73,395

Intangible Assets

17,677

27,675

69,727

67,052

Tangible Assets

2,761

3,486

6,487

5,372

Investments

436

971

971

971

Current Assets

 

 

23,120

34,884

41,092

54,499

Stocks

0

0

0

0

Debtors

6,203

7,519

16,500

19,500

Cash

11,014

19,018

17,065

25,972

Other

5,903

8,347

7,527

9,027

Current Liabilities

 

 

(9,746)

(13,128)

(30,373)

(30,967)

Creditors

(9,746)

(11,965)

(22,910)

(23,504)

Short term borrowings

0

(1,163)

(7,463)

(7,463)

Long Term Liabilities

 

 

(2,607)

(3,294)

(4,393)

(4,393)

Long term borrowings

0

(571)

(570)

(570)

Other long term liabilities

(2,607)

(2,723)

(3,823)

(3,823)

Net Assets

 

 

31,642

50,594

83,512

92,534

CASH FLOW

Operating Cash Flow

 

 

2,412

4,768

18,829

16,614

Net Interest

11

(58)

120

120

Tax

(522)

(1,362)

(2,288)

(3,395)

Capex

(1,252)

(1,635)

(2,783)

(3,618)

Acquisitions/disposals

(8,889)

(7,409)

(20,697)

(3,500)

Financing

7,342

14,199

(700)

3,500

Dividends

(609)

(737)

(724)

(814)

Net Cash Flow

(4,256)

7,194

(8,244)

8,907

Opening net debt/(cash)

 

 

(15,271)

(11,014)

(17,284)

(9,032)

HP finance leases initiated

0

0

0

0

Other

(1)

(924)

(8)

0

Closing net debt/(cash)

 

 

(11,014)

(17,284)

(9,032)

(17,939)

Source: Keywords Studios, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt and Sydney . Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Keywords Studios and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

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Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

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245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 12, Office 1205

95 Pitt Street , Sydney

NSW 2000, Australia

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt and Sydney . Edison is authorised and regulated by the Financial Conduct Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Keywords Studios and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 12, Office 1205

95 Pitt Street , Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 12, Office 1205

95 Pitt Street , Sydney

NSW 2000, Australia

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Abzena — Update 7 February 2017

Abzena

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