The analyst believes that Bigben's Audio/Telco business has performed disappointingly, leading him to revise downwards his expectations for this activity, as well as his valuation (only 50 ME, i.e. 2.7E/share versus 65 ME).

Moreover, as explained when we downgraded the company to Neutral in the autumn, the Group has used up most of its valuation levers, with a DN excluding Nacon of 62mE at the end of September, and a stake in Nacon down to 55% including the conversion of price targets", says Invest Securities.

Against this backdrop, the research firm reiterates its neutral opinion, with an adjusted target price of 7E (versus 7.2E), and continues to recommend investing directly in Nacon for those still interested in the video game sector.

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