Announcement • Oct 24
Activision Blizzard Files Form 15 Activision Blizzard, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock, $0.000001 par value per share under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.000001per share. On October 13, 2023, pursuant to that certain Agreement and Plan of Merger, dated as of January 18, 2022, as amended from time to time, by and among Microsoft Corporation, a Washington corporation (“Microsoft”), Anchorage Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Microsoft (“Merger Sub”), and Activision Blizzard, Inc. (the “Company”), Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Microsoft (the “Merger”). As a result of the Merger, the issued and outstanding Common Stock, par value $0.000001 per share, of the Company was cancelled, and the Company became a wholly-owned subsidiary of Microsoft. Announcement • Oct 19
Activision Blizzard, Inc.(NasdaqGM:ATVI) dropped from FTSE All-World Index (USD) Activision Blizzard, Inc.(NasdaqGM:ATVI) dropped from FTSE All-World Index (USD) Announcement • Aug 24
Microsoft Submits New Plan in £54 Billion Takeover Battle with UK Competition Watchdog The competition watchdog stressed “this is not a green light” as it agreed to look at a fresh proposal from Microsoft Corporation (NasdaqGS:MSFT) which the company hopes will allow its $69 billion (£54 billion) takeover of Activision Blizzard, Inc. (NasdaqGS:ATVI) to go ahead. The global technology giant said it has submitted a new version of the blocked deal, which will now be reviewed by the Competition and Markets Authority (CMA). It came as the regulator confirmed on August 22, 2023 that Microsoft’s original plan to buy the computer games company “cannot proceed”. Under the new proposal, Microsoft would sell off its rights to offer games via the cloud for new or existing Activision PC or console games for the next 15 years outside the European Economic Area (EEA). It will instead sell those rights to Ubisoft, a rival developer known for the Assassin’s Creed and Far Cry games series. This is designed to ensure that gamers have access to Activision Blizzard’s games, even on consoles and computers not made by Microsoft. The CMA will now launch a new probe into this deal, a so-called Phase 1 investigation. CMA chief executive Sarah Cardell said: “The CMA has August 22, 2023 confirmed that Microsoft’s acquisition of Activision, as originally proposed, cannot proceed. “Separately, Microsoft has notified a new and restructured deal, which is substantially different from what was put on the table previously. “This is not a green light. We will carefully and objectively assess the details of the restructured deal and its impact on competition, including in light of third-party comments”. In January 2022 Microsoft announced that it planned to buy Activision Blizzard, the company behind the Call Of Duty and World Of Warcraft games, for an eye-watering sum. Upcoming Dividend • Jul 25
Upcoming dividend of US$0.99 per share at 1.1% yield Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Mexican dividend payers (6.5%). Lower than average of industry peers (21%). Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: US$0.75 (vs US$0.36 in 2Q 2022) Second quarter 2023 results: EPS: US$0.75 (up from US$0.36 in 2Q 2022). Revenue: US$2.21b (up 34% from 2Q 2022). Net income: US$587.0m (up 110% from 2Q 2022). Profit margin: 27% (up from 17% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 5% per year. Recent Insider Transactions • May 06
Independent Director recently bought Mex$18m worth of stock On the 3rd of May, Peter Nolan bought around 13k shares on-market at roughly Mex$1,362 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$44m more in shares than they bought in the last 12 months. Reported Earnings • Apr 27
First quarter 2023 earnings released: EPS: US$0.94 (vs US$0.51 in 1Q 2022) First quarter 2023 results: EPS: US$0.94 (up from US$0.51 in 1Q 2022). Revenue: US$2.38b (up 35% from 1Q 2022). Net income: US$740.0m (up 87% from 1Q 2022). Profit margin: 31% (up from 22% in 1Q 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Recent Insider Transactions • Mar 16
President & COO recently sold Mex$13m worth of stock On the 13th of March, Daniel Alegre sold around 9k shares on-market at roughly Mex$1,481 per share. This transaction amounted to 93% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Daniel has been a net seller over the last 12 months, reducing personal holdings by Mex$40m. Reported Earnings • Feb 07
Full year 2022 earnings released: EPS: US$1.94 (vs US$3.47 in FY 2021) Full year 2022 results: EPS: US$1.94 (down from US$3.47 in FY 2021). Revenue: US$7.53b (down 14% from FY 2021). Net income: US$1.51b (down 44% from FY 2021). Profit margin: 20% (down from 31% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Announcement • Jan 12
Activision Blizzard, Inc. to Report Q4, 2022 Results on Feb 06, 2023 Activision Blizzard, Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 06, 2023 Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: US$0.56 (vs US$0.82 in 3Q 2021) Third quarter 2022 results: EPS: US$0.56 (down from US$0.82 in 3Q 2021). Revenue: US$1.78b (down 14% from 3Q 2021). Net income: US$435.0m (down 32% from 3Q 2021). Profit margin: 24% (down from 31% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Global Entertainment industry. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Recent Insider Transactions • Sep 14
