Intrinsic value of Electronic Arts - EA

Previous Close

$126.02

  Intrinsic Value

$108.58

stock screener

  Rating & Target

hold

-14%

Previous close

$126.02

 
Intrinsic value

$108.58

 
Up/down potential

-14%

 
Rating

hold

We calculate the intrinsic value of EA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.21
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  4,845
  5,174
  5,517
  5,873
  6,244
  6,630
  7,032
  7,451
  7,887
  8,343
  8,818
  9,315
  9,833
  10,375
  10,941
  11,533
  12,152
  12,800
  13,479
  14,189
  14,933
  15,712
  16,529
  17,385
  18,282
  19,222
  20,208
  21,242
  22,326
  23,464
  24,657
Variable operating expenses, $m
 
  1,406
  1,488
  1,573
  1,662
  1,754
  1,850
  1,950
  2,054
  2,163
  2,276
  2,224
  2,348
  2,477
  2,612
  2,754
  2,902
  3,056
  3,218
  3,388
  3,566
  3,752
  3,947
  4,151
  4,365
  4,590
  4,825
  5,072
  5,331
  5,602
  5,887
Fixed operating expenses, $m
 
  2,410
  2,470
  2,532
  2,595
  2,660
  2,726
  2,795
  2,864
  2,936
  3,009
  3,085
  3,162
  3,241
  3,322
  3,405
  3,490
  3,577
  3,667
  3,758
  3,852
  3,949
  4,047
  4,149
  4,252
  4,359
  4,468
  4,579
  4,694
  4,811
  4,931
Total operating expenses, $m
  3,621
  3,816
  3,958
  4,105
  4,257
  4,414
  4,576
  4,745
  4,918
  5,099
  5,285
  5,309
  5,510
  5,718
  5,934
  6,159
  6,392
  6,633
  6,885
  7,146
  7,418
  7,701
  7,994
  8,300
  8,617
  8,949
  9,293
  9,651
  10,025
  10,413
  10,818
Operating income, $m
  1,224
  1,358
  1,559
  1,768
  1,987
  2,216
  2,456
  2,706
  2,969
  3,244
  3,533
  4,006
  4,323
  4,657
  5,007
  5,374
  5,761
  6,167
  6,594
  7,043
  7,515
  8,012
  8,535
  9,085
  9,664
  10,274
  10,915
  11,591
  12,302
  13,050
  13,838
EBITDA, $m
  1,396
  1,569
  1,772
  1,984
  2,206
  2,438
  2,680
  2,934
  3,200
  3,479
  3,771
  4,077
  4,398
  4,736
  5,090
  5,462
  5,853
  6,264
  6,697
  7,151
  7,629
  8,132
  8,661
  9,218
  9,804
  10,421
  11,070
  11,753
  12,472
  13,229
  14,026
Interest expense (income), $m
  43
  40
  16
  24
  32
  41
  50
  60
  70
  80
  91
  102
  114
  126
  139
  152
  166
  181
  196
  212
  229
  247
  265
  284
  305
  326
  348
  372
  396
  422
  449
Earnings before tax, $m
  1,210
  1,319
  1,543
  1,745
  1,955
  2,175
  2,406
  2,647
  2,899
  3,164
  3,442
  3,904
  4,210
  4,531
  4,868
  5,222
  5,594
  5,986
  6,397
  6,831
  7,286
  7,765
  8,270
  8,801
  9,360
  9,948
  10,567
  11,219
  11,906
  12,628
  13,389
Tax expense, $m
  243
  356
  417
  471
  528
  587
  650
  715
  783
  854
  929
  1,054
  1,137
  1,223
  1,314
  1,410
  1,510
  1,616
  1,727
  1,844
  1,967
  2,097
  2,233
  2,376
  2,527
  2,686
  2,853
  3,029
  3,215
  3,410
  3,615
Net income, $m
  967
  963
  1,127
  1,274
  1,427
  1,588
  1,756
  1,932
  2,117
  2,310
  2,513
  2,850
  3,073
  3,307
  3,553
  3,812
  4,084
  4,370
  4,670
  4,986
  5,319
  5,669
  6,037
  6,425
  6,832
  7,262
  7,714
  8,190
  8,691
  9,219
  9,774

