Activision Blizzard Valuation

Q: What is the Fair Price of AIYD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AIYD (€89.5) is trading above our estimate of [[fair value]] (€80.99)

Is AIYD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AIYD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AIYD (€89.5) is trading above our estimate of fair value (€80.99)

Significantly Below Fair Value: AIYD is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AIYD?

Key metric: As AIYD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AIYD. This is calculated by dividing AIYD's market cap by their current earnings.
What is AIYD's PE Ratio?
PE Ratio	34.3x
Earnings	US$2.17b
Market Cap	US$74.29b

AIYD key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	7.4x
Enterprise Value/EBITDA	27.9x
PEG Ratio	6x

Price to Earnings Ratio vs Peers

How does AIYD's PE Ratio compare to its peers?

The above table shows the PE ratio for AIYD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	32.9x
7974 Nintendo	30.3x	12.0%	JP¥9.9t
WPP WPP	44.9x	20.6%	UK£9.1b
9999 NetEase	14.9x	8.9%	HK$439.5b
EA Electronic Arts	41.4x	13.0%	US$43.0b
AIYD Activision Blizzard	34.3x	5.7%	€74.3b

Price-To-Earnings vs Peers: AIYD is expensive based on its Price-To-Earnings Ratio (34.3x) compared to the peer average (19.7x).

Price to Earnings Ratio vs Industry

How does AIYD's PE Ratio compare vs other companies in the European Entertainment Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AIYD is expensive based on its Price-To-Earnings Ratio (34.3x) compared to the European Entertainment industry average (22.2x).

Price to Earnings Ratio vs Fair Ratio

What is AIYD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AIYD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	34.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AIYD's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AIYD forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Nov ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Oct ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Sep ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Aug ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Jul ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Jun ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
May ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Apr ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Mar ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Feb ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Jan ’25	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Dec ’24	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Nov ’24	n/a	€90.30 0%	1.4%	€91.44	€85.73	n/a	15
Oct ’24	n/a	€88.74 0%	1.4%	€89.85	€84.23	n/a	16
Sep ’24	n/a	€87.43 0%	1.3%	€88.51	€82.98	n/a	17
Aug ’24	€83.65	€86.07 +2.9%	1.3%	€87.08	€81.64	n/a	18
Jul ’24	n/a	€83.73 0%	5.3%	€92.01	€75.45	n/a	20
Apr ’24	€78.15	€85.19 +9.0%	4.7%	€88.02	€75.05	n/a	21
Mar ’24	n/a	€85.73 0%	5.5%	€89.21	€75.13	n/a	21
Feb ’24	n/a	€83.39 0%	5.9%	€86.48	€71.00	n/a	23
Jan ’24	n/a	€86.62 0%	6.1%	€94.11	€73.41	n/a	23
Dec ’23	n/a	€89.08 0%	6.1%	€96.78	€75.49	n/a	23
Nov ’23	n/a	€93.90 0%	5.6%	€101.46	€80.15	n/a	22

Analyst Forecast: Target price is less than 20% higher than the current share price.

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