Price (GBX)
1,837.00 -0.22%
Open / Last close
1,845.00 / 1,841.00
High / Low
1,873.00 / 1,820.00
Bid / Offer
1,833.00 / 1,838.00
Special Condition: -
Trading Status: Regular Trading
As at 05.06.20 12:33:44 - All data delayed at least 15 minutes

Keywords Studios PLC instruments

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Equity (1)
Code Instrument name Price Change Type Documentation
KWSORD 1P1,837.00

Price information

What's this?
Open price
Previous close price / date
1,841.00 / 04 June 2020
52 week range
1,073.00 / 1,841.00
YTD return
1 year return

Instrument information

What's this?
Instrument market cap (£m)
Earnings per share
Dividend (yield)
3.68 %
Issue date
12 July 2013
Market identifier code (MIC)
Country of share register
Market segment
Trading service
Date Time Price CurrencyVolume Trade ValueTrade type Trade flag MIC
05.06.20 12:28:03 1,833.60 GBX 120 2,200.32 Off-Book - AIMX
05.06.20 12:23:46 1,832.46 GBX 2,000 36,649.16 Off-Book - AIMX
05.06.20 12:19:08 1,832.46 GBX 140 2,565.44 Off-Book - AIMX
05.06.20 12:15:25 1,832.76 GBX 50 916.38 Off-Book - AIMX
05.06.20 12:07:25 1,836.28 GBX 54 991.59 Off-Book - AIMX

Equity Research

from Keywords Studios PLC
Keywords Studios - £100m placing, trading resilient

Keywords announced a £100m equity placing on 14 May 2020. The funds are to increase flexibility for the group’s buy-and-build M&A strategy and reinforce its financial position. Management also updated on trading over March and April (7% y-o-y growth), with January and February showing 21% y-o-y growth. Recognising this resilience during lockdown, we have raised our revenue growth forecast for FY20 to 8% y-o-y (4% previously), with a consequential impact on FY21e (€405.8m, 15% growth). We maintain our view that Keywords is well placed as the only games service provider on a global scale. The P/E rating (45.8x FY20e, 34.9x FY21e) reflects the company’s leading market position, track record and potential, but should fall further as Keywords executes its buy-and-build strategy.

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Keywords Studios

Equity raise to pursue M&A; we suspend rating

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Keywords Studios - A diversified, resilient business in troubled times

Keywords delivered a strong performance in FY19 (revenue growth of 30.2% overall, 15.5% organic, 21.2% like-for-like), very much in line with its January trading statement. In the face of the uncertain impact of COVID-19, we are revising our FY20 revenue estimate down, assuming nominal l-f-l 1% revenue growth, with operating profit falling to €38.1m (11.2% margin). We introduce FY21 forecasts, with games industry growth in FY21 helping the business bounce back with 15% revenue growth. The company’s FY21e P/E multiple of 31.1x reflects continuing industry growth, a strong track record and leading market position. The group prudently cancelled its final dividend for FY19, but has a strong balance sheet with €112m of cash and undrawn facilities as at YE19, leaving it well positioned for M&A.

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Keywords Studios

FY2019 results as expected; retain Sell

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European video games

We thought that this would be an opportune time to take a fresh look at the European games sector. COVID-19 has swept round the world and as we write, more than a third of the global population is in lockdown. This of course has tragic human, as well as economic, consequences. However, certain sectors provide some respite for those in lockdown. The games sector is one such beneficiary. Its youthful workforce and agile development allow it to adjust to staff working from home, as well as to capitalise on back catalogues of existing games and mature digital delivery channels. The small-cap European games sector offers exposure to a number of well run, innovative businesses, with recurring revenue models that will benefit from increased consumer demand fulfilled digitally.

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