It might be time to start buying Ubisoft

I'm posting this as a contrarian value investor to get a sense of just how hated this stock is. Please, rip my thesis apart. Let's start from the ugly chart. -92% in five years. So one thing is clear, it's now more than a 10x better time to buy than it was five years ago! /jk (but not really) The balance sheet is ugly. Enterprise value is almost 3x the market cap, meaning that even if the company starts making a profit again, a lot of that must go to debt repayment, leaving less for the investors. But this isn't a major problem because Tencent, a major shareholder with deep pockets, will ensure that the company stays afloat. Revenue is slightly down over the last 5 years. Not many of those years have been profitable. BUT losses are declining. There is a cost reduction program in place. The last earnings report shows promise. I think we've come to the point where the valuation is too juicy to ignore. P/S at 0.42 is a good indicator of this. If the company can return to even moderate profitability, this stock is a steal at these prices. I bought a pretty sizable position, 2% of my portfolio.