Intrinsic value of Activision Blizzard - ATVI

Previous Close

$70.36

  Intrinsic Value

$46.61

stock screener

  Rating & Target

sell

-34%

Previous close

$70.36

 
Intrinsic value

$46.61

 
Up/down potential

-34%

 
Rating

sell

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

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

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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  41.68
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  6,608
  6,819
  7,050
  7,300
  7,569
  7,858
  8,167
  8,498
  8,849
  9,223
  9,620
  10,041
  10,486
  10,957
  11,455
  11,980
  12,535
  13,120
  13,736
  14,386
  15,070
  15,791
  16,549
  17,347
  18,187
  19,070
  19,999
  20,976
  22,003
  23,082
  24,217
Variable operating expenses, $m
 
  4,858
  4,989
  5,132
  5,285
  5,449
  5,625
  5,813
  6,014
  6,226
  6,452
  5,715
  5,968
  6,236
  6,520
  6,819
  7,135
  7,467
  7,818
  8,188
  8,578
  8,988
  9,420
  9,874
  10,352
  10,854
  11,383
  11,939
  12,524
  13,138
  13,784
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
  5,288
  4,858
  4,989
  5,132
  5,285
  5,449
  5,625
  5,813
  6,014
  6,226
  6,452
  5,715
  5,968
  6,236
  6,520
  6,819
  7,135
  7,467
  7,818
  8,188
  8,578
  8,988
  9,420
  9,874
  10,352
  10,854
  11,383
  11,939
  12,524
  13,138
  13,784
Operating income, $m
  1,320
  1,961
  2,060
  2,168
  2,284
  2,409
  2,542
  2,684
  2,836
  2,997
  3,168
  4,326
  4,518
  4,720
  4,935
  5,161
  5,400
  5,652
  5,918
  6,198
  6,493
  6,803
  7,130
  7,474
  7,835
  8,216
  8,616
  9,037
  9,479
  9,944
  10,433
EBITDA, $m
  2,470
  3,096
  3,201
  3,314
  3,436
  3,567
  3,708
  3,858
  4,018
  4,187
  4,367
  4,558
  4,761
  4,974
  5,200
  5,439
  5,691
  5,956
  6,236
  6,531
  6,842
  7,169
  7,513
  7,876
  8,257
  8,658
  9,080
  9,523
  9,989
  10,479
  10,994
Interest expense (income), $m
  209
  230
  243
  256
  271
  287
  304
  323
  342
  363
  385
  409
  434
  460
  488
  518
  549
  582
  616
  653
  692
  732
  775
  820
  867
  917
  970
  1,025
  1,083
  1,143
  1,208
Earnings before tax, $m
  1,106
  1,731
  1,818
  1,912
  2,013
  2,121
  2,238
  2,361
  2,493
  2,634
  2,782
  3,917
  4,084
  4,260
  4,447
  4,644
  4,851
  5,071
  5,301
  5,545
  5,801
  6,071
  6,355
  6,654
  6,968
  7,299
  7,647
  8,012
  8,397
  8,801
  9,226
Tax expense, $m
  140
  467
  491
  516
  543
  573
  604
  638
  673
  711
  751
  1,058
  1,103
  1,150
  1,201
  1,254
  1,310
  1,369
  1,431
  1,497
  1,566
  1,639
  1,716
  1,797
  1,881
  1,971
  2,065
  2,163
  2,267
  2,376
  2,491
Net income, $m
  966
  1,264
  1,327
  1,396
  1,469
  1,549
  1,633
  1,724
  1,820
  1,923
  2,031
  2,859
  2,981
  3,110
  3,246
  3,390
  3,542
  3,701
  3,870
  4,048
  4,235
  4,432
  4,639
  4,857
  5,087
  5,328
  5,582
  5,849
  6,130
  6,425
  6,735

