Intrinsic value of Take-Two Interactive Software - TTWO

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$58.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$58.73

 
Intrinsic value

$74.54

 
Up/down potential

+27%

 
Rating

buy

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TTWO 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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.9

 

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, %
  25.88
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  1,780
  1,626
  1,854
  2,097
  2,354
  2,626
  2,913
  3,213
  3,528
  3,856
  4,198
  4,554
  4,925
  5,310
  5,711
  6,127
  6,560
  7,009
  7,476
  7,962
  8,468
  8,994
  9,543
  10,114
  10,709
  11,330
  11,978
  12,654
  13,360
  14,098
  14,870
Variable operating expenses, $m
 
  410
  464
  522
  584
  649
  717
  789
  864
  942
  1,024
  1,087
  1,175
  1,267
  1,363
  1,462
  1,565
  1,673
  1,784
  1,900
  2,021
  2,147
  2,277
  2,414
  2,556
  2,704
  2,859
  3,020
  3,188
  3,365
  3,549
Fixed operating expenses, $m
 
  1,120
  1,148
  1,177
  1,206
  1,237
  1,268
  1,299
  1,332
  1,365
  1,399
  1,434
  1,470
  1,507
  1,544
  1,583
  1,623
  1,663
  1,705
  1,747
  1,791
  1,836
  1,882
  1,929
  1,977
  2,026
  2,077
  2,129
  2,182
  2,237
  2,293
Total operating expenses, $m
  1,688
  1,530
  1,612
  1,699
  1,790
  1,886
  1,985
  2,088
  2,196
  2,307
  2,423
  2,521
  2,645
  2,774
  2,907
  3,045
  3,188
  3,336
  3,489
  3,647
  3,812
  3,983
  4,159
  4,343
  4,533
  4,730
  4,936
  5,149
  5,370
  5,602
  5,842
Operating income, $m
  91
  96
  241
  397
  564
  741
  928
  1,126
  1,332
  1,549
  1,775
  2,033
  2,280
  2,536
  2,804
  3,082
  3,372
  3,673
  3,987
  4,315
  4,656
  5,012
  5,384
  5,771
  6,176
  6,600
  7,042
  7,505
  7,990
  8,497
  9,028
EBITDA, $m
  351
  175
  328
  493
  668
  855
  1,052
  1,260
  1,478
  1,706
  1,944
  2,193
  2,452
  2,722
  3,003
  3,296
  3,601
  3,919
  4,249
  4,594
  4,953
  5,327
  5,718
  6,125
  6,551
  6,996
  7,461
  7,948
  8,457
  8,990
  9,549
Interest expense (income), $m
  8
  17
  -5
  2
  9
  16
  24
  33
  42
  51
  61
  71
  81
  92
  103
  115
  127
  140
  153
  167
  181
  196
  212
  228
  245
  262
  280
  299
  319
  340
  362
Earnings before tax, $m
  77
  79
  246
  396
  555
  725
  904
  1,093
  1,291
  1,498
  1,715
  1,963
  2,199
  2,444
  2,700
  2,967
  3,244
  3,533
  3,834
  4,148
  4,475
  4,816
  5,172
  5,544
  5,932
  6,338
  6,762
  7,206
  7,670
  8,157
  8,666
Tax expense, $m
  10
  21
  67
  107
  150
  196
  244
  295
  348
  404
  463
  530
  594
  660
  729
  801
  876
  954
  1,035
  1,120
  1,208
  1,300
  1,396
  1,497
  1,602
  1,711
  1,826
  1,946
  2,071
  2,202
  2,340
Net income, $m
  67
  57
  180
  289
  405
  529
  660
  798
  942
  1,094
  1,252
  1,433
  1,605
  1,784
  1,971
  2,166
  2,368
  2,579
  2,799
  3,028
  3,267
  3,516
  3,775
  4,047
  4,330
  4,626
  4,936
  5,260
  5,599
  5,955
  6,327