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,532
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,718
  3,402
  3,627
  3,861
  4,105
  4,359
  4,623
  4,899
  5,186
  5,485
  5,798
  6,124
  6,465
  6,821
  7,193
  7,582
  7,990
  8,416
  8,862
  9,329
  9,818
  10,330
  10,867
  11,430
  12,020
  12,638
  13,286
  13,966
  14,679
  15,426
  16,211
Adjusted assets (=assets-cash), $m
  3,186
  3,402
  3,627
  3,861
  4,105
  4,359
  4,623
  4,899
  5,186
  5,485
  5,798
  6,124
  6,465
  6,821
  7,193
  7,582
  7,990
  8,416
  8,862
  9,329
  9,818
  10,330
  10,867
  11,430
  12,020
  12,638
  13,286
  13,966
  14,679
  15,426
  16,211
Revenue / Adjusted assets
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
  1.521
Average production assets, $m
  469
  502
  535
  570
  606
  643
  682
  723
  765
  809
  855
  904
  954
  1,006
  1,061
  1,119
  1,179
  1,242
  1,307
  1,376
  1,449
  1,524
  1,603
  1,686
  1,773
  1,865
  1,960
  2,060
  2,166
  2,276
  2,392
Working capital, $m
  2,784
  -1,868
  -1,992
  -2,120
  -2,254
  -2,393
  -2,539
  -2,690
  -2,847
  -3,012
  -3,183
  -3,363
  -3,550
  -3,745
  -3,950
  -4,163
  -4,387
  -4,621
  -4,866
  -5,122
  -5,391
  -5,672
  -5,967
  -6,276
  -6,600
  -6,939
  -7,295
  -7,668
  -8,060
  -8,470
  -8,901
Total debt, $m
  990
  394
  597
  807
  1,027
  1,255
  1,493
  1,741
  1,999
  2,269
  2,550
  2,844
  3,150
  3,471
  3,806
  4,156
  4,523
  4,906
  5,308
  5,728
  6,168
  6,629
  7,112
  7,619
  8,150
  8,706
  9,289
  9,901
  10,543
  11,216
  11,922
Total liabilities, $m
  3,658
  3,062
  3,265
  3,475
  3,695
  3,923
  4,161
  4,409
  4,667
  4,937
  5,218
  5,512
  5,818
  6,139
  6,474
  6,824
  7,191
  7,574
  7,976
  8,396
  8,836
  9,297
  9,780
  10,287
  10,818
  11,374
  11,957
  12,569
  13,211
  13,884
  14,590
Total equity, $m
  4,060
  340
  363
  386
  411
  436
  462
  490
  519
  549
  580
  612
  646
  682
  719
  758
  799
  842
  886
  933
  982
  1,033
  1,087
  1,143
  1,202
  1,264
  1,329
  1,397
  1,468
  1,543
  1,621
Total liabilities and equity, $m
  7,718
  3,402
  3,628
  3,861
  4,106
  4,359
  4,623
  4,899
  5,186
  5,486
  5,798
  6,124
  6,464
  6,821
  7,193
  7,582
  7,990
  8,416
  8,862
  9,329
  9,818
  10,330
  10,867
  11,430
  12,020
  12,638
  13,286
  13,966
  14,679
  15,427
  16,211
Debt-to-equity ratio
  0.244
  1.160
  1.640
  2.090
  2.500
  2.880
  3.230
  3.550
  3.860
  4.140
  4.400
  4.640
  4.870
  5.090
  5.290
  5.480
  5.660
  5.830
  5.990
  6.140
  6.280
  6.420
  6.540
  6.670
  6.780
  6.890
  6.990
  7.090
  7.180
  7.270
  7.350
Adjusted equity ratio
  -0.148
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  967
  963
  1,127
  1,274
  1,427
  1,588
  1,756
  1,932
  2,117
  2,310
  2,513
  2,850
  3,073
  3,307
  3,553
  3,812
  4,084
  4,370
  4,670
  4,986
  5,319
  5,669
  6,037
  6,425
  6,832
  7,262
  7,714
  8,190
  8,691
  9,219
  9,774
Depreciation, amort., depletion, $m
  172
  210
  213
  216
  218
  221
  224
  228
  231
  234
  238
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
  147
  154
  162
  171
  179
  188
Funds from operations, $m
  1,331
  1,173
  1,339
  1,489
  1,646
  1,809
  1,980
  2,160
  2,348
  2,544
  2,751
  2,921
  3,148
  3,387
  3,637
  3,900
  4,177
  4,467
  4,773
  5,095
  5,433
  5,789
  6,163
  6,557
  6,972
  7,409
  7,868
  8,352
  8,862
  9,398
  9,963
Change in working capital, $m
  -52
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -164
  -172
  -179
  -187
  -196
  -204
  -214
  -224
  -234
  -245
  -256
  -269
  -281
  -295
  -309
  -324
  -339
  -356
  -373
  -391
  -411
  -431
Cash from operations, $m
  1,383
  1,292
  1,463
  1,618
  1,779
  1,949
  2,126
  2,311
  2,505
  2,709
  2,922
  3,100
  3,335
  3,582
  3,841
  4,114
  4,400
  4,701
  5,018
  5,351
  5,701
  6,070
  6,458
  6,866
  7,296
  7,748
  8,224
  8,725
  9,253
  9,809
  10,393
Maintenance CAPEX, $m
  0
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -171
  -179
New CAPEX, $m
  -123
  -33
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
Cash from investing activities, $m
  -759
  -70
  -73
  -77
  -81
  -85
  -90
  -95
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -180
  -190
  -199
  -209
  -220
  -231
  -243
  -254
  -267
  -281
  -295
Free cash flow, $m
  624
  1,222
  1,390
  1,541
  1,699
  1,863
  2,036
  2,217
  2,406
  2,604
  2,812
  2,985
  3,214
  3,454
  3,707
  3,973
  4,252
  4,546
  4,854
  5,179
  5,521
  5,880
  6,259
  6,657
  7,076
  7,517
  7,982
  8,471
  8,986
  9,528
  10,098
Issuance/(repayment) of debt, $m
  -163
  -596
  203
  211
  219
  228
  238
  248
  258
  270
  281
  294
  307
  320
  335
  350
  366
  384
  401
  420
  440
  461
  483
  506
  531
  556
  583
  612
  642
  673
  706
Issuance/(repurchase) of shares, $m
  -436
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -534
  -596
  203
  211
  219
  228
  238
  248
  258
  270
  281
  294
  307
  320
  335
  350
  366
  384
  401
  420
  440
  461
  483
  506
  531
  556
  583
  612
  642
  673
  706
Total cash flow (excl. dividends), $m
  72
  626
  1,593
  1,752
  1,918
  2,092
  2,274
  2,464
  2,664
  2,874
  3,094
  3,278
  3,520
  3,775
  4,042
  4,323
  4,619
  4,929
  5,256
  5,600
  5,961
  6,342
  6,742
  7,163
  7,607
  8,074
  8,565
  9,083
  9,627
  10,201
  10,804
Retained Cash Flow (-), $m
  -664
  -812
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
Prev. year cash balance distribution, $m
 