President & COO recently sold Mex$16m worth of stock On the 9th of September, Daniel Alegre sold around 10k shares on-market at roughly Mex$1,555 per share. This transaction amounted to 94% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$17m. Daniel has been a net seller over the last 12 months, reducing personal holdings by Mex$51m. Recent Insider Transactions • Aug 05
Chief Financial Officer recently sold Mex$17m worth of stock On the 3rd of August, Armin Zerza sold around 10k shares on-market at roughly Mex$1,656 per share. This was the largest sale by an insider in the last 3 months. Armin has been a seller over the last 12 months, reducing personal holdings by Mex$22m. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$0.36 (vs US$1.13 in 2Q 2021) Second quarter 2022 results: EPS: US$0.36 (down from US$1.13 in 2Q 2021). Revenue: US$1.64b (down 28% from 2Q 2021). Net income: US$280.0m (down 68% from 2Q 2021). Profit margin: 17% (down from 38% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 14%, compared to a 28% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 04
Chief Financial Officer recently sold Mex$5.0m worth of stock On the 1st of June, Armin Zerza sold around 3k shares on-market at roughly Mex$1,530 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$24m. This was Armin's only on-market trade for the last 12 months. Recent Insider Transactions • May 11
Senior VP & Chief Accounting Officer recently sold Mex$17m worth of stock On the 5th of May, Jesse Yang sold around 11k shares on-market at roughly Mex$1,595 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$24m. Insiders have been net sellers, collectively disposing of Mex$41m more than they bought in the last 12 months. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: US$0.51 (vs US$0.80 in 1Q 2021) First quarter 2022 results: EPS: US$0.51 (down from US$0.80 in 1Q 2021). Revenue: US$1.77b (down 22% from 1Q 2021). Net income: US$395.0m (down 36% from 1Q 2021). Profit margin: 22% (down from 27% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 1.1%, compared to a 34% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Apr 06
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Mexican dividend payers (5.2%). Lower than average of industry peers (1.3%). Recent Insider Transactions • Mar 23
President & COO recently sold Mex$24m worth of stock On the 14th of March, Daniel Alegre sold around 15k shares on-market at roughly Mex$1,665 per share. This was the largest sale by an insider in the last 3 months. Daniel has been a seller over the last 12 months, reducing personal holdings by Mex$65m. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$3.47 (up from US$2.85 in FY 2020). Revenue: US$8.80b (up 8.9% from FY 2020). Net income: US$2.70b (up 23% from FY 2020). Profit margin: 31% (up from 27% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 2.7%, compared to a 28% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 25% share price gain to Mex$1,680, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Entertainment industry globally. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,739 per share. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$1,363, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Entertainment industry globally. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,248 per share. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS US$0.82 (vs US$0.78 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$2.07b (up 5.9% from 3Q 2020). Net income: US$639.0m (up 5.8% from 3Q 2020). Profit margin: 31% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Executive Departure • Oct 01
Chief People Officer Claudine Naughton has left the company On the 21st of September, Claudine Naughton's tenure as Chief People Officer ended after 2.1 years in the role. We don't have any record of a personal shareholding under Claudine's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 24
Chief People Officer Claudine Naughton has left the company On the 21st of September, Claudine Naughton's tenure as Chief People Officer ended after 2.1 years in the role. We don't have any record of a personal shareholding under Claudine's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.33 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 24
Chief People Officer Claudine Naughton has left the company On the 21st of September, Claudine Naughton's tenure as Chief People Officer ended after 2.1 years in the role. We don't have any record of a personal shareholding under Claudine's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.33 years, which is considered inexperienced in the Simply Wall St Risk Model. Recent Insider Transactions • Aug 14
Independent Director recently bought Mex$34m worth of stock On the 6th of August, Peter Nolan bought around 21k shares on-market at roughly Mex$1,617 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$649m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 12