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,392
  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
  3,149
  1,518
  1,731
  1,958
  2,198
  2,452
  2,720
  3,000
  3,294
  3,600
  3,920
  4,252
  4,598
  4,958
  5,332
  5,721
  6,125
  6,544
  6,981
  7,435
  7,907
  8,398
  8,910
  9,443
  9,999
  10,579
  11,184
  11,815
  12,475
  13,164
  13,884
Adjusted assets (=assets-cash), $m
  1,757
  1,518
  1,731
  1,958
  2,198
  2,452
  2,720
  3,000
  3,294
  3,600
  3,920
  4,252
  4,598
  4,958
  5,332
  5,721
  6,125
  6,544
  6,981
  7,435
  7,907
  8,398
  8,910
  9,443
  9,999
  10,579
  11,184
  11,815
  12,475
  13,164
  13,884
Revenue / Adjusted assets
  1.013
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
Average production assets, $m
  428
  285
  324
  367
  412
  460
  510
  562
  617
  675
  735
  797
  862
  929
  999
  1,072
  1,148
  1,227
  1,308
  1,393
  1,482
  1,574
  1,670
  1,770
  1,874
  1,983
  2,096
  2,214
  2,338
  2,467
  2,602
Working capital, $m
  509
  -512
  -584
  -660
  -742
  -827
  -918
  -1,012
  -1,111
  -1,215
  -1,322
  -1,435
  -1,551
  -1,673
  -1,799
  -1,930
  -2,066
  -2,208
  -2,355
  -2,508
  -2,667
  -2,833
  -3,006
  -3,186
  -3,373
  -3,569
  -3,773
  -3,986
  -4,208
  -4,441
  -4,684
Total debt, $m
  252
  -145
  47
  251
  467
  696
  937
  1,189
  1,453
  1,729
  2,017
  2,316
  2,628
  2,951
  3,288
  3,638
  4,001
  4,379
  4,772
  5,180
  5,605
  6,047
  6,508
  6,988
  7,488
  8,010
  8,554
  9,123
  9,716
  10,336
  10,984
Total liabilities, $m
  2,145
  1,366
  1,558
  1,762
  1,978
  2,207
  2,448
  2,700
  2,964
  3,240
  3,528
  3,827
  4,139
  4,462
  4,799
  5,149
  5,512
  5,890
  6,283
  6,691
  7,116
  7,558
  8,019
  8,499
  8,999
  9,521
  10,065
  10,634
  11,227
  11,847
  12,495
Total equity, $m
  1,004
  152
  173
  196
  220
  245
  272
  300
  329
  360
  392
  425
  460
  496
  533
  572
  612
  654
  698
  743
  791
  840
  891
  944
  1,000
  1,058
  1,118
  1,182
  1,247
  1,316
  1,388
Total liabilities and equity, $m
  3,149
  1,518
  1,731
  1,958
  2,198
  2,452
  2,720
  3,000
  3,293
  3,600
  3,920
  4,252
  4,599
  4,958
  5,332
  5,721
  6,124
  6,544
  6,981
  7,434
  7,907
  8,398
  8,910
  9,443
  9,999
  10,579
  11,183
  11,816
  12,474
  13,163
  13,883
Debt-to-equity ratio
  0.251
  -0.950
  0.270
  1.280
  2.130
  2.840
  3.440
  3.960
  4.410
  4.800
  5.150
  5.450
  5.710
  5.950
  6.170
  6.360
  6.530
  6.690
  6.840
  6.970
  7.090
  7.200
  7.300
  7.400
  7.490
  7.570
  7.650
  7.720
  7.790
  7.850
  7.910
Adjusted equity ratio
  -0.221
  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
  67
  57
  180
  289
  405
  529
  660
  798
  942
  1,094
  1,252
  1,433
  1,605
  1,784
  1,971
  2,166
  2,368
  2,579
  2,799
  3,028
  3,267
  3,516
  3,775
  4,047
  4,330
  4,626
  4,936
  5,260
  5,599
  5,955
  6,327
Depreciation, amort., depletion, $m
  260
  79
  87
  95
  104
  114
  124
  134
  145
  157
  169
  159
  172
  186
  200
  214
  230
  245
  262
  279
  296
  315
  334
  354
  375
  397
  419
  443
  468
  493
  520
Funds from operations, $m
  233
  136
  266
  384
  510
  643
  784
  932
  1,087
  1,250
  1,420
  1,592
  1,777
  1,970
  2,171
  2,380
  2,598
  2,825
  3,061
  3,307
  3,563
  3,830
  4,109
  4,401
  4,705
  5,023
  5,355
  5,703
  6,067
  6,448
  6,847
Change in working capital, $m
  -98
  -67
  -72
  -76
  -81
  -86
  -90
  -95
  -99
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -243
Cash from operations, $m
  331
  251
  338
  461
  591
  729
  874
  1,026
  1,186
  1,354
  1,528
  1,704
  1,894
  2,092
  2,297
  2,511
  2,734
  2,966
  3,208
  3,460
  3,722
  3,996
  4,282
  4,581
  4,893
  5,219
  5,559
  5,916
  6,289
  6,680
  7,090
Maintenance CAPEX, $m
  0
  -50
  -57
  -65
  -73
  -82
  -92
  -102
  -112
  -123
  -135
  -147
  -159
  -172
  -186
  -200
  -214
  -230
  -245
  -262
  -279
  -296
  -315
  -334
  -354
  -375
  -397
  -419
  -443
  -468
  -493
New CAPEX, $m
  -21
  -37
  -40
  -42
  -45
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
Cash from investing activities, $m
  -129
  -87
  -97
  -107
  -118
  -130
  -142
  -155
  -167
  -180
  -195
  -209
  -224
  -239
  -256
  -273
  -290
  -309
  -327
  -347
  -367
  -388
  -411
  -434
  -458
  -484
  -510
  -537
  -567
  -597
  -628
Free cash flow, $m
  202
  165
  241
  353
  472
  599
  732
  872
  1,019
  1,173
  1,333
  1,495
  1,670
  1,852
  2,041
  2,239
  2,444
  2,658
  2,881
  3,113
  3,355
  3,608
  3,871
  4,147
  4,434
  4,735
  5,050
  5,379
  5,723
  6,084
  6,462
Issuance/(repayment) of debt, $m
  0
  -643
  191
  204
  217
  229
  241
  252
  264
  276
  288
  299
  311
  324
  337
  350
  363
  378
  393
  408
  425
  442
  461
  480
  500
  522
  544
  568
  594
  620
  648
Issuance/(repurchase) of shares, $m
  0
  49
  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  
  -50
  -594
  191
  204
  217
  229
  241
  252
  264
  276
  288
  299
  311
  324
  337
  350
  363
  378
  393
  408
  425
  442
  461
  480
  500
  522
  544
  568
  594
  620
  648
Total cash flow (excl. dividends), $m
  145
  -478
  433
  557
  689
  827
  972
  1,124
  1,283
  1,449
  1,621
  1,795
  1,981
  2,176
  2,378
  2,588
  2,807
  3,036
  3,273
  3,521
  3,780
  4,050
  4,332
  4,627
  4,935
  5,257
  5,594
  5,947
  6,316
  6,704
  7,110
Retained Cash Flow (-), $m
  -423
  -841
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
Prev. year cash balance distribution, $m
 