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,245
  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
  17,452
  14,665
  15,161
  15,698
  16,277
  16,899
  17,564
  18,274
  19,031
  19,835
  20,688
  21,593
  22,550
  23,563
  24,634
  25,764
  26,957
  28,214
  29,540
  30,938
  32,409
  33,959
  35,590
  37,306
  39,112
  41,012
  43,009
  45,110
  47,318
  49,639
  52,079
Adjusted assets (=assets-cash), $m
  14,207
  14,665
  15,161
  15,698
  16,277
  16,899
  17,564
  18,274
  19,031
  19,835
  20,688
  21,593
  22,550
  23,563
  24,634
  25,764
  26,957
  28,214
  29,540
  30,938
  32,409
  33,959
  35,590
  37,306
  39,112
  41,012
  43,009
  45,110
  47,318
  49,639
  52,079
Revenue / Adjusted assets
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
Average production assets, $m
  1,299
  1,343
  1,389
  1,438
  1,491
  1,548
  1,609
  1,674
  1,743
  1,817
  1,895
  1,978
  2,066
  2,159
  2,257
  2,360
  2,469
  2,585
  2,706
  2,834
  2,969
  3,111
  3,260
  3,417
  3,583
  3,757
  3,940
  4,132
  4,335
  4,547
  4,771
Working capital, $m
  2,174
  -1,105
  -1,142
  -1,183
  -1,226
  -1,273
  -1,323
  -1,377
  -1,434
  -1,494
  -1,558
  -1,627
  -1,699
  -1,775
  -1,856
  -1,941
  -2,031
  -2,125
  -2,225
  -2,331
  -2,441
  -2,558
  -2,681
  -2,810
  -2,946
  -3,089
  -3,240
  -3,398
  -3,564
  -3,739
  -3,923
Total debt, $m
  4,887
  5,163
  5,454
  5,769
  6,109
  6,474
  6,864
  7,281
  7,725
  8,197
  8,698
  9,229
  9,791
  10,386
  11,014
  11,677
  12,377
  13,116
  13,894
  14,714
  15,578
  16,488
  17,445
  18,453
  19,513
  20,628
  21,800
  23,033
  24,330
  25,692
  27,124
Total liabilities, $m
  8,333
  8,609
  8,900
  9,215
  9,555
  9,920
  10,310
  10,727
  11,171
  11,643
  12,144
  12,675
  13,237
  13,832
  14,460
  15,123
  15,823
  16,562
  17,340
  18,160
  19,024
  19,934
  20,891
  21,899
  22,959
  24,074
  25,246
  26,479
  27,776
  29,138
  30,570
Total equity, $m
  9,119
  6,057
  6,262
  6,483
  6,722
  6,979
  7,254
  7,547
  7,860
  8,192
  8,544
  8,918
  9,313
  9,732
  10,174
  10,640
  11,133
  11,653
  12,200
  12,777
  13,385
  14,025
  14,699
  15,408
  16,153
  16,938
  17,763
  18,630
  19,542
  20,501
  21,509
Total liabilities and equity, $m
  17,452
  14,666
  15,162
  15,698
  16,277
  16,899
  17,564
  18,274
  19,031
  19,835
  20,688
  21,593
  22,550
  23,564
  24,634
  25,763
  26,956
  28,215
  29,540
  30,937
  32,409
  33,959
  35,590
  37,307
  39,112
  41,012
  43,009
  45,109
  47,318
  49,639
  52,079
Debt-to-equity ratio
  0.536
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.070
  1.080
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.240
  1.250
  1.260
Adjusted equity ratio
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  966
  1,264
  1,327
  1,396
  1,469
  1,549
  1,633
  1,724
  1,820
  1,923
  2,031
  2,859
  2,981
  3,110
  3,246
  3,390
  3,542
  3,701
  3,870
  4,048
  4,235
  4,432
  4,639
  4,857
  5,087
  5,328
  5,582
  5,849
  6,130
  6,425
  6,735
Depreciation, amort., depletion, $m
  1,150
  1,135
  1,140
  1,146
  1,152
  1,159
  1,166
  1,174
  1,182
  1,191
  1,200
  233
  243
  254
  265
  278
  291
  304
  318
  333
  349
  366
  384
  402
  422
  442
  464
  486
  510
  535
  561
Funds from operations, $m
  1,897
  2,399
  2,467
  2,542
  2,622
  2,708
  2,800
  2,898
  3,002
  3,113
  3,231
  3,092
  3,224
  3,364
  3,512
  3,668
  3,832
  4,006
  4,188
  4,381
  4,584
  4,798
  5,023
  5,259
  5,508
  5,770
  6,046
  6,335
  6,640
  6,960
  7,296
Change in working capital, $m
  -258
  -34
  -37
  -40
  -44
  -47
  -50
  -53
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
Cash from operations, $m
  2,155
  2,433
  2,505
  2,582
  2,665
  2,754
  2,850
  2,951
  3,059
  3,174
  3,295
  3,160
  3,296
  3,440
  3,592
  3,753
  3,922
  4,100
  4,288
  4,486
  4,695
  4,914
  5,145
  5,389
  5,644
  5,913
  6,196
  6,493
  6,806
  7,134
  7,480
Maintenance CAPEX, $m
  0
  -153
  -158
  -163
  -169
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -233
  -243
  -254
  -265
  -278
  -291
  -304
  -318
  -333
  -349
  -366
  -384
  -402
  -422
  -442
  -464
  -486
  -510
  -535
New CAPEX, $m
  -136
  -44
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
Cash from investing activities, $m
  -1,177
  -197
  -203
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -336
  -352
  -369
  -387
  -406
  -425
  -446
  -468
  -491
  -515
  -541
  -567
  -596
  -625
  -656
  -688
  -723
  -759
Free cash flow, $m
  978
  2,236
  2,301
  2,369
  2,443
  2,522
  2,607
  2,697
  2,793
  2,895
  3,003
  2,854
  2,976
  3,104
  3,240
  3,384
  3,535
  3,695
  3,863
  4,040
  4,227
  4,423
  4,630
  4,848
  5,077
  5,318
  5,571
  5,837
  6,117
  6,412
  6,721
Issuance/(repayment) of debt, $m
  711
  276
  291
  315
  340
  365
  391
  417
  444
  472
  501
  531
  562
  595
  628
  663
  700
  738
  778
  820
  864
  910
  957
  1,008
  1,060
  1,115
  1,173
  1,233
  1,296
  1,363
  1,432
Issuance/(repurchase) of shares, $m
  106
  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  
  695
  276
  291
  315
  340
  365
  391
  417
  444
  472
  501
  531
  562
  595
  628
  663
  700
  738
  778
  820
  864
  910
  957
  1,008
  1,060
  1,115
  1,173
  1,233
  1,296
  1,363
  1,432
Total cash flow (excl. dividends), $m
  1,617
  2,511
  2,592
  2,685
  2,783
  2,887
  2,997
  3,114
  3,237
  3,367
  3,504
  3,385
  3,538
  3,699
  3,869
  4,047
  4,235
  4,433
  4,641
  4,860
  5,091
  5,333
  5,588
  5,855
  6,137
  6,433
  6,744
  7,070
  7,414
  7,774
  8,153
Retained Cash Flow (-), $m
  -1,051
  -183
  -205
  -222
  -239
  -257
  -275
  -293
  -312
  -332
  -352
  -374
  -396
  -418
  -442
  -467
  -493
  -520
  -548
  -577
  -608
  -640
  -674
  -709
  -746
  -784
  -825
  -867
  -912
  -959
  -1,008
Prev. year cash balance distribution, $m
 
