Seeking Alpha • Sep 30

Microsoft files planned Activision acquisition with European antitrust regulator

Microsoft (NASDAQ:MSFT) filled its planned $69 billion purchase of Activision (NASDAQ:ATVI) with the European antitrust authority. Microsoft (MSFT) filed with the European Commission for the Activision deal and the authority set a provisional deadline of Nov. 8 to make a decision on the transaction, according to a filing on the regulator's website. Developing story ...

Seeking Alpha • Sep 22

17 Opportunities In Merger Arbitrage Space

Summary Merger arbitrage spreads are wide. Plenty of opportunities with 10%-53% spreads. Detailed review of all transactions in the space. Merger arbitrage is one of my favourite event-driven strategies for its proposition of straightforward binary outcome (easier to weigh the odds), relatively short timeline and, at least in my experience, frequent examples of market inefficiency. Moreover, with merger arbs the outcome of the bet is often little dependent on the general market movements/outlook, which also offers uncorrelated returns. However, when the market is turbulent, investors get scared and merger arbitrage spreads often widen significantly, despite no real change in transaction risks. Such times create interesting opportunities to enter and play on overblown spreads, e.g. as it happened earlier this year during the market fall in June/July. The good news is that we are at a similar situation again - the market turbulence is peaking and merger arbitrage spreads are wide again. Below you will find a list of 17 transactions with the widest spreads currently on the market with my quick takes on each situation and the reasons for the spread. Which of these transactions do I find to be the most attractive from the risk/reward perspective? Well, a big part of the list below are large-cap mergers of well-followed companies, so it's more likely that the outstanding spread fairly reflects the risks of transactions failing for one reason or another. In other words, there is no free lunch on most of the larger cap stuff. For this reason, I always prefer smaller-cap event-driven situations as in this area it is easier to find the edge and see why the market might be wrong. From the list some smaller names appear to be quite attractive including: (LOTZ) with 35% spread; (DMS) with 28% spread; (GSMG) with 11% spread; (CCHWF) with 10% spread; (VLNS) with 10% spread. Having said that, I find it also worthwhile to regularly review the heavyweight space as some interesting merger arbitrage plays might pop-in there as well, e.g. (ATVI) with a 26% spread or (TWTR) with a 31% spread. If you find this kind of compilation useful, drop me a line in the comments - I might consider making this into a regular post. Let's see how it goes. Below you will find a downloadable PDF as well as full descriptions of each merger arbitrage play. Silicon Motion Technology (SIMO) Buyer: MaxLinear (MXL) Consideration: $93.54 + 0.388 MXL stock Spread: 53% Exp. Closing: Q4’22 Main Risk: Chinese regulatory approval. International merger in the semiconductor industry. Approval from China’s regulators is the main hurdle here. The buyer is based in the U.S, while the target is a US-listed Taiwanese company with China being its largest market. China’s antitrust regulators have recently asked the companies to refile their merger documents – this is expected to delay transaction closing to mid-late 2023. Spirit Airlines (SAVE) Buyers: JetBlue Airways (JBLU) Consideration: JBLU: $34.15/share; Spread: 53% Exp. Closing: H1’24 Main risk: regulatory approval. An interesting bidding war saga in the U.S. airline industry that is slowly coming to an