  4,532
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4,346
  1,570
  1,728
  1,894
  2,066
  2,247
  2,437
  2,636
  2,844
  3,062
  3,246
  3,486
  3,739
  4,005
  4,284
  4,578
  4,887
  5,211
  5,553
  5,912
  6,290
  6,688
  7,107
  7,548
  8,012
  8,500
  9,015
  9,556
  10,126
  10,726
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  4,167
  1,438
  1,504
  1,559
  1,602
  1,631
  1,646
  1,647
  1,634
  1,605
  1,541
  1,488
  1,422
  1,345
  1,258
  1,163
  1,063
  960
  855
  751
  651
  555
  466
  384
  312
  248
  193
  148
  111
  81
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Electronic Arts Inc. develops, markets, publishes and distributes games, content and services that can be played by consumers on a range of platforms, which include consoles, personal computers (PCs), mobile phones and tablets. The Company's games and services are based on a portfolio of intellectual property that includes established brands, such as FIFA, Madden NFL, Star Wars, Battlefield, the Sims and Need for Speed. The Company markets and sells its games and services through retail channels and through digital distribution channels. The Company's PC games and additional content can be downloaded directly through its Origin online platform, as well as through third-party online download stores. Its mobile, tablet and PC free-to-download games and additional content are available through third-party application storefronts, such as the Apple Application Store and Google Play.

