Business Summary
Activision Blizzard, Inc. develops and publishes online, personal computer (PC), video game console, handheld, mobile, and tablet games worldwide. The company develops and publishes interactive entertainment software products through retail channels or digital downloads; and downloadable content to a range of gamers. It also publishes online subscription-based games in the massively multiplayer online role-playing game category; and real-time strategy and role-playing games. In addition, the company maintains a proprietary online-game related service, Battle.net that facilitates the creation of user generated content, digital distribution, and online social connectivity in its games. Further, it provides warehousing, logistical, and sales distribution services to third-party publishers of interactive entertainment software; and manufacturers of interactive entertainment hardware products. The company serves retailers and distributors, including mass-market retailers, consumer electronics stores, discount warehouses, game specialty stores, and consumers through third-party distribution, licensing arrangements, and direct digital purchases. Activision Blizzard, Inc. is headquartered in Santa Monica, California.
Valuation Measures
|
Market Cap |
18.73B |
|
Enterprise Value |
18.62B |
|
Trailing P/E |
20.44 |
|
Price/Sales (ttm) |
4.14 |
|
Price/Book (mrq) |
2.61 |
|
Enterprise Value/Revenue (ttm) |
4.07 |
|
Enterprise Value/EBITDA (ttm) |
13.40 |
Share Statistics
|
Avg Vol (3 month) |
5,931,990 |
|
Avg Vol (10 day) |
4,812,550 |
|
Shares Outstanding |
726.19M |
|
Float |
332.72M |
|
% Held by Insiders1 |
30.65% |
|
% Held by Institutions1 |
60.70% |
|
Shares Short (as of Nov 14, 2014) |
44.65M |
|
Return on Assets (ttm) |
5.94% |
|
Return on Equity (ttm) |
13.22% |
|
Fiscal Year Ends |
Dec-15 |
|
Most Recent Quarter (mrq) |
Mar-15 |
Estimates
|
Estimates |
Current Year |
Next Year |
|
Dec-15 |
Dec-15 |
| Earnings Est |
1.24 |
1.50 |
| Revenue Est |
4.47B |
4.90B |
Key Executives
|
0 |
Mr. Robert A. Kotick , 52 |
|
1 |
Chief Exec. Officer, Pres and Director |
|
2 |
Mr. Dennis Durkin , 44 |
|
3 |
Chief Financial Officer |
|
4 |
Mr. Thomas Tippl , 48 |
|
5 |
Chief Operating Officer |
|
6 |
Mr. Humam Sakhnini , 46 |
|
7 |
Chief Strategy & Talent Officer |
|
8 |
Mr. Michael Morhaime , 47 |
|
9 |
Chief Exec. Officer of Blizzard Entertainment, Inc |
Income statement (Annual)
|
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
| Total Revenue |
4,856,000 |
4,583,000 |
4,408,000 |
| Cost of Revenue |
1,662,000 |
1,531,000 |
1,525,000 |
| Gross Profit |
3,194,000 |
3,052,000 |
2,883,000 |
| Operating Expenses |
604,000 |
584,000 |
571,000 |
| Research Development |
1,139,000 |
1,096,000 |
1,129,000 |
| Selling General and Administrative |
- |
- |
- |
| Non Recurring |
- |
- |
- |
| Others |
0 |
0 |
0 |
| Total Operating Expenses |
- |
- |
- |
| Operating Income or Loss |
1,451,000 |
1,372,000 |
1,183,000 |
| Income from Continuing Operations |
|
|
|
| Total Other Income/Expenses Net |
- |
- |
- |
| Earnings Before Interest And Taxes |
1,458,000 |
1,319,000 |
981,000 |
| Interest Expense |
- |
- |
- |
| Income Before Tax |
1,458,000 |
1,319,000 |
981,000 |
| Income Tax Expense |
309,000 |
309,000 |
146,000 |
| Minority Interest |
- |
- |
- |
| Net Income From Continuing Ops |
1,149,000 |
1,010,000 |
835,000 |