  3,245
  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
 
  5,574
  2,387
  2,463
  2,544
  2,630
  2,722
  2,820
  2,924
  3,035
  3,152
  3,012
  3,143
  3,281
  3,426
  3,580
  3,743
  3,913
  4,093
  4,283
  4,483
  4,693
  4,914
  5,146
  5,391
  5,648
  5,919
  6,203
  6,502
  6,816
  7,146
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
 
  5,344
  2,186
  2,143
  2,095
  2,039
  1,976
  1,905
  1,828
  1,743
  1,652
  1,430
  1,341
  1,247
  1,150
  1,051
  951
  851
  754
  659
  570
  485
  408
  337
  275
  220
  173
  133
  101
  74
  54
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

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 54.3
Price to Sales 7.9
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 24.3
Price to Free Cash Flow 26
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 $6608 million for the last fiscal year's total revenue generated by Activision Blizzard. The default revenue input number comes from 2016 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 3.2% 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 71.7%.

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 4.7% 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 19.7%.

Life of production assets of 8.5 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 -16.2%. 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 - $9119 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 757.107 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 $53.3 billion.

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COMPANY NEWS

▶ Why Activision Blizzard Stock Gained 75.4% in 2017   [Jan-16-18 04:06PM  Motley Fool]
▶ Team Kaliber Crowned Champion of the CWL New Orleans Open   [Jan-15-18 01:00PM  Business Wire]
▶ Are You Ready to Watch Overwatch?   [Jan-11-18 04:06PM  Barrons.com]
▶ Video game stocks have more room to run   [Jan-10-18 07:52PM  CNBC Videos]
▶ Overwatch League signs streaming-rights deal   [Jan-09-18 06:00PM  American City Business Journals]
▶ Take-Two Interactive Software Inc Is Best Play on Gaming   [Jan-02-18 11:58AM  InvestorPlace]
▶ Activision Blizzard Is Going Big Into Consumer Products   [Jan-01-18 12:43PM  Motley Fool]
▶ The 5 Best-Selling Video Games of 2017   [08:45AM  Motley Fool]
▶ Top Video Game Stocks for 2018   [Dec-27-17 06:00AM  Investopedia]
▶ How Activision Blizzard Crushed it in 2017   [Dec-26-17 03:30PM  Motley Fool]
▶ Leading Technology Stocks Help Drive This Mutual Fund's Run   [10:41AM  Investor's Business Daily]
▶ 3 Top Esports Stocks to Buy Now   [Dec-23-17 03:21PM  Motley Fool]
▶ Video Game Publisher Outlook Strong, Thanks To Game Downloads   [Dec-21-17 04:18PM  Investor's Business Daily]
▶ Activision, Take-Two Nab Fresh Buy Ratings, EA Started At Neutral   [Dec-18-17 04:23PM  Investor's Business Daily]
Financial statements of ATVI
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