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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Game Digital Plc | LSE:GMD | London | Ordinary Share | GB00BMP36W19 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.75 | 29.50 | 30.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
23/12/2015 16:38 | Let's see if any late trades are reported | tsmith2 | |
23/12/2015 15:50 | Large sell? | tsmith2 | |
23/12/2015 14:10 | Thanks for the broker note Hutchpod - much appreciated. The future of the divi is unclear. The post xmas update will be important, but I'm in two minds whether to sell up and move on, or carry on holding. Will it give some thought over the next couple of days. | imranawan | |
23/12/2015 13:41 | Imranawan - from Canaccord - possibly the most bullish view, but FYI GAME Digital has warned of materially softer revenue run rates through its all-important Q2, resulting in Ebitda expectations for H1 of £30m, down £13m YoY, and driving material downgrades. GAME reported significant UK video games market declines (market down 13.5% in the 21 weeks ended December 19th). This was partly driven by ultra low-margin console sales. But content sales also disappointed, due to an accelerated decline in previous generation format sales (Xbox360/PS3), which were -57% YoY. GAME has also seen lower than expected Xbox One/PS4 content sales (particularly second tier titles and back list). Importantly, it has held market share (i.e. this is not a GAME-specific issue). But GAME points to "lower year on year high street and shopping centre footfalls", particularly in recent weeks, pointing to a more rapid transition from traditional retail sales to online. This has not been a Black Friday related issue (Black Friday gross profits were up marginally YoY). And the group has seen a robust performance from its Spanish division, and also from GAMEtronics (+92% YoY). But group revenues (transactional value) are down 6.7% YTD, and it expects H1 Ebitda of £30m, down £13m or -30%. GAME is just heading into its peak sales period, so this is a particularly disappointing update. Visibility remains limited, but it is now extrapolating recent weak trends. And prospects for H2 remain muted - we project the group to be marginally profitable. Given the extent of H1 weakness, we downgrade FY16F PBT (norm) from £38.9m/18.1p to £21.7m/10.1p, a 44% downgrade. At this stage we maintain a flat dividend at 14.7p; but there is clearly some risk of a dividend cut (despite £47m of projected FY16F year end net cash), given that it is uncovered by projected Earnings in FY16F and FY17F. Our FY17F PBT (norm) forecast comes down from £41.2m/19.3p to £24.4m/11.4p. On our revised forecasts, GAME is currently trading on a calendarised 2016 PER of 19.7x and 9.2x EV/Ebitda, albeit backed by a projected 7.0% dividend yield. Given the extent of downgrades we expect to see short term weakness in the shares. The company offers exposure to significant structural growth in the eSports market, through Multiplay, but short-term investor focus will remain on the outlook for Retail. We downgrade our TP from 270p to 183p to reflect the downgrades - this would represent a 2016 calendarised EV/Ebitda of 8.0x (a 10% discount to Dixons Carphone), a PER of 17.0x and an 8.0% dividend yield. We move our recommendation from Buy to HOLD. Post-Christmas trading update (expected to be in the week beginning January 11th), performance of key new releases, dividend payout, hardware releases (i.e. Nintendo NX and Virtual Reality) and expansion of eSports. | hutch_pod | |
23/12/2015 13:16 | imran that might have been the cash before they paid all the christmas stock they are now left with | rubberbullets | |
23/12/2015 13:04 | So would assume will move nicely once dust settles this afternoon | tsmith2 | |
23/12/2015 12:59 | Took some effort to get a meaningful amount | tsmith2 | |
23/12/2015 12:54 | Cheap on an ex-cash multiple..great buying opp imo | tsmith2 | |
23/12/2015 11:43 | Rubberbullets - at the FY it had £63m in net cash, so there's no debt - and therefore banking covenants aren't relevant. Have you actually looked at their financial statements? | imranawan | |
23/12/2015 11:32 | will it breach bank covenants | rubberbullets | |
23/12/2015 10:38 | Telegraph, Liberum have made their minds up then:- By Peter Spence9:22AM GMT 23 Dec 2015 Comments1 Comment Shares in video games retailer Game Digital tumbled 40pc after the company issued its second profit warning in less than a year, after sales of gaming software and consoles failed to take off in the run up to Christmas. A 14pc drop in revenue in the 21 weeks to December 19 - following a steep decline in sales of video games for older consoles, such as the Xbox 360 and Nintendo 3DS - means half-year profits will come in at just £30m. As a result, analysts at Liberum have slashed full-year forecasts by as much as 60pc, and downgraded expectations for the subsequent years by 42pc and 30pc respectively. Shares fell by close to 42pc on the news. Martyn Gibbs, Game’s chief executive, said that “the trading conditions in the UK video games market have been challenging”, as demand for games for new consoles failed to offset an "unexpectedly steep decline" in games for older models. | paleje | |
23/12/2015 10:30 | Game Digital are far too expensive for games. Canny shoppers buy online then sell the games on quickly to the likes of cex or on ebay. | wipo1 | |
23/12/2015 10:14 | Woodford taking a proper kicking on Game digital today, UTW next? | rubberbullets | |
23/12/2015 09:54 | Hi Hutchpod, a relatively small holding for me now also and agree with your comments. Disappointing update all round, and just before xmas. How sustainable is the divi I wonder. I calculate this will not be covered by earnings. | imranawan | |
23/12/2015 09:52 | Agree paleje. Would really need a ludicrous price to be tempted eg 80 or something. | hutch_pod | |
23/12/2015 09:51 | Looks like my analysis posted earlier this year was spot on. Whichever banker managed to refloat this dog for a second time deserves a medal imo. Wouldn't be surprised to see this lot going bust for a second time within a couple of years. | the oxford whale | |
23/12/2015 09:50 | Hi imranawan, only a tiny holding now. Will need quite a lot of reassurance to re-buy after two consecutive annual warnings like that. And you? | hutch_pod | |
23/12/2015 09:49 | Both IC and Liberum have them under review. It's tempting but profit warnings often run in threes, let falling knives fall for now I would think. | paleje | |
23/12/2015 09:44 | Are you still holding Hutchpod? | imranawan | |
23/12/2015 09:36 | Certainly seems that older console formats have been hit pretty hard, alongside an overall declining UK market. Well i had hoped their software sales might stabilise while building their newer businesses, but clearly not. | hutch_pod | |
23/12/2015 09:14 | Also thinking about it, if these phones get ever better and you can get these apps and games for free, surely this is going to put even more pressure on consoles, no matter how good they are? | bulltradept | |
23/12/2015 09:13 | Thanks paeje, looks as though their call was a little too early... | bulltradept | |
23/12/2015 09:11 | Still 50% overvalued. | blueball | |
23/12/2015 09:06 | IC view on 15 Oct was:- Wary investors have sent Game Digital's shares down a fifth since our buy tip (260p, 6 Aug 2015). But we think the group is successfully navigating seismic changes in the industry, and its shares trade at an enticing 11 times forecast earnings for this financial year. There's also a chunky forward yield of 7.5 per cent. Buy. Swap the mince pies for humble pie. | paleje |
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