Intrinsic value of Activision Blizzard - ATVI

Previous Close

$80.65

  Intrinsic Value

$34.56

stock screener

  Rating & Target

str. sell

-57%

Previous close

$80.65

 
Intrinsic value

$34.56

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of ATVI 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 0001), $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 61.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,157
  7,322
  7,510
  7,721
  7,955
  8,212
  8,492
  8,795
  9,121
  9,471
  9,845
  10,245
  10,670
  11,123
  11,602
  12,111
  12,649
  13,218
  13,820
  14,455
  15,125
  15,831
  16,576
  17,361
  18,187
  19,057
  19,973
  20,937
  21,951
  23,018
Variable operating expenses, $m
  5,603
  5,706
  5,823
  5,955
  6,102
  6,262
  6,437
  6,626
  6,830
  7,048
  6,150
  6,400
  6,665
  6,948
  7,247
  7,565
  7,901
  8,257
  8,632
  9,029
  9,448
  9,889
  10,354
  10,844
  11,361
  11,904
  12,476
  13,078
  13,712
  14,378
Fixed operating expenses, $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
Total operating expenses, $m
  5,603
  5,706
  5,823
  5,955
  6,102
  6,262
  6,437
  6,626
  6,830
  7,048
  6,150
  6,400
  6,665
  6,948
  7,247
  7,565
  7,901
  8,257
  8,632
  9,029
  9,448
  9,889
  10,354
  10,844
  11,361
  11,904
  12,476
  13,078
  13,712
  14,378
Operating income, $m
  1,554
  1,616
  1,687
  1,766
  1,854
  1,950
  2,055
  2,169
  2,291
  2,423
  3,695
  3,845
  4,005
  4,175
  4,355
  4,546
  4,748
  4,961
  5,187
  5,426
  5,677
  5,942
  6,222
  6,516
  6,827
  7,153
  7,497
  7,859
  8,239
  8,640
EBITDA, $m
  3,150
  3,222
  3,305
  3,398
  3,501
  3,614
  3,737
  3,871
  4,014
  4,168
  4,333
  4,509
  4,696
  4,895
  5,106
  5,330
  5,567
  5,817
  6,082
  6,361
  6,656
  6,967
  7,295
  7,640
  8,004
  8,387
  8,790
  9,214
  9,661
  10,130
Interest expense (income), $m
  209
  237
  248
  260
  273
  288
  304
  323
  343
  364
  387
  412
  439
  467
  497
  529
  563
  599
  638
  678
  721
  766
  813
  863
  916
  972
  1,030
  1,092
  1,157
  1,226
  1,298
Earnings before tax, $m
  1,317
  1,368
  1,427
  1,493
  1,566
  1,646
  1,733
  1,826
  1,927
  2,036
  3,284
  3,407
  3,538
  3,678
  3,826
  3,983
  4,149
  4,324
  4,509
  4,705
  4,911
  5,129
  5,359
  5,600
  5,855
  6,123
  6,405
  6,702
  7,014
  7,342
Tax expense, $m
  356
  369
  385
  403
  423
  444
  468
  493
  520
  550
  887
  920
  955
  993
  1,033
  1,075
  1,120
  1,167
  1,218
  1,270
  1,326
  1,385
  1,447
  1,512
  1,581
  1,653
  1,729
  1,809
  1,894
  1,982
Net income, $m
  962
  999
  1,042
  1,090
  1,143
  1,201
  1,265
  1,333
  1,407
  1,486
  2,397
  2,487
  2,583
  2,685
  2,793
  2,907
  3,028
  3,157
  3,292
  3,435
  3,585
  3,744
  3,912
  4,088
  4,274
  4,470
  4,675
  4,892
  5,120
  5,360