| Non-recurring Events |
|
|
|
| Discontinued Operations |
- |
- |
- |
| Extraordinary Items |
- |
- |
- |
| Effect Of Accounting Changes |
- |
- |
- |
| Other Items |
- |
- |
- |
| Net Income |
1,149,000 |
1,010,000 |
835,000 |
| Preferred Stock And Other Adjustments |
- |
- |
- |
| Net Income Applicable To Common Shares |
1,149,000 |
1,010,000 |
835,000 |
Income statement (Quarterly)
|
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
| Total Revenue |
970,000 |
752,000 |
1,575,000 |
1,278,000 |
| Cost of Revenue |
300,000 |
252,000 |
631,000 |
413,000 |
| Gross Profit |
670,000 |
500,000 |
944,000 |
865,000 |
| Operating Expenses |
|
|
|
|
| Research Development |
112,000 |
132,000 |
184,000 |
145,000 |
| Selling General and Administrative |
248,000 |
360,000 |
322,000 |
178,000 |
| Non Recurring |
- |
- |
- |
- |
| Others |
- |
- |
- |
- |
| Total Operating Expenses |
- |
- |
- |
- |
| Operating Income or Loss |
310,000 |
8,000 |
438,000 |
542,000 |
| Income from Continuing Operations |
|
|
|
|
| Total Other Income/Expenses Net |
- |
- |
- |
- |
| Earnings Before Interest And Taxes |
209,000 |
-43,000 |
388,000 |
542,000 |
| Interest Expense |
-51,000 |
- |
- |
50,000 |
| Income Before Tax |
260,000 |
-43,000 |
388,000 |
492,000 |
| Income Tax Expense |
56,000 |
-20,000 |
27,000 |
98,000 |
| Minority Interest |
- |
- |
- |
- |
| Net Income From Continuing Ops |
204,000 |
-23,000 |
361,000 |
394,000 |
| Non-recurring Events |
|
|
|
|
| Discontinued Operations |
- |
- |
- |
- |
| Extraordinary Items |
- |
- |
- |
- |
| Effect Of Accounting Changes |
- |
- |
- |
- |
| Other Items |
- |
- |
- |
- |
| Net Income |
204,000 |
-23,000 |
361,000 |
394,000 |
| Preferred Stock And Other Adjustments |
- |
- |
- |
- |
| Net Income Applicable To Common Shares |
204,000 |
-23,000 |
361,000 |
394,000 |
Peer Comparison
|
|
AAPL |
BBRY |
GOOG |
HPQ |
Industry |
| Market Cap |
18.73B |
22.33B |
33.13B |
2.67B |
281.60M |
| Employees |
6,690 |
8,400 |
N/A |
2,840 |
270 |
| Qtrly Rev Growth (yoy) |
15.0% |
6.0% |
4.0% |
54.0% |
-12.0% |
| Revenue (ttm) |
4.58B |
4.52B |
66.26B |
1.08B |
28.92M |
| Gross Margin (ttm) |
65.0% |
68.0% |
25.0% |
27.0% |
57.0% |
| EBITDA (ttm) |
1.39B |
1.14B |
5.16B |
-237.06M |
-274.29K |
| Operating Margin (ttm) |
28.0% |
21.0% |
4.0% |
-24.0% |
-13.0% |
| Net Income (ttm) |
919.00M |
875.00M |
-1.02B |
-279.47M |
N/A |
| EPS (ttm) |
1.26 |
2.69 |
-0.91 |
-3.48 |
N/A |
| P/E (ttm) |
20.44 |
26.60 |
N/A |
N/A |
46.26 |
| PEG (5 yr expected) |
2.01 |
1.45 |
0.38 |
3.15 |
0.10 |
| P/S (ttm) |
4.14 |
5.04 |
0.51 |
2.33 |
2.96 |
Upcoming Events
|
Date |
Event |
| 8/4/2015 |
Earnings announcement |
Recent Events
|
Date |
Event |
| 7/17/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 8-K, Change in Directors or Principal Officers |
| 7/2/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 8-K, Change in Directors or Principal Officers |
| 6/26/2015 |
Coverage initiated on Activision Blizzard by Mizuho |
| 6/9/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 8-K, Submission of Matters to a Vote of Security Holders |
| 6/2/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Material Modification to Ri |
| 5/6/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and |
| 3/25/2015 |
Ex-Date for dividend payment of $0.23 |
| 2/26/2015 |
ACTIVISION BLIZZARD, INC. Files SEC form 10-K, Annual Report |
