Capcom – Can They Keep Suppressing Profit?
Equity Bottom-Up218 Views, 11 May 2022 20:15
EXECUTIVE SUMMARY
- Capcom results were previously flagged with a late guidance upgrade and so were unsurprising.
- Guidance was a touch above consensus at both the revenue and OP levels but look somewhat conservative even on assumed unit volumes.
- But we think there is significant upside to unit volumes and Capcom’s biggest challenge will be to hold down profit so they can generate double digit growth the year after.