FINANCIAL RATIOS  of  Electronic Arts (EA)

Valuation Ratios
P/E Ratio 40.1
Price to Sales 8
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 28.1
Price to Free Cash Flow 30.8
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.3%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.4%
Total Debt to Equity 24.4%
Interest Coverage 29
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 15.3%
Return On Total Capital 20.2%
Ret/ On T. Cap. - 3 Yr. Avg. 24.8%
Return On Equity 25.9%
Return On Equity - 3 Yr. Avg. 31.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 73.5%
Gross Margin - 3 Yr. Avg. 70.4%
EBITDA Margin 29.4%
EBITDA Margin - 3 Yr. Avg. 26.5%
Operating Margin 25.3%
Oper. Margin - 3 Yr. Avg. 22.2%
Pre-Tax Margin 25%
Pre-Tax Margin - 3 Yr. Avg. 21.8%
Net Profit Margin 20%
Net Profit Margin - 3 Yr. Avg. 21.9%
Effective Tax Rate 20.1%
Eff/ Tax Rate - 3 Yr. Avg. -2.1%
Payout Ratio 0%

EA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EA stock intrinsic value calculation we used $4845 million for the last fiscal year's total revenue generated by Electronic Arts. The default revenue input number comes from 2017 income statement of Electronic Arts. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EA stock valuation model: a) initial revenue growth rate of 6.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EA is calculated based on our internal credit rating of Electronic Arts, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Electronic Arts.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EA stock the variable cost ratio is equal to 27.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2351 million in the base year in the intrinsic value calculation for EA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Electronic Arts.

Corporate tax rate of 27% is the nominal tax rate for Electronic Arts. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EA are equal to 9.7%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Electronic Arts operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EA is equal to -36.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4060 million for Electronic Arts - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 309.442 million for Electronic Arts is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Electronic Arts at the current share price and the inputted number of shares is $39.0 billion.

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COMPANY NEWS

▶ Why Electronic Arts Stock Jumped 20% in January   [Feb-13-18 04:17PM  Motley Fool]
▶ Why Electronic Arts Shares Popped 10% to a New High   [Feb-12-18 05:36PM  Motley Fool]
▶ 2 Reasons Investors Loved Electronic Arts' Third Quarter   [Feb-11-18 11:50AM  Motley Fool]
▶ Hasbro, Inc. Stock Impressed on Earnings but Needs More   [Feb-07-18 01:36PM  InvestorPlace]
▶ Facebook Leads 5 Top Stocks Fighting To Hold Buy Points   [10:07AM  Investor's Business Daily]
▶ 'Fast Money' final trades: Apple, EA and more   [Feb-01-18 05:59PM  CNBC Videos]
▶ Investing during market volatility   [Jan-31-18 07:34PM  CNBC Videos]
▶ Electronic Arts Breaks Out On Holiday-Quarter Report, Outlook   [04:36PM  Investor's Business Daily]
▶ 3 Stocks Move in Premarket Trading Wednesday   [03:47PM  GuruFocus.com]
▶ EA Knocks It Out of the Park in Q3   [09:45AM  24/7 Wall St.]
▶ [$$] Electronic Arts Earnings: What to Watch   [05:26PM  The Wall Street Journal]
▶ Electronic Arts misses on top line   [04:11PM  CNBC Videos]
▶ Electronic Arts reports 3Q loss   [04:09PM  Associated Press]
▶ Electronic Arts' Q3 Earnings Outlook   [08:32AM  Benzinga]
▶ Could Electronic Arts Beat Estimates in Fiscal 3Q18?   [Jan-26-18 05:50PM  Market Realist]
▶ Electronic Arts Shares Stumble on 'Anthem' Video Game Delay   [Jan-25-18 02:32PM  TheStreet.com]
▶ Expect Big Moves in These Five Stocks   [Jan-22-18 05:25PM  Investopedia]
▶ Should You Buy Electronic Arts Inc. Stock? 3 Pros, 3 Cons   [Jan-12-18 11:28AM  InvestorPlace]
▶ Video game stocks have more room to run   [Jan-10-18 07:52PM  CNBC Videos]
▶ Revenue and Earnings Growth for Electronic Arts and Peers   [Jan-09-18 05:40PM  Market Realist]
▶ Trade of the Day: Electronic Arts (EA)   [09:06AM  InvestorPlace]
Financial statements of EA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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