Introducing Ubisoft

Investors in the Elevation Capital Global Shares Fund own a share of Ubisoft (UBI.EPA), a powerhouse developer renowned for creating the expansive worlds found in videogames such as Assassin’s Creed, Far Cry and Watch Dogs. Ubisoft produces, publishes and distributes video games for consoles, PC, smartphones and tablets in both physical and digital format. Headquartered in Montreuil, France; it is one of the top four independent publishers globally with a 9.2% share of physical sales in the US and 9.0% share in Europe, Middle East and Africa (EMEA). While the stock has lagged behind its peers in recent time, we believe the advances in shifting to recurring revenues and the pipeline of exciting releases means Ubisoft is primed for an improved performance in the medium-term.

The Elevation Capital Global Shares Fund first acquired Ubisoft shares in August 2021. Ubisoft, as at 31 December 2021, currently trades at a discount of 38.54% to 128.67% to our estimates of Ubisoft’s intrinsic value, making it another attractive value investment in the Fund’s portfolio.