Major Direct Holders
|
Major Direct Holders |
Shares |
Reported |
| VIVENDI |
41,499,688 |
May-14 |
| AMBER HOLDING SUBSIDIARY CO. |
N/A |
Oct-13 |
| KOTICK ROBERT A |
4,524,528 |
Jul-15 |
| KELLY BRIAN G |
1,313,704 |
Jul-15 |
| ASAC II LP |
171,968,042 |
Oct-13 |
Top Institutional Holders
|
Top Institutional Holders |
Shares |
% Out |
Value* |
Reported |
| FMR, LLC |
53,688,776 |
7.39 |
1,220,345,878 |
Mar-15 |
| Boston Partners |
29,874,466 |
4.11 |
679,046,612 |
Mar-15 |
| Wellington Management Company, LLP |
24,259,699 |
3.34 |
551,422,958 |
Mar-15 |
| Vanguard Group, Inc. (The) |
19,797,228 |
2.73 |
449,990,992 |
Mar-15 |
| FIL LTD |
19,040,645 |
2.62 |
432,793,860 |
Mar-15 |
| Ameriprise Financial, Inc. |
18,013,428 |
2.48 |
409,445,218 |
Mar-15 |
| Neuberger Berman Group, LLC |
16,710,630 |
2.30 |
379,832,619 |
Mar-15 |
| BlackRock Institutional Trust Company, N.A. |
12,551,602 |
1.73 |
285,297,913 |
Mar-15 |
| Investec Asset Management Ltd |
11,987,440 |
1.65 |
272,474,511 |
Mar-15 |
| Primecap Management Company |
10,556,125 |
1.45 |
239,940,721 |
Mar-15 |
Balance sheet (Annual)
|
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
| Cash And Cash Equivalents |
3,959,000 |
4,410,000 |
4,848,000 |
| Short Term Investments |
416,000 |
33,000 |
10,000 |
| Net Receivables |
1,194,000 |
831,000 |
1,027,000 |
| Inventory |
209,000 |
171,000 |
123,000 |
| Other Current Assets |
496,000 |
796,000 |
901,000 |
| Total Current Assets |
6,274,000 |
6,241,000 |
6,909,000 |
| Long Term Investments |
8,000 |
9,000 |
9,000 |
| Property Plant and Equipment |
141,000 |
138,000 |
157,000 |
| Goodwill |
7,106,000 |
7,092,000 |
7,086,000 |
| Intangible Assets |
660,000 |
497,000 |
500,000 |
| Accumulated Amortization |
- |
- |
- |
| Other Assets |
11,000 |
35,000 |
85,000 |
| Deferred Long Term Asset Charges |
- |
- |
- |
|
|
|
|
| Total Assets |
14,200,000 |
14,012,000 |
14,746,000 |
|
|
|
|
| Liabilities |
|
|
|
| Current Liabilities |
|
|
|
| Accounts Payable |
995,000 |
991,000 |
917,000 |
| Short/Current Long Term Debt |
- |
25,000 |
- |
| Other Current Liabilities |
1,657,000 |
1,389,000 |
1,797,000 |
| Total Current Liabilities |
2,652,000 |
2,405,000 |
2,714,000 |
| Long Term Debt |
- |
4,668,000 |
4,324,000 |
| Other Liabilities |
206,000 |
251,000 |
361,000 |
| Deferred Long Term Liability Charges |
25,000 |
66,000 |
114,000 |
| Minority Interest |
- |
- |
- |
| Negative Goodwill |
- |
- |
- |
|
|
|
|
| Total Liabilities |
2,883,000 |
7,390,000 |
7,513,000 |
|
|
|
|
| Stockholders' Equity |
|
|
|
| Misc Stocks Options Warrants |
- |
- |
- |
| Redeemable Preferred Stock |
- |
- |
- |
| Preferred Stock |
- |
- |
- |
| Common Stock |
- |
- |
- |
| Retained Earnings |
1,893,000 |
2,686,000 |
3,374,000 |
| Treasury Stock |
- |
-5,814,000 |
-5,762,000 |
| Capital Surplus |
9,450,000 |
9,682,000 |
9,924,000 |
| Other Stockholder Equity |
-26,000 |
68,000 |
-303,000 |
| Total Stockholder Equity |
11,317,000 |
6,622,000 |
7,233,000 |
|
|
|
|
| Net Tangible Assets |
3,551,000 |
-967,000 |
-353,000 |
Balance sheet (Quarterly)
|
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
| Cash And Cash Equivalents |
4,199,000 |
3,805,000 |
4,848,000 |
4,465,000 |
| Short Term Investments |
5,000 |
23,000 |
10,000 |
5,000 |
| Net Receivables |
466,000 |
1,083,000 |
1,027,000 |
573,000 |
| Inventory |
151,000 |
222,000 |
123,000 |
