Financials Keywords Studios plc OTC Markets

Equities

KYYWY

US49372T1034

IT Services & Consulting

Market Closed - OTC Markets Other stock markets 17:42:14 20/05/2024 BST			5-day change	1st Jan Change
28.55 ^USD	+71.37%		-.--%	-4.83%

07-03	Berenberg Downgrades Keywords Studios to Hold from Buy, Raises PT	MT
07-03	London goes green before predicted Labour swing	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,149	2,359	2,658	2,395	1,510	2,274	-	-
Enterprise Value (EV) ¹	1,167	2,256	2,553	2,314	1,578	2,310	2,237	2,140
P/E ratio	120 x	111 x	81.4 x	52.3 x	76.8 x	49.1 x	39.3 x	34.4 x
Yield	0.04%	-	0.06%	0.08%	0.14%	0.11%	0.12%	0.13%
Capitalization / Revenue	3.52 x	6.32 x	5.19 x	3.47 x	1.94 x	2.55 x	2.32 x	2.12 x
EV / Revenue	3.57 x	6.04 x	4.98 x	3.35 x	2.02 x	2.59 x	2.28 x	2 x
EV / EBITDA	20.3 x	30.4 x	23.2 x	15.8 x	9.97 x	12.9 x	11.2 x	9.76 x
EV / FCF	59.4 x	33.7 x	26.8 x	23.8 x	15.7 x	26.9 x	22 x	16.6 x
FCF Yield	1.68%	2.97%	3.73%	4.2%	6.38%	3.72%	4.54%	6.02%
Price to Book	5.16 x	6.36 x	5.65 x	4.31 x	2.56 x	3.31 x	2.99 x	2.57 x
Nbr of stocks (in thousands)	64,842	73,724	75,944	77,851	78,834	80,145	-	-
Reference price ²	17.72	32.00	35.00	30.77	19.16	28.38	28.38	28.38
Announcement Date	16/04/20	24/03/21	30/03/22	15/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	326.5	373.5	512.2	690.7	780.4	890.4	980.6	1,071
EBITDA ¹	57.5	74.18	110.1	146.9	158.3	179.4	200	219.4
EBIT ¹	42.88	57.26	88.42	114.6	122	134.1	149.4	164.5
Operating Margin	13.14%	15.33%	17.26%	16.59%	15.63%	15.06%	15.24%	15.37%
Earnings before Tax (EBT) ¹	17.37	32.49	47.98	67.98	34.99	77.3	90.35	101.3
Net income ¹	10.02	21.55	34.18	47.42	19.95	51.95	61.42	68.33
Net margin	3.07%	5.77%	6.67%	6.86%	2.56%	5.83%	6.26%	6.38%
EPS ²	0.1473	0.2871	0.4298	0.5886	0.2494	0.5777	0.7217	0.8252
Free Cash Flow ¹	19.64	66.97	95.13	97.28	100.6	85.95	101.6	128.8
FCF margin	6.01%	17.93%	18.57%	14.08%	12.89%	9.65%	10.36%	12.03%
FCF Conversion (EBITDA)	34.15%	90.29%	86.41%	66.22%	63.56%	47.9%	50.8%	58.72%
FCF Conversion (Net income)	195.93%	310.74%	278.37%	205.17%	504.32%	165.45%	165.39%	188.5%
Dividend per Share ²	0.006500	-	0.0215	0.0237	0.0261	0.0306	0.0337	0.0376
Announcement Date	16/04/20	24/03/21	30/03/22	15/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2022 S1	2023 S1	2023 S2
Net sales ¹	173.5	238.7	321.1	-	396.9
EBITDA ¹	-	-	-	-	81.06
EBIT ¹	-	-	-	58.88	63.12
Operating Margin	-	-	-	-	15.9%
Earnings before Tax (EBT) ¹	-	21.93	-	-	11.8
Net income ¹	6.453	-	28.19	-	5.432
Net margin	3.72%	-	8.78%	-	1.37%
EPS ²	0.0911	-	-	-	0.0714
Dividend per Share ²	-	-	-	-	0.0176
Announcement Date	17/09/20	15/09/21	21/09/22	12/09/23	13/03/24

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	17.9	-	-	-	67.6	35.4	-	-
Net Cash position ¹	-	103	106	81.8	-	-	37.3	134
Leverage (Debt/EBITDA)	0.3113 x	-	-	-	0.427 x	0.1971 x	-	-
Free Cash Flow ¹	19.6	67	95.1	97.3	101	85.9	102	129
ROE (net income / shareholders' equity)	15.8%	14.5%	8.1%	6.64%	15.4%	11.6%	11.8%	12%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	3.440	5.030	6.190	7.140	7.490	8.570	9.500	11.00
Cash Flow per Share ²	0.4900	1.080	1.440	1.760	1.640	1.850	2.010	2.500
Capex ¹	13.1	13.9	19.4	27	30.7	45.4	47.8	52.4
Capex / Sales	4.03%	3.72%	3.78%	3.91%	3.93%	5.1%	4.88%	4.9%
Announcement Date	16/04/20	24/03/21	30/03/22	15/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Keywords Studios plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

28.4 EUR

Average target price

28.32 EUR

Spread / Average Target

-0.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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