end. SAVE management was unable to gather shareholder support for the previously agreed-upon merger with ULCC and the transaction was terminated. Instead, SAVE turned to what seems to be a superior offer from JBLU ($34.15/share). The new buyer is clearly committed and has already sweetened the proposal several times during the course of the bidding war. Antitrust concerns are the main risk here and the second request by the DOJ has been issued. That being said, JBLU has proposed divestitures in overlapping areas – this could alleviate antitrust concerns. An important aspect here is JBLU’s Northeast Alliance partnership ((NEA)) with American Airlines. NEA has received pushback from the regulators, with a DOJ trial set for the end of September. SAVE-JBLU merger outcome might depend on the outcome of NEA trial. CarLotz (LOTZ) Buyer: Shift Technologies (SFT) Consideration: 0.69 SFT stock Spread: 35% Exp. Closing: H2’22 Main Risk: expensive hedging. The merger of equals between two used-vehicle e-commerce businesses. The merger is basically an equity raise for the buyer, however, the combination will also allow SFT to enter East Coast markets. Shareholder approvals shouldn’t be a problem as two major shareholders of LOTZ (25% ownership) are in support. The main issue is hedging – borrow fees are volatile and expensive at 35%. There is also a minimum net cash condition, but it shouldn’t be a problem if the merger closes with no delays. Twitter (TWTR) Buyer: Elon Musk Consideration: $54.2/share Spread: 31% Exp. Closing: 2022 Main risk: unfavorable litigation outcome. Elon Musk is backing out of the merger and forcing TWTR to file a lawsuit. Both parties are now set to meet in Delaware court on October 17. Musk has continuously claimed that TWTR understates the percentage of bot accounts on the platform. However, merger contract terms seem very strict making it a pretty compelling case for TWTR. The judge’s actions so far, including granting TWTR’s wish for an expedited trial, suggest this might very well be true. A wildcard here could be recent revelations of former TWTR security chief turned whistleblower, however, it is not clear if that will be enough to trigger the MAC condition. Likely outcomes include either deal termination ($1bn fee paid by Musk) or specific performance – $33.5bn in equity commitments paid by Musk. Another possibility is that both parties eventually settle at a lower price given a broader market sell-off since the acquisition announcement. TWTR stock price has rallied as the litigation seems to be proceeding in TWTR’s favor so far. However, the spread to the initial offer remains wide. The wide spread can also be partially explained by the substantial downside – TWTR's share price is likely to fall below $15-$20/share if Musk is allowed to walk. Digital Media Solutions, Inc. (DMS) Buyer: Management Consideration: $2.5/share Spread: 28% Exp. Closing: TBD Main Risk: buyer walking away or board’s rejection. Non-binding privatization proposal from management. The board is currently reviewing the proposal. The buyer group owns over 73% of class A shares (for which the offer is made). Financing is apparently nearly-secured. The offer comes after a year-long strategic review. DMS is a failed SPAC with limited view available into the business (online marketing solutions). Buyers are ex-sponsors. The acceleration of share registrations after the proposal announcement is somewhat alarming. The proposal comes at a 2x premium, so the potential downside could be very material. Shaw Communications (SJR) Buyer: Rogers Communications (RCI) Consideration: $32.4/share Spread: 28% Exp. Closing: H2’22 – H1’23 Main Risk: regulatory approval.

