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Davy Research
Keywords Studios
DAVY VIEW
Outsourcing within the US$100bn-plus video game industry is growing. Developers are increasingly turning to outsourcing partners to achieve faster content delivery, driven by the pace of mobile and online game development. Keywords Studios (KWS), the largest provider of outsourced technical services to the industry, is the leading consolidator within this space. We initiate coverage with a 1400p price target and a ‘Neutral’ rating. While we see KWS as a key consolidator, we believe a lot of the good news is already priced in. We will monitor closely the group’s acquisition spend in this fragmented market versus our scenario of €50m/year.
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RATINGS AND PRICE CORRECT AT TIME OF ISSUE
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Keywords Studios
Closing Price: 1601p
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PREVIOUS RATING N/A
Analyst(S)
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Joseph Quinn +353 1 614 9169 View profile
