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(1) Revenues expected to be slightly ahead of consensus estimates
Trefis estimates ATVI's Q3 2021 revenues to be $1.92 Bil, slightly ahead of the consensus estimate of $1.88 Bil
Estimated Revenues - 2021Q3(E)
Trefis Estimates for Activision Blizzard Revenues:
Expected Change (YoY): -1.7%
The chart to the right highlights trends in Activision Blizzard's Revenues over the last four quarters along with our forecast for Q3 2021.
Quarterly Revenue Trend
(2) EPS likely to marginally beat consensus estimates
ATVI's Q3 2021 earnings per share (EPS) expected to be $0.72 per Trefis analysis, marginally beating the consensus estimate of $0.7 by 2.9%
Estimated EPS- 2021Q3(E)
Trefis Estimates for Activision Blizzard EPS:
Expected Change (YoY): -7.7%
The chart to the right highlights trends in ATVI's EPS over the last four quarters along with our forecast for Q3 2021.
Quarterly EPS Trend
(3) Stock price estimate 36% higher than current market price
Trefis maintains a fair value of $110 for ATVI's stock as opposed to the current market price of roughly $81.
ATVI Stock Price
The Trefis Price Estimate for Activision Blizzard stock represents the fair value for the company's stock over a one-year horizon.
Details about the chances of a rise in ATVI stock in the near term can be found in a separate interactive dashboard.
The chart to the right highlights trends in ATVI's stock price at the end of each of the last four quarters as well as the current stock price.
Stock Price (Quarter End)
#1. Estimating Activision Blizzard's Total Revenues:
Activision Blizzard's Revenues have seen a moderate increase of 7.8% from around $7.5 Bil in FY2018 to $8.1 Bil in FY2020 and we expect it to increase to $8.8 Bil in FY2021
A Separate Interactive Dashboard Analysis On Activision Blizzard's Revenues Details How The Company Makes Money.
Comparing Activision Blizzard's Total Revenues with that of its Peers
Activision Blizzard - Total Revenue
Zynga - Total Revenue
#2. Deriving Activision Blizzard's Adjusted Net Income:
Activision Blizzard's Adjusted Net Income has increased from around $2.1 Bil in FY2018 to $2.5 Bil in FY2020 and we expect it to increase to $3.0 Bil in FY2021
This change is likely to be led by higher revenues and improved margins.
A Separate Interactive Dashboard Analysis On Activision Blizzard's Margins Highlights The Company's Various Expenses Components In Detail.
Adjusted Net Income [AxB]
Adjusted Net Income Margin [A]
Total Revenue [B]
#3. Determining Activision Blizzard's Adjusted EPS:
Activision Blizzard's Adjusted EPS has increased from $2.72 in FY2018 to $3.21 in FY2020 and we expect it to increase to $3.85 in FY2021
The change in EPS can be attributed to an increase in adjusted net income and a lower expected share count due to stock repurchases.
Adjusted EPS [A÷B]
Adjusted Net Income [A]
Shares Outstanding [B]
#4. Estimating Activision Blizzard's Share Price:
Our Price Estimate of $110 For Activision Blizzard's Stock is based on our Detailed Valuation Model, and implies a 28.6x P/E Multiple on expected FY2021 Adjusted EPS of $3.85
Trefis Price Estimate [AxB]
Adjusted EPS [A]
P/E Multiple [B]
Comparing Activision Blizzard's Historical P/E Multiple with that of its Peers
Activision Blizzard P/E Multiple
Zynga P/E Multiple