Seeking Alpha • Sep 09

Activision Blizzard sets 'Call of Duty' franchise event

Activision Blizzard (NASDAQ:ATVI) has set an event to reveal details on its Call of Duty cash-cow game franchise. The publisher's Call of Duty: Next event next Thursday, Sept. 15, will include revealing multiplayer action and the multiplayer beta program for its upcoming holiday entry Call of Duty: Modern Warfare II. It will also highlight the new Call of Duty: Warzone 2.0 and a mobile version, Call of Duty: Warzone Mobile. Both of those are scheduled to roll out slightly after Modern Warfare II (due out the evening of Oct. 27 in the U.S.). Live broadcasts will begin at 1 p.m. ET on Thursday and be followed by live gameplay session streams through channels including YouTube, Twitch, Twitter and Facebook. It's been 19 years since the company released the first Call of Duty game, and it's become the most successful U.S.-born videogame franchise, having sold several hundred million copies.

Seeking Alpha • Aug 23

What Will Microsoft Lose If The Activision Blizzard Deal Collapses?

Regulators have reasons to block Microsoft's deal with Activision Blizzard or put forward their own demands. If the deal fails, Microsoft will lose a very important building block for building the metaverse. Microsoft's strong position in the gaming market will not be that strong without Activision Blizzard. Call of Duty would be a brilliant addition to Microsoft's gaming ecosystem. This deal is too big to lose for Microsoft. Introduction A month ago I published an article called "Activision Blizzard: What If The Microsoft Deal Fails?" The main thesis was all about Activision Blizzard, Inc. (ATVI) as an independent company given the uncertainty about the future of the acquisition. This article will be a kind of continuation of the previous one, but here I will be discussing Microsoft Corporation (MSFT) without Activision in its gaming segment and, more importantly, what Microsoft will lose if the deal collapses. Let's not pretend there are no risks It is very important to understand that the success of closing such a deal can never be guaranteed. All because of the size of the acquisition. I believe that this is the biggest tech acquisition we have ever seen. The only M&A close to Microsoft-Activision Blizzard was the Dell (DELL)-EMC Corp deal with a transaction value of $67 billion. chart by author Thus, this takeover cannot but arouse interest from regulators. Microsoft needs approval from three regulators: FTC, CMA, and European Commission. by author Microsoft can be asked very uncomfortable questions. There likely will be concerns about the situation with the availability of Activision games on the competitors' platforms, like Sony's PlayStation. Some records show Microsoft saying that it has no plans to make these franchises exclusive since PlayStation users account for a large share of Activision's revenue. However, I don't think it's all about short-term success as the platform war is still going and gaining momentum. New games in Microsoft's gaming segment could follow the path of Bethesda's projects (Redfall and Starfield will only be available on Xbox and Windows). Microsoft could have gone the other way, such as providing early access to Activision Blizzard games. It may also raise questions from regulators. Exclusive content will help build a huge community for Xbox, and Microsoft won't be able to resist this opportunity. The bottom line is that regulators will act differently in this situation. All previous Microsoft deals went almost unhindered, and perhaps this time the regulators will decide to ruffle the nerves of the corporation and put forward their own conditions. The metaverse This acquisition will become one of the building blocks of Microsoft's metaverse. The corporation releases its own Xbox consoles and has its own cloud platform and a VR headset project, so now it needs to create its own content and Activision Blizzard will help it with this. Video games will play a central role in the metaverse as they already provide immersive 3D graphics and virtual reality experiences. Players can create content themselves, share it with others, interact and communicate in virtual space, use digital assets, and create digital copies of themselves. Activision Blizzard, contrary to the opinion of many, is an excellent metaverse play. It's not so much about the games themselves and their integration on modern platforms, but rather about the franchises and brands that the company owns. Users, trying to entertain themselves in the metaverse, will first of all turn to brands they already know, like Call of Duty, Overwatch, Diablo, and WarCraft. The corporation lacks strong brands with huge local bases, ready to follow their favorite games anywhere, even in the metaverse. Considering that Microsoft already has Minecraft with 141 million active users, Activision Blizzard will automatically make the company the king of the metaverse, at least in the entertainment segment. However, if the deal does not go through, then the idea of creating a metaverse in the form in which it is presented by Microsoft will evaporate. The company will lack unique content and will match other game companies with only a couple of their own game projects and nothing more. A strong position in the gaming market Video games are the largest, most popular, and fastest growing form of entertainment content, with a global audience of 3 billion, and through this transaction, Microsoft intends to participate in the growing gaming business. The global gaming market is projected to reach 3.32 billion users by 2024 and could grow to 4.5 billion by 2030 due to increased interest in immersive content, virtual worlds, and new experiences, according to Microsoft. newzoo Based on revenue in 2021, Microsoft will overtake Sony Group (SONY, [[SNEJF]]) to become the world's second largest gaming company, behind only Tencent ([[TCEHY]], [[TCTZF]]). newzoo Microsoft is set to increase its share in the gaming market by 64.6% with Activision Blizzard in its gaming segment. chart by author However, unlike Tencent, Microsoft will own franchises that will have a loyal customer base 10 years from now, not the games whose hype is likely to fade away in a year. If the companies will end up going separate ways, then Microsoft will lose a huge market share in the first place, and more importantly, the resources necessary to further capture the market. Thus, Microsoft will be a few steps away from being completely defeated by Sony's closest competitor in the platform and content war. Call of Duty Call of Duty remains the main Activision Blizzard asset with over 425 copies sold. In a couple of years, Microsoft could pretty much own the second most popular franchise in the world. TweakTown (June 2022 data) Call of Duty has about 100 million active monthly users (as of the first quarter of 2022). At the same time, 42.1% of all users play on PlayStation, while only 25.6% play on Xbox. If Microsoft can pull at least 2.5% of all Call of Duty players from a competitive platform to its own, then this will increase the number of active Xbox users by 1 million. TweakTown The franchise will get a new round of development thanks to the resources of Microsoft, and Microsoft itself will receive an incredibly loyal 100 million players.