  1,270
  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
 
  0
  411
  535
  665
  802
  946
  1,096
  1,254
  1,418
  1,589
  1,761
  1,947
  2,140
  2,340
  2,549
  2,767
  2,994
  3,230
  3,476
  3,733
  4,001
  4,281
  4,573
  4,879
  5,199
  5,533
  5,884
  6,251
  6,635
  7,038
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
 
  0
  377
  465
  547
  622
  686
  741
  784
  815
  833
  836
  831
  814
  786
  748
  703
  651
  595
  535
  474
  414
  355
  300
  249
  202
  161
  126
  97
  72
  53
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Take-Two Interactive Software, Inc. develops, publishes, and markets interactive entertainment solutions for consumers worldwide. The company offers its products under the Rockstar Games and 2K labels. It develops and publishes action/adventure products under the Grand Theft Auto, Max Payne, Midnight Club, and Red Dead names through developing sequels; offering downloadable episodes, and content and virtual currency; and releasing titles for smartphones and tablets. The company also develops brands in other genres, including the L.A. Noire, Bully, and Manhunt franchises. In addition, it publishes various entertainment properties across platforms and a range of genres, including action, adventure, family/casual, racing, role-playing, shooter, sports, and strategy; various unit selling franchises, including BioShock, Borderlands, Carnival Games, Evolve, Mafia, NBA 2K, Sid Meier's Civilization, Spec Ops, WWE 2K, and XCOM; and various sports simulation titles, including its flagship NBA 2K series, a basketball video game and the WWE 2K professional wrestling series. Further, the company offers free-to-play mobile games, such as Dragon City and Monster Legends on iOS and Android platforms. Its products are designed for console gaming systems, such as Sony's PlayStation 3 and PlayStation 4, and Microsoft's Xbox 360 and Xbox One; and personal computers comprising smartphones and tablets. The company delivers its products through physical retail, digital download, online platforms, and cloud streaming services. Take-Two Interactive Software, Inc. was founded in 1993 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Take-Two Interactive Software (TTWO)

Valuation Ratios
P/E Ratio 90
Price to Sales 3.4
Price to Book 6
Price to Tangible Book
Price to Cash Flow 18.2
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 25.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43.2%
Cap. Spend. - 3 Yr. Gr. Rate -6.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 25.1%
Total Debt to Equity 25.1%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. -3.7%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. -6.5%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. -11.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.5%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. -6.5%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. -7.9%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 29.9%
Payout Ratio 0%

TTWO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTWO stock intrinsic value calculation we used $1414 million for the last fiscal year's total revenue generated by Take-Two Interactive Software. The default revenue input number comes from 2017 income statement of Take-Two Interactive Software. 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 TTWO stock valuation model: a) initial revenue growth rate of 15% 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 TTWO is calculated based on our internal credit rating of Take-Two Interactive Software, 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 Take-Two Interactive Software.
    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 TTWO stock the variable cost ratio is equal to 25.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1093 million in the base year in the intrinsic value calculation for TTWO 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 3.5% for Take-Two Interactive Software.

Corporate tax rate of 27% is the nominal tax rate for Take-Two Interactive Software. 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 TTWO 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 TTWO are equal to 17.5%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Take-Two Interactive Software 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 TTWO is equal to -31.5%. 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 - $581 million for Take-Two Interactive Software - 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 100.51 million for Take-Two Interactive Software 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 Take-Two Interactive Software at the current share price and the inputted number of shares is $5.9 billion.


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Stock chart of TTWO Financial statements of TTWO Annual reports of TTWO
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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