Share Name Share Symbol Market Type Share ISIN Share Description
Keywords Studios Plc LSE:KWS London Ordinary Share GB00BBQ38507 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -10.00 -0.4% 2,520.00 312,846 16:35:25
Bid Price Offer Price High Price Low Price Open Price
2,524.00 2,530.00 2,588.00 2,490.00 2,490.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 276.27 14.70 12.89 191.3 1,875
Last Trade Time Trade Type Trade Size Trade Price Currency
17:02:21 O 635 2,546.42 GBX

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Date Time Title Posts
29/1/202110:08Keywords Studios - Tech for Video Gaming2,826

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Keywords Studios Daily Update: Keywords Studios Plc is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker KWS. The last closing price for Keywords Studios was 2,530p.
Keywords Studios Plc has a 4 week average price of 2,490p and a 12 week average price of 2,302p.
The 1 year high share price is 2,958p while the 1 year low share price is currently 1,160p.
There are currently 74,386,840 shares in issue and the average daily traded volume is 232,156 shares. The market capitalisation of Keywords Studios Plc is £1,874,548,368.
terry topper: Cheers aiming for not telling me to shut up!!!! My view is that as there are very few institutions that don't invest in AIM these days, I genuinely think that the downside could be pretty significant if KWS were to move at this moment. I don't think there would be lots of natural buyers that only invest in fully listed stocks. However my constant fear is a change in the rules around these stocks on the IHT exemption front - at first glance when you look at a stock like FEVR (£3bn mkt cap) it seems wrong to give investors tax advantages ... but the tax advantages helped a new great British company get where it is today. I believe that GBG and ALU moved from the main list to AIM partly because of the belief that they would attract additional UK investors (been very successful for GBG, not so much for ALU so far - I am patient!)
terry topper: aimingupwards Tell me to shut up if I'm teaching you to suck eggs.....but KWS is a big IHT tax avoidance share so a move to the main board would lead to a lot of disappointment/anger from many shareholders.
terry topper: Took my first profits on KWS today - feels a bit 'dirty'!
aoiaoi: Best to listen to their Capital Market webinars.....Video gaming is on a roll and methinks there is massive scope for KWS, I think (objectively and factually) they have just got started!
aimingupward2: Has anyone any clear views as to how much further scope there is for KWS to increase it's share of it's market(s) by further acquisitions and by internal growth ?
robow: from Citywire Peel Hunt upgrades Keywords as risks reduce Peel Hunt has upgraded Keywords Studios (KWS) as it believes the risks around the outsourced gaming services platform have reduced. Analyst James Lockyer upgraded his recommendation from ‘sell’ to ‘reduce’ and increased his target price from £15.23 to £20.11 after ‘impressive upgrades last week showcased Keyword Studio’s resilience during such a trying time’. ‘It also announced the acquisition of Net Media, a marketing service provider. As a result of this and the potentially softer comps for next year, we believe Covid-19 and general risks with its roll-up strategy have lessened,’ he said.
alphabeta4: Aiming, I'm aware they report in Euros it's just to forecast €327m revenue would be the same as last year when KWS are already advising organic growth and acquisitions will be adding to the total. If however you interpret it as pounds and convert to Euros the rest of the figures make sense. Sharecast seem to sometimes transpose the data without checking the currency of the analyst reports properly.
aimingupward2: It has been the intention of KWS over the past 2-3 years to gradually expand beyond the games industry into, e.g., e-learning, film and T.V. The acquisition of g-Net Media is, in part, a move in this direction. It is a highly regarded and growing company which includes amongst it’s clients media and entertainment companies such as Netflix, Amazon Prime, and NBC Universal. It is a growing company from which Keywords should benefit nicely and for which they seem not to have overpaid.
aimingupward2: Alphabeta4, you say that Sharecast says it’s figures are in euros but that is an error and it should read £s. Are you sure about that? KWS always report in euros..
greenrichard: This their commentary for the Q2 2019 newsletter referred to above. Keywords Studios Plc (“KWS”) Video game publishers have always been notoriously difficult work environments. Companies scale up hiring as they ramp production on a new game. These new hires are subject to a very demanding and high-pressure work environment as there is a tight game deadline. Once the game is released, a large percentage of those hired workers are terminated because they are no longer needed once the game is complete. This boom and bust hiring cycle is inefficient and leads to poor morale. Increasing game complexity in recent years has exacerbated this issue. Game creators now need a small army of highly specialized developers, artists, and project managers to create and distribute a high-profile video game worldwide. It is challenging and inefficient for studios to manage this entirely in-house due to the difficulty of identifying, hiring, and utilizing this small army of talent efficiently. Enter Keyword Studios (“KWS”). This European-based company (headquartered in Ireland, trades on the London stock exchange) is the largest outsourcer of video game production in the world. They have rolled up the industry by buying small studios all over the world that offer various aspects of video game development including art creation, engineering, customer support, audio licensing and development, localization translation, and functional testing. The company now has the in-house capabilities to develop an entire game for their clients if needed (though this has not happened yet). So why is this an interesting business? Well for starters, KWS has the backdrop of an industry growing high-single digits per year for the foreseeable future. I strongly believe the tailwinds for gaming will continue as the technology keeps improving and it is a relatively cheap form of entertainment. Second, while the industry is growing high-single digits, the money spent on outsourcing is growing at an even faster rate as the industry continues to achieve better service and affordability with outsourced providers. Only ~40% of videogame services spend is spent on outsourcers today. Over time, the gaming industry is likely to develop similar to the film industry, which used to have most expenses in-house, but now outsources ~90% of production costs. Third, KWS is the only player with scale in the industry. They work with 23 of the top 25 gaming companies (measured by revenue) and can offer any service with multiple price points and geographies. Lastly, KWS’ strategy is working. In the last five years (2014-2018), the company expanded revenue from 37.3M EUR to 250.8M EUR (572% increase), EBITDA from 5.9M to 40.2M (581%), and earnings per share from 0.07 to 0.29 (314%). As a result, the company’s stock price has increased over 850% over that timeframe. Despite this tremendous historical and likely future growth, KWS is trading for only ~30x forward earnings. I think this is very cheap given the long runway for 20%+ EPS growth. KWS is riding a very powerful trend (outsourcing) within a rapidly growing industry. As the leader in video game outsourcing, KWS is poised to benefit from more cross-selling of services and deeper relationships with their clients over time. Mark Twain famously wrote that “During the gold rush, it’s a good time to be in the pick and shovel business.” KWS is effectively a pick and shovel seller to the videogame industry. They benefit from the industry’s growth, but they have minimal direct exposure to the successes or failures of individual game titles. I believe KWS’ strategy will continue to be a winning formula for shareholders. The company was a material positive contributor to Alta Fox’s Q2 results, but there is still a long runway for KWS to outperform the market.
Keywords Studios share price data is direct from the London Stock Exchange
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