Seeking Alpha • Aug 01

Activision Blizzard Non-GAAP EPS of $0.48 in-line, revenue of $1.64B beats by $70M

Activision Blizzard press release (NASDAQ:ATVI): Q2 Non-GAAP EPS of $0.48 in-line. Revenue of $1.64B beats by $70M. Shares +1%. For the quarter ended June 30, 2022, Activision Blizzard’s net bookings were $1.64 billion, as compared with $1.92 billion for the second quarter of 2021. In-game net bookings were $1.20 billion, as compared with $1.32 billion for the second quarter of 2021. For the quarter ended June 30, 2022, overall Activision Blizzard Monthly Active Users (MAUs) were 361 million.

Seeking Alpha • Jul 22

Activision Blizzard: What If The Microsoft Deal Fails?

Microsoft-Activision Blizzard deal might collapse under regulation pressure. If the deal falls through, investors will be back to looking at strong fundamentals of the gaming company. Activision Blizzard has the most efficient business model in the industry. The company itself will have to clear its own name, I believe that it will succeed. I would rate a non-Microsoft's Activision as a quality long-term buy. Thesis On January 18, the tech giant Microsoft (NASDAQ:MSFT) announced it was buying video game developer Activision Blizzard (NASDAQ:ATVI) for $68.7 billion. The fact of the next major purchase of Microsoft did not surprise investors since the company makes acquisitions several times a year and has a large amount of cash on its balance sheet just for such cases. The deal is expected to be the biggest deal in the video game industry in history. visualcapitalist.com Microsoft will pay $95 per share at the close of the deal. However, ATVI stock is trading well below these levels as investors are worried that the deal might collapse under regulation pressure. In this article, I will be discussing not so much the fate of the deal itself, but the fate of Activision Blizzard if it won't become a part of the Microsoft gaming segment. The deal collapse At first glance, it may seem that fears that the deal will be blocked are exaggerated, since: Activision and Microsoft's gaming revenue last year accounted for just 13.9% of total global video game spending ($16.28 + $8.8 billion vs. $180.3 billion). Microsoft itself noted that the combined company will take only third place in the market, behind China's Tencent and Japan's Sony Group. chart by author (NewZoo data) Regulators are keeping a close eye on all major acquisitions, while the Microsoft-Activision deal is the biggest so far in 2022. Even if the regulators will try to block the deal, it will be almost impossible for them to justify this decision in court due to the small market share of both companies. While these are all fair points, regulators still have room to maneuver. The thing is FTC, CMA and others might argue that Microsoft is not allowed to promote its games in its store. Besides, the corporation may want to give its products exclusive rights to, for example, early access to Activision Blizzard games. That might also cause dissatisfaction with regulators. It is important to remember that despite the size and vast experience of Microsoft in such acquisitions, the deal with Activison Blizzard will be the biggest deal in Microsoft history and its success cannot be guaranteed. Back to fundamentals The market is now living in expectations and completely ignoring the fundamental part of Activision Blizzard. Investors are only interested in the deal itself as fundamental factors will not affect the result of the acquisition in any way. This will certainly change, however, if both companies will go their separate ways. The most efficient gaming company The business model is built primarily around in-game purchases. This creates additional benefits for the company. The operating margin of 36% is well above the sector average of 18% (author's estimates). Data by YCharts The net profit margin is also significantly higher than that of competitors, confirming the success of the strategy. Data by YCharts Growth rates Activision also shows high growth rates as it showed the highest revenue and profit growth over the past 5 years with only Take Two (NASDAQ:TTWO) running ahead. Data by YChartsData by YCharts Valuation Although it is hard to predict how deep ATVI will fall if the deal fails, it would be fair to proceed from the price before the announcement of the deal (-18.3%). Thus, the forward P/E ratio would be around 22, which is a bit higher than the industry average. Data by YCharts It is more likely though that Activision will also be caught in the middle of a market panic and fall another 15%-20% as the NASDAQ 100 Index is down from January 15200 points (-17%). Given the profitability of the company, this price might be very attractive. So, this might be a good deal in the long run. Business model Activision has one of the most reliable and profitable games in the industry. The cumulative sales of the Call of Duty franchise reached phenomenal 425 million copies worldwide. 19 years have passed since the first "Call of Duty" game was released. Activision is set to release another premium game "Call of Duty: Modern Warfare II" this fall. tweaktown.com As said earlier, the business model is built primarily on in-game purchases. Talking specifics, two free-to-play games were released, "Call of Duty: Warzone" and "Call of Duty: Mobile" in the first quarter of 2020 and the fourth quarter of 2019 respectively. In Q1 2021, Activision segment revenue grew 72% YoY, driven by in-game purchases of these two games, while operating income almost doubled. Sales of Activision products are growing much slower than in-game sales. It is faster and far more efficient to make games without global changes, which will more than pay off with in-game sales. All major companies in the industry are now trying to switch to in-game sales systems, as this is a much more stable source of income. This approach removes dependence on specific products. But none of the competitors are as efficient as Activision Blizzard. Coupled with successful names that have huge fanbases, which in turn are one of the biggest sources of income, the business model is incredibly sustainable, successful and far more efficient than the competitors' one.

