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Berenberg slightly lowers target price on Devolver Digital
(Sharecast News) - Analysts at Berenberg lowered their target price on video games firm Devolver Digital from 31.0p to 25.0p on Friday but noted that the group's "strategic progress" was reflected in its pipeline. Berenberg said Devolver's FY24 results, released on 10 April, were in line with consensus expectations and showed an improvement in profitability.
"More important, in our view, were the signs of progress that the company has made on its strategic priorities (own-IP, content for existing titles), as reflected in the pipeline and development spend," said Berenberg.
The German bank also thinks that the release of Nintendo's Switch 2 console has de-risked consensus and could be "a source of earnings upside", given that it was not factored into company guidance.
Berenberg, which has a 'buy' rating on the stock, said Devolver's shares trade on an FY25 enterprise value/underlying earnings ratio of 10.6x and a price-to-earnings ratio of 16.9x, which represents a premium to peers, but on earnings that have not fully recovered.
Reporting by Iain Gilbert at Sharecast.com
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