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  17,983
  18,397
  18,870
  19,400
  19,989
  20,634
  21,337
  22,097
  22,917
  23,796
  24,737
  25,741
  26,810
  27,946
  29,152
  30,429
  31,782
  33,212
  34,723
  36,318
  38,002
  39,777
  41,648
  43,620
  45,697
  47,883
  50,184
  52,606
  55,154
  57,833
Adjusted assets (=assets-cash), $m
  17,983
  18,397
  18,870
  19,400
  19,989
  20,634
  21,337
  22,097
  22,917
  23,796
  24,737
  25,741
  26,810
  27,946
  29,152
  30,429
  31,782
  33,212
  34,723
  36,318
  38,002
  39,777
  41,648
  43,620
  45,697
  47,883
  50,184
  52,606
  55,154
  57,833
Revenue / Adjusted assets
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
  0.398
Average production assets, $m
  6,256
  6,399
  6,564
  6,748
  6,953
  7,178
  7,422
  7,687
  7,972
  8,278
  8,605
  8,954
  9,326
  9,721
  10,141
  10,585
  11,055
  11,553
  12,078
  12,633
  13,219
  13,836
  14,487
  15,173
  15,896
  16,656
  17,457
  18,299
  19,185
  20,117
Working capital, $m
  -1,897
  -1,940
  -1,990
  -2,046
  -2,108
  -2,176
  -2,250
  -2,331
  -2,417
  -2,510
  -2,609
  -2,715
  -2,828
  -2,947
  -3,075
  -3,209
  -3,352
  -3,503
  -3,662
  -3,830
  -4,008
  -4,195
  -4,393
  -4,601
  -4,820
  -5,050
  -5,293
  -5,548
  -5,817
  -6,100
Total debt, $m
  4,589
  4,806
  5,053
  5,330
  5,638
  5,976
  6,343
  6,741
  7,170
  7,630
  8,122
  8,647
  9,206
  9,800
  10,430
  11,099
  11,806
  12,554
  13,344
  14,178
  15,059
  15,987
  16,966
  17,997
  19,083
  20,227
  21,430
  22,697
  24,029
  25,431
Total liabilities, $m
  9,405
  9,622
  9,869
  10,146
  10,454
  10,792
  11,159
  11,557
  11,986
  12,446
  12,938
  13,463
  14,022
  14,616
  15,246
  15,915
  16,622
  17,370
  18,160
  18,994
  19,875
  20,803
  21,782
  22,813
  23,899
  25,043
  26,246
  27,513
  28,845
  30,247
Total equity, $m
  8,578
  8,775
  9,001
  9,254
  9,535
  9,842
  10,178
  10,540
  10,931
  11,351
  11,800
  12,279
  12,788
  13,330
  13,905
  14,515
  15,160
  15,842
  16,563
  17,324
  18,127
  18,974
  19,866
  20,807
  21,797
  22,840
  23,938
  25,093
  26,308
  27,587
Total liabilities and equity, $m
  17,983
  18,397
  18,870
  19,400
  19,989
  20,634
  21,337
  22,097
  22,917
  23,797
  24,738
  25,742
  26,810
  27,946
  29,151
  30,430
  31,782
  33,212
  34,723
  36,318
  38,002
  39,777
  41,648
  43,620
  45,696
  47,883
  50,184
  52,606
  55,153
  57,834
Debt-to-equity ratio
  0.540
  0.550
  0.560
  0.580
  0.590
  0.610
  0.620
  0.640
  0.660
  0.670
  0.690
  0.700
  0.720
  0.740
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  962
  999
  1,042
  1,090
  1,143
  1,201
  1,265
  1,333
  1,407
  1,486
  2,397
  2,487
  2,583
  2,685
  2,793
  2,907
  3,028
  3,157
  3,292
  3,435
  3,585
  3,744
  3,912
  4,088
  4,274
  4,470
  4,675
  4,892
  5,120
  5,360
Depreciation, amort., depletion, $m
  1,596
  1,606
  1,618
  1,632
  1,647
  1,664
  1,682
  1,702
  1,723
  1,745
  637
  663
  691
  720
  751
  784
  819
  856
  895
  936
  979
  1,025
  1,073
  1,124
  1,177
  1,234
  1,293
  1,355
  1,421
  1,490
Funds from operations, $m
  2,557
  2,605
  2,660
  2,722
  2,790
  2,865
  2,947
  3,035
  3,130
  3,231
  3,034
  3,150
  3,274
  3,405
  3,544
  3,691
  3,847
  4,012
  4,186