Seeking Alpha • Jul 15

Microsoft said to have responded to FTC's second request in Activision deal

Microsoft (NASDAQ:MSFT) is said to have responded to the Federal Trade Commission's second request in its planed $69 billion purchase of video-game giant Activision (NASDAQ:ATVI). ATVI ticked up almost 1%. Microsoft (MSFT) certified substantial compliance with the FTC in regards to ATVI several weeks ago, according to a Dealreporter item, which cited sources familiar. The update on the U.S. antitrust review comes as the near $70B deal between Microsoft (MSFT) and Activision (ATVI) is under scrutiny as the U.K.'s antitrust regulatory last week opened an inquiry into the deal to see if it will impact rivals. Activision (ATVI) shares trade at a significant discount to Microsoft's (MSFT) offer of $95/share in cash, indicating some doubt in the market about antitrust approval for the transaction, especially as the U.S. FTC is heavily scrutinizing big tech under the Biden administration. In February, Berkshire Hathaway (BRK.A) (BRK.B.) took a 14.7M share stake in Activision (ATVI) due to the discount.

Seeking Alpha • Jul 01

Activision Blizzard closes acquisition of Proletariat

Blizzard Entertainment has closed the acquisition of Boston-based studio Proletariat to better serve players in the award-winning massive multiplayer online role-playing game World of Warcraft. Proletariat will join forces with Blizzard Entertainment as they work together to further serve the player community. This acquisition comes as Blizzard Entertainment expands development resources, invests in the growth of key franchises. "Over the next two years we plan to hire hundreds of the best developers to serve the needs of our World of Warcraft players. The extraordinary team at Proletariat will be a key component of our talent acquisition efforts,” said Bobby Kotick, CEO of Activision Blizzard (NASDAQ:ATVI).

Seeking Alpha • Jun 21

Buy Activision Blizzard Because Microsoft Deal Will Likely Close

Activision's stock languishes 22% below Microsoft's bid $95 per share on FTC probe. A look at 2020 Vertical Merger Guidelines indicates that the deal will go through. The 30% upside from the merger arbitrage is attractive given current market volatility.

Seeking Alpha • May 20

Activision Stock Forecast: Will The Price Go Up Or Fall In 2022?