Independent Director recently bought Mex$34m worth of stock On the 6th of August, Peter Nolan bought around 21k shares on-market at roughly Mex$1,617 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$654m more in shares than they bought in the last 12 months. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$1.13 (vs US$0.75 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.30b (up 19% from 2Q 2020). Net income: US$876.0m (up 51% from 2Q 2020). Profit margin: 38% (up from 30% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Executive Departure • Aug 05
President & CEO of Blizzard Entertainment Inc J. Brack has left the company During their tenure, earnings grew by 74% annually compared to the industry average of 19%. On the 3rd of August, J. Brack left the company after 2.8 in the role. We don't have any record of a personal shareholding under Brack's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 05
President & CEO of Blizzard Entertainment Inc J. Brack has left the company During their tenure, earnings grew by 74% annually compared to the industry average of 19%. On the 3rd of August, J. Brack left the company after 2.8 in the role. We don't have any record of a personal shareholding under Brack's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.25 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jun 15
Chief Legal Officer Christopher Walther has left the company On the 14th of June, Christopher Walther's tenure as Chief Legal Officer ended after 11.6 years in the role. As of March 2021, Christopher still personally held 39.68k shares (Mex$77m worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.21 years, which is considered inexperienced in the Simply Wall St Risk Model. Recent Insider Transactions • May 15
Independent Director recently bought Mex$38m worth of stock On the 10th of May, Peter Nolan bought around 20k shares on-market at roughly Mex$1,890 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold Mex$1.3b more in shares than they bought in the last 12 months. Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$0.80 (vs US$0.66 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: US$2.28b (up 27% from 1Q 2020). Net income: US$619.0m (up 23% from 1Q 2020). Profit margin: 27% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 07
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 14 April 2021. Payment date: 06 May 2021. Trailing yield: 0.5%. Lower than top quartile of Mexican dividend payers (4.8%). Lower than average of industry peers (1.2%). Recent Insider Transactions • Feb 28
President & COO recently sold Mex$36m worth of stock On the 24th of February, Daniel Alegre sold around 19k shares on-market at roughly Mex$1,957 per share. This was the largest sale by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 5.4%, compared to a 28% growth forecast for the Entertainment industry in Mexico. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue beats expectations Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 2.9%, compared to a 25% growth forecast for the Entertainment industry in Mexico. Is New 90 Day High Low • Feb 06
New 90-day high: Mex$2,052 The company is up 27% from its price of Mex$1,622 on 06 November 2020. The Mexican market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,413 per share. Is New 90 Day High Low • Jan 21
New 90-day high: Mex$1,856 The company is up 9.0% from its price of Mex$1,695 on 22 October 2020. The Mexican market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,206 per share. Is New 90 Day High Low • Dec 29
New 90-day high: Mex$1,837 The company is up 1.0% from its price of Mex$1,815 on 29 September 2020. The Mexican market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,091 per share. Recent Insider Transactions • Dec 10
Independent Director recently sold Mex$16m worth of stock On the 4th of December, Casey Wasserman sold around 10k shares on-market at roughly Mex$1,596 per share. In the last 3 months, there was an even bigger sale from another insider worth Mex$611m. Insiders have been net sellers, collectively disposing of Mex$1.3b more than they bought in the last 12 months. Is New 90 Day High Low • Nov 19
New 90-day low: Mex$1,530 The company is down 18% from its price of Mex$1,855 on 21 August 2020. The Mexican market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$983 per share. Recent Insider Transactions • Nov 06
Chairman of the Board recently sold Mex$611m worth of stock On the 4th of November, Brian Kelly sold around 375k shares on-market at roughly Mex$1,629 per share. This was the largest sale by an insider in the last 3 months. Brian has been a seller over the last 12 months, reducing personal holdings by Mex$1.3b. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS US$0.78 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$1.95b (up 52% from 3Q 2019). Net income: US$604.0m (up 196% from 3Q 2019). Profit margin: 31% (up from 16% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue beats expectations Revenue exceeded analyst estimates by 4.2%. Over the next year, revenue is forecast to grow 8.1%, compared to a 24% growth forecast for the Entertainment industry in Mexico. Is New 90 Day High Low • Oct 31
New 90-day low: Mex$1,617 The company is down 12% from its price of Mex$1,833 on 31 July 2020. The Mexican market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,004 per share. Is New 90 Day High Low • Sep 18
New 90-day low: Mex$1,648 The company is down 5.0% from its price of Mex$1,734 on 19 June 2020. The Mexican market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$977 per share.