Summary

• Ubisoft faces tough comps, weak momentum, and a lack of clear catalysts, with recent major releases underperforming and future pipelines deferred.
• UBSFY's sale of a key franchise stake to Tencent raises concerns for minority shareholders, diluting exposure to strong IP and increasing reliance on weaker residual assets.
• However, the Tencent transaction does create a SotP appeal as it values key franchises at a high level.
• The upcoming slate is thin until FY2027-28, with only a Black Flag remaster as a notable near-term release, heightening execution and commercial risks.
• Bookings are down, operating income is negative, and restructuring continues, with net debt appearing manageable but no compelling turnaround in sight.
• Looking for a helping hand in the market? Members of The Value Lab get exclusive ideas and guidance to navigate any climate. Learn More »

Ubisoft (UBSFY) is dealing to some extent with tough comps. AC: Shadows was released towards the end of Q4, on March 20th, and it was a major AC title release that, though

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