Activision Blizzard is a fundamentally strong company with great brands. But in 2022, it faces tough comparables and will not report great results. There is a good chance that the takeover by Microsoft will close, which would result in a very solid 20%+ gain, although that might take as much as a year.

Seeking Alpha • Apr 22

Activision: Attractive Arbitrage Opportunity

ATVI is an attractive merger arbitrage opportunity with an ~18% upside within 14 months. Regardless of whether FTC views the merger as vertical or horizontal, the MSFT-ATVI merger has a limited adverse impact on consumers. The shareholder vote is an inconsequential risk with no activist investor going against the merger. Fear of FTC's review of workplace issues and labor market impact providing justification to deny a merger is overblown. ATVI's intrinsic value and hefty termination fee limit the downside risk in the remote scenario that the merger fails.

Seeking Alpha • Apr 16

Microsoft's $69 Billion Acquisition Of Activision: A Morphing FTC

Ever since the acquisition was announced by Microsoft in January 2022, the deal has come under significant scrutiny, both by the FTC and the shareholders of both companies. Apart from understanding the rationale, the risks to this deal are likely far more important and will be examined in terms of its eventual success. This will shed light on the FTC's shifting priorities under the Biden administration and what it means for tech acquisitions going forward.

Seeking Alpha • Mar 28

Activision: This Merger Arbitrage Is A Great Deal

Chaos and uncertainty rule the markets as 2022 proves to be a highly troublesome year for many investors who are now fleeing popular growth stocks in pursuit of safer havens. A deal that has been looked over by many upon its announcement earlier this year is becoming increasingly more attractive by the day given the difficult market environment. The acquisition expected to close sometime late next year is generating a guaranteed 20% return if it indeed gets by regulators who are taking an increased interest.

Seeking Alpha • Mar 21

Activision And Microsoft Merger: Arbitrage Not Worth The Risk

Activision is trading 20% below the price at which Microsoft has agreed to buy them. Among other things, the market is pricing in a strong likelihood that the merger gets blocked by the Department of Justice. A DCF analysis and an observation of other blocked mergers show at least 20% downside risk. The upside opportunity is also 20%. The lack of an asymmetric risk/reward profile makes the stock a pass at these levels.

Seeking Alpha • Feb 22

Activision: Great Company But Tons Of Stock Volatility

Activision is a market leader in the video game industry. It has great financials. The stock is very volatile.

Seeking Alpha • Jan 25

Merger Arbitrage Mondays - Activision Blizzard Trades At A Big Discount To Microsoft's Acquisition Price

Microsoft acquires Activision in an all-cash deal valued at $68.7 billion. Through this deal, Microsoft expects to strengthen its gaming presence and enter the metaverse with strong franchises. The deal is currently trading at an unusually large 16.78% spread or 14.18% annualized.

Seeking Alpha • Jan 18

Microsoft Takes Out Activision: Everything You Need To Know

Microsoft will acquire Activision Blizzard for $95 per share. This makes for a hefty premium compared to where ATVI traded in recent months, but ATVI traded at higher prices one year ago. This deal makes a lot of sense for MSFT, as it will be accretive while there is also a strategic rationale to get gaming IP.

Seeking Alpha • Jan 04

Activision Blizzard: Growth At A Reasonable Price And An Opportunity To Buy The Dip

For investors looking for exposure to the gaming industry at a reasonable valuation, Activision is a logical choice. All three segments of Activision have operating margins over 40%. Activision was in the news for the wrong reasons in 2021, causing a significant selloff in the second half of the year. I detail some of the options investors have with options. Activision has a rock-solid balance sheet and is set up for continued double-digit dividend growth moving forward.

Seeking Alpha • Dec 22

Activision Blizzard: A Giant Of The Gaming Industry

An essential internal driver is the King Entertainment division, which appeared only in 2016, and today generates 30% of Activision's revenue and continues to grow. Potentially, with current revenue, a reduction in cash will increase asset turnover from 0.4 to 0.66 and an increase in ROA to 18%. ATVI has a low debt burden; the potential growth of the asset-to-equity ratio to 2 will lead to an increase in ROE by 8 p.p. According to our valuation, the company is trading at a discount to the fair price.