  4,370
  4,565
  4,769
  4,985
  5,212
  5,451
  5,703
  5,969
  6,248
  6,541
  6,850
Change in working capital, $m
  -37
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -93
  -99
  -106
  -113
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -178
  -187
  -197
  -208
  -219
  -231
  -243
  -255
  -269
  -283
Cash from operations, $m
  2,594
  2,649
  2,710
  2,778
  2,852
  2,933
  3,021
  3,115
  3,216
  3,324
  3,134
  3,256
  3,386
  3,525
  3,671
  3,826
  3,990
  4,163
  4,346
  4,539
  4,742
  4,956
  5,182
  5,420
  5,670
  5,934
  6,211
  6,503
  6,810
  7,133
Maintenance CAPEX, $m
  -454
  -463
  -474
  -486
  -500
  -515
  -532
  -550
  -569
  -590
  -613
  -637
  -663
  -691
  -720
  -751
  -784
  -819
  -856
  -895
  -936
  -979
  -1,025
  -1,073
  -1,124
  -1,177
  -1,234
  -1,293
  -1,355
  -1,421
New CAPEX, $m
  -126
  -144
  -164
  -185
  -205
  -224
  -244
  -265
  -285
  -306
  -327
  -349
  -372
  -395
  -419
  -444
  -470
  -497
  -526
  -555
  -586
  -618
  -651
  -686
  -722
  -761
  -801
  -842
  -886
  -932
Cash from investing activities, $m
  -580
  -607
  -638
  -671
  -705
  -739
  -776
  -815
  -854
  -896
  -940
  -986
  -1,035
  -1,086
  -1,139
  -1,195
  -1,254
  -1,316
  -1,382
  -1,450
  -1,522
  -1,597
  -1,676
  -1,759
  -1,846
  -1,938
  -2,035
  -2,135
  -2,241
  -2,353
Free cash flow, $m
  2,014
  2,041
  2,072
  2,107
  2,148
  2,194
  2,245
  2,301
  2,362
  2,428
  2,193
  2,270
  2,351
  2,439
  2,532
  2,631
  2,735
  2,847
  2,964
  3,089
  3,221
  3,360
  3,506
  3,661
  3,824
  3,996
  4,177
  4,368
  4,568
  4,779
Issuance/(repayment) of debt, $m
  199
  216
  247
  278
  308
  338
  368
  398
  429
  460
  492
  525
  559
  594
  630
  668
  707
  748
  790
  834
  880
  929
  979
  1,031
  1,086
  1,143
  1,204
  1,267
  1,332
  1,402
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  199
  216
  247
  278
  308
  338
  368
  398
  429
  460
  492
  525
  559
  594
  630
  668
  707
  748
  790
  834
  880
  929
  979
  1,031
  1,086
  1,143
  1,204
  1,267
  1,332
  1,402
Total cash flow (excl. dividends), $m
  2,214
  2,258
  2,319
  2,385
  2,456
  2,531
  2,612
  2,699
  2,790
  2,888
  2,685
  2,795
  2,910
  3,033
  3,162
  3,299
  3,443
  3,595
  3,755
  3,923
  4,101
  4,288
  4,485
  4,692
  4,910
  5,139
  5,381
  5,634
  5,901
  6,181
Retained Cash Flow (-), $m
  -166
  -197
  -226
  -253
  -281
  -308
  -335
  -363
  -391
  -420
  -449
  -479
  -510
  -542
  -575
  -609
  -645
  -682
  -721
  -761
  -803
  -847
  -893
  -940
  -991
  -1,043
  -1,098
  -1,155
  -1,215
  -1,278
Prev. year cash balance distribution, $m
  1,050
  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
  3,098
  2,060
  2,093
  2,132
  2,175
  2,224
  2,277
  2,336
  2,399
  2,468
  2,236
  2,316
  2,401
  2,491
  2,587
  2,689
  2,798
  2,913
  3,034
  3,162
  3,298
  3,441
  3,592
  3,752
  3,920
  4,097
  4,283
  4,479
  4,685
  4,903
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
  2,970
  1,886
  1,822
  1,755
  1,686
  1,614
  1,538
  1,460
  1,378
  1,294
  1,062
  988
  913
  836
  760
  683
  609
  536
  467
  402
  341
  286
  235
  191
  152
  120
  92
  69
  51
  37
Current shareholders' claim on cash, %
  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