102,000 |
| Other Current Assets |
653,000 |
824,000 |
901,000 |
718,000 |
| Total Current Assets |
5,474,000 |
5,957,000 |
6,909,000 |
5,863,000 |
| Long Term Investments |
9,000 |
9,000 |
9,000 |
9,000 |
| Property Plant and Equipment |
162,000 |
162,000 |
157,000 |
158,000 |
| Goodwill |
7,089,000 |
7,088,000 |
7,086,000 |
7,084,000 |
| Intangible Assets |
540,000 |
549,000 |
500,000 |
525,000 |
| Accumulated Amortization |
- |
- |
- |
- |
| Other Assets |
86,000 |
90,000 |
85,000 |
138,000 |
| Deferred Long Term Asset Charges |
- |
- |
- |
- |
|
|
|
|
|
| Total Assets |
13,360,000 |
13,855,000 |
14,746,000 |
13,777,000 |
|
|
|
|
|
| Liabilities |
|
|
|
|
| Current Liabilities |
|
|
|
|
| Accounts Payable |
674,000 |
807,000 |
917,000 |
738,000 |
| Short/Current Long Term Debt |
- |
- |
- |
- |
| Other Current Liabilities |
769,000 |
1,305,000 |
1,797,000 |
1,161,000 |
| Total Current Liabilities |
1,443,000 |
2,112,000 |
2,714,000 |
1,899,000 |
| Long Term Debt |
4,321,000 |
4,322,000 |
4,324,000 |
4,075,000 |
| Other Liabilities |
343,000 |
347,000 |
361,000 |
441,000 |
| Deferred Long Term Liability Charges |
82,000 |
82,000 |
114,000 |
124,000 |
| Minority Interest |
- |
- |
- |
- |
| Negative Goodwill |
- |
- |
- |
- |
|
|
|
|
|
| Total Liabilities |
6,189,000 |
6,863,000 |
7,513,000 |
6,539,000 |
|
|
|
|
|
| Stockholders' Equity |
|
|
|
|
| Misc Stocks Options Warrants |
- |
- |
- |
- |
| Redeemable Preferred Stock |
- |
- |
- |
- |
| Preferred Stock |
- |
- |
- |
- |
| Common Stock |
- |
- |
- |
- |
| Retained Earnings |
3,036,000 |
3,013,000 |
3,374,000 |
3,598,000 |
| Treasury Stock |
-5,762,000 |
-5,764,000 |
-5,762,000 |
-5,709,000 |
| Capital Surplus |
9,853,000 |
9,900,000 |
9,924,000 |
9,968,000 |
| Other Stockholder Equity |
44,000 |
-157,000 |
-303,000 |
-619,000 |
| Total Stockholder Equity |
7,171,000 |
6,992,000 |
7,233,000 |
7,238,000 |
|
|
|
|
|
| Net Tangible Assets |
-458,000 |
-645,000 |
-353,000 |
-371,000 |
Address
|
company |
Activision Blizzard, Inc. |
|
address |
3100 Ocean Park Boulevard |
|
city_state_zip |
Santa Monica, CA 90405 |
|
phone |
310-255-2000 |
Business Summary
Activision Blizzard, Inc. develops and publishes online, personal computer (PC), video game console, handheld, mobile, and tablet games worldwide. The company develops and publishes interactive entertainment software products through retail channels or digital downloads; and downloadable content to a range of gamers. It also publishes online subscription-based games in the massively multiplayer online role-playing game category; and real-time strategy and role-playing games. In addition, the company maintains a proprietary online-game related service, Battle.net that facilitates the creation of user generated content, digital distribution, and online social connectivity in its games. Further, it provides warehousing, logistical, and sales distribution services to third-party publishers of interactive entertainment software; and manufacturers of interactive entertainment hardware products. The company serves retailers and distributors, including mass-market retailers, consumer electronics stores, discount warehouses, game specialty stores, and consumers through third-party distribution, licensing arrangements, and direct digital purchases. Activision Blizzard, Inc. is headquartered in Santa Monica, California.