Seeking Alpha • Nov 29

Is Now A Good Time To Buy Activision Blizzard? Yes, If You Believe In The Game Franchises

Activision Blizzard has serious problems when it comes to company culture, and these problems emanate from the top. It seems doubtful that CEO Bobby Kotick, who has successfully led the company for three decades, will be able to right the ship given his own involvement in the issues. That said, video games have never been as popular as they are today, hitting double-digit sales growth in the last few years. ATVI's franchises are popular and have ample ability to grow further from here, once its company culture issues have been addressed adequately. Whether ATVI's future lies in the hands of Kotick or not, the stock at a 16.8x P/E ratio seems far too cheap.

Seeking Alpha • Nov 23

Activision Blizzard Is Imploding

Not only is Activision Blizzard facing a mountain of scandals, but it is also losing its grip on key franchises. Activision Blizzard will only face an increasingly competitive landscape as technology giants and newer entrants like Amazon and Riot Games step up their efforts. Although Activision Blizzard is still a dominant force in gaming, the company is rapidly losing ground.

Seeking Alpha • Nov 17

Activision Blizzard Is Not Cheap

In this article, I'm going to take a detour from my usual articles and talk to you about Activision Blizzard. As a long-term gamer and investor, I have a problem with the company which directly impacts its appeal as an investment. I don't believe any long-term investor should be investing in ATVI at this time - and I don't see the company as cheap, not in any way. Learn why here.

Seeking Alpha • Nov 08

Activision Blizzard: The Sell-Off Gives An Investment Opportunity

The company's shares fell on the news of the delay of the game releases. The Activision segment may face increased competition, but upcoming releases may increase engagement. Based on the pipeline, the Blizzard segment can become the main driver of revenue growth. Based on the DCF model, the fair value of the company's shares is $99.

Snöflinga Score
Värdering	1/6
Framtida tillväxt	1/6
Tidigare resultat	4/6
Finansiell hälsa	6/6
Utdelningar	4/6

Historiska aktiekurser
Aktuell aktiekurs	US$94.42
52 veckors högsta	US$94.57
52 veckors lägsta	US$70.94
Beta	0.37
1 månads förändring	2.39%
3 månaders förändring	4.83%
1 års förändring	30.90%
3 års förändring	17.12%
5 års förändring	35.37%
Förändring sedan börsintroduktionen	494.40%

	ATVI	US Entertainment	US Marknad
7D	0.2%	-0.6%	3.2%
1Y	30.9%	-8.9%	31.0%

ATVI volatility
ATVI Average Weekly Movement	1.3%
Entertainment Industry Average Movement	8.9%
Market Average Movement	7.1%
10% most volatile stocks in US Market	16.1%
10% least volatile stocks in US Market	3.2%

ATVI grundläggande statistik
Börsvärde	US$74.29b
Vinst(TTM)	US$2.17b
Intäkter(TTM)	US$8.71b

ATVI resultaträkning (TTM)
Intäkter	US$8.71b
Kostnad för intäkter	US$2.58b
Bruttovinst	US$6.13b
Övriga kostnader	US$3.96b
Intäkter	US$2.17b

Vinst per aktie (EPS)	2.75
Bruttomarginal	70.38%
Nettovinstmarginal	24.88%
Skuld/egenkapitalförhållande	17.4%

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2023/10/14 11:17
Aktiekurs vid dagens slut	2023/10/12 00:00
Intäkter	2023/06/30
Årlig intjäning	2022/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
Benjy Scurlock	Arete Research Services LLP
Joseph Bonner	Argus Research Company
Colin Sebastian	Baird

This company has been acquired

Activision Blizzard (ATVI) Aktievy

Belöningar

Riskanalys

Giftify ($GIFT): A Small-Cap Incentives Platform with More ScaleThan Its Valuation Suggests