Activision Blizzard, Inc. is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc. (Activision), Blizzard Entertainment, Inc. (Blizzard), King Digital Entertainment (King) and Other. Activision is a developer and publisher of interactive software products and content. Blizzard is engaged in developing and publishing of interactive software products and entertainment content, particularly in PC gaming. King is a mobile entertainment company. It is engaged in other businesses, including The Major League Gaming (MLG) business; The Activision Blizzard Studios (Studios) business, and The Activision Blizzard Distribution (Distribution) business. It also develops products spanning other genres, including action/adventure, role-playing and simulation.

FINANCIAL RATIOS  of  Activision Blizzard (ATVI)

Valuation Ratios
P/E Ratio 62.2
Price to Sales 9.1
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 27.9
Price to Free Cash Flow 29.8
Growth Rates
Sales Growth Rate 41.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.5%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 53.6%
Total Debt to Equity 53.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 63.8%
Gross Margin - 3 Yr. Avg. 65.1%
EBITDA Margin 37.3%
EBITDA Margin - 3 Yr. Avg. 36.9%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 25%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 21%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 17.6%
Effective Tax Rate 12.7%
Eff/ Tax Rate - 3 Yr. Avg. 16%
Payout Ratio 20.2%

ATVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATVI stock intrinsic value calculation we used $7017 million for the last fiscal year's total revenue generated by Activision Blizzard. The default revenue input number comes from 0001 income statement of Activision Blizzard. 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 ATVI stock valuation model: a) initial revenue growth rate of 2% 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 ATVI is calculated based on our internal credit rating of Activision Blizzard, 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 Activision Blizzard.
    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 ATVI stock the variable cost ratio is equal to 78.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ATVI 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 5.4% for Activision Blizzard.

Corporate tax rate of 27% is the nominal tax rate for Activision Blizzard. 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 ATVI 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 ATVI are equal to 87.4%.

Life of production assets of 13.5 years is the average useful life of capital assets used in Activision Blizzard 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 ATVI is equal to -26.5%. 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 - $9462 million for Activision Blizzard - 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 761.205 million for Activision Blizzard 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 Activision Blizzard at the current share price and the inputted number of shares is $61.4 billion.

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COMPANY NEWS

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▶ New Call of Duty Release Energizes Activision Shares   [Sep-18-18 01:42PM  Bloomberg]
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▶ The Midday Rundown: August 31, 2018   [01:22PM  CNBC Videos]
▶ NFL Hires Activision's Tim Ellis as CMO   [Aug-28-18 01:06PM  The Wall Street Journal]
▶ [$$] The Videogame Industry Reaches for the Cloud   [Aug-24-18 08:01PM  Barrons.com]
▶ Gaming Stocks: How to Trade a Downtrodden EA and ATVI   [Aug-22-18 12:13PM  InvestorPlace]
▶ 3 Top Stocks You Can Buy and Hold for the Next Decade   [Aug-21-18 09:15PM  Motley Fool]
▶ [$$] Videogames Epic Shootout Coming This Fall   [08:00PM  The Wall Street Journal]
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▶ Why Lannett and Electronic Arts Slumped Today   [Aug-20-18 05:35PM  Motley Fool]

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