Ubisoft Entertainment

UBI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	f?Z	LOCK\|<@	LOCK\|Mn

Ubisoft: Downgrading to No Moat Amid Recent Franchise Weakness, Relative Lack of Recurrent Spending

Matthew Dolgin

Mar 12, 2025

We downgraded our Morningstar Economic Moat Rating for Ubisoft to none from narrow. We no longer believe the intangible assets that had underpinned our rating give Ubisoft a competitive advantage that makes it likely the firm will generate excess returns on invested capital over the next 10 years.

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Ubisoft Entertainment

Ubisoft: Downgrading to No Moat Amid Recent Franchise Weakness, Relative Lack of Recurrent Spending

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