Activision Blizzard, Inc. Konkurrenter

NetEase

Electronic Arts

Playtika Holding

SciPlay

Prishistorik och prestanda

Senaste nyheter och uppdateringar

Activision Blizzard Files Form 15

Activision Blizzard, Inc.(NasdaqGM:ATVI) dropped from FTSE All-World Index (USD)

Activision Blizzard, Inc.(NasdaqGS:ATVI) dropped from S&P 500 Communication Services (Sector)

Activision Blizzard, Inc. Announces Board Changes

Microsoft Submits New Plan in £54 Billion Takeover Battle with UK Competition Watchdog

Upcoming dividend of US$0.99 per share at 1.1% yield

Recent updates

Activision Blizzard Files Form 15

Activision Blizzard, Inc.(NasdaqGM:ATVI) dropped from FTSE All-World Index (USD)

Activision Blizzard, Inc.(NasdaqGS:ATVI) dropped from S&P 500 Communication Services (Sector)

Activision Blizzard, Inc. Announces Board Changes

Microsoft Submits New Plan in £54 Billion Takeover Battle with UK Competition Watchdog

Upcoming dividend of US$0.99 per share at 1.1% yield

Activision Blizzard, Microsoft Extend Merger Deadline to October 18

Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Independent Director recently bought US$1.0m worth of stock

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

President & COO recently sold US$694k worth of stock

Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Activision Blizzard, Inc. to Report Q4, 2022 Results on Feb 06, 2023

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Microsoft files planned Activision acquisition with European antitrust regulator

17 Opportunities In Merger Arbitrage Space

President & COO recently sold US$782k worth of stock

Activision Blizzard sets 'Call of Duty' franchise event

What Will Microsoft Lose If The Activision Blizzard Deal Collapses?

Consensus forecasts updated

Chief Financial Officer recently sold US$816k worth of stock

Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Activision Blizzard Non-GAAP EPS of $0.48 in-line, revenue of $1.64B beats by $70M

Activision Blizzard: What If The Microsoft Deal Fails?

Microsoft said to have responded to FTC's second request in Activision deal

Activision Blizzard closes acquisition of Proletariat

Buy Activision Blizzard Because Microsoft Deal Will Likely Close

Chief Financial Officer recently sold US$255k worth of stock

Activision Stock Forecast: Will The Price Go Up Or Fall In 2022?

Lead Independent Director exercised options to buy US$3.4m worth of stock.

Senior VP & Chief Accounting Officer recently sold US$851k worth of stock

Senior VP & Chief Accounting Officer notifies of intention to sell stock

Consensus EPS estimates fall by 19%

First quarter 2022 earnings: EPS and revenues miss analyst expectations

Activision: Attractive Arbitrage Opportunity

Microsoft's $69 Billion Acquisition Of Activision: A Morphing FTC

Upcoming dividend of US$0.47 per share

Activision: This Merger Arbitrage Is A Great Deal

President & COO recently sold US$1.2m worth of stock

Activision And Microsoft Merger: Arbitrage Not Worth The Risk

President & COO notifies of intention to sell stock

Activision: Great Company But Tons Of Stock Volatility

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Merger Arbitrage Mondays - Activision Blizzard Trades At A Big Discount To Microsoft's Acquisition Price

Investor sentiment improved over the past week

Microsoft Takes Out Activision: Everything You Need To Know

Activision Blizzard: Growth At A Reasonable Price And An Opportunity To Buy The Dip

Activision Blizzard: A Giant Of The Gaming Industry

Is Now A Good Time To Buy Activision Blizzard? Yes, If You Believe In The Game Franchises

Activision Blizzard Is Imploding

Activision Blizzard Is Not Cheap

Investor sentiment deteriorated over the past week

Activision Blizzard: The Sell-Off Gives An Investment Opportunity

Third quarter 2021 earnings released: EPS US$0.82 (vs US$0.78 in 3Q 2020)

Price target decreased to US$101

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Activision Blizzard, Inc. Sammanfattning av grunderna

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