Edison Initiates Coverage on Keywords Studios

LONDON, April 14, 2015 /PRNewswire/ --

Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of Keywords Studios  

Highlights of the analysis on Keywords Studios by Edison's technology analysts Tom Grady and Eric Opara are as follows:

Keywords Studios provides localisation, testing, artwork and community support services exclusively to the video games industry. It provides services to 20 of the top 25 games developers and is looking to consolidate the currently fragmented industry.
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Keywords trades on an EV/EBIT of 10.3x FY15e. This is below the peer group median. We believe that given the company's high earnings visibility and attractive growth profile, its multiple is unjustifiably low even after considering its relatively small size. We believe that the company can reasonably grow revenue at double digits for the next three to four years. The biggest positive share driver is likely to come from evidence that the multi-service expansion is leading to increased penetration among its customers via the significant opportunity to cross-sell.

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For more information please contact:
Tom Grady        Edison Investment Research         +44-(0)20-3077-5767
Eric Opara        Edison Investment Research        +44-(0)20-3681-2524
tech@edisongroup.com