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Activision Blizzard

SWX:AIY
Snowflake Description

Flawless balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AIY
SWX
$46B
Market Cap
  1. Home
  2. CH
  3. Media
Company description

Activision Blizzard, Inc. develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The last earnings update was 33 days ago. More info.


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AIY Share Price and Events
7 Day Returns
0%
SWX:AIY
5.1%
Europe Entertainment
10.7%
CH Market
1 Year Returns
-3.5%
SWX:AIY
-20.2%
Europe Entertainment
-5.9%
CH Market
AIY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Activision Blizzard (AIY) 0% 0% 0% -3.5% - -
Europe Entertainment 5.1% -14.2% -21.8% -20.2% -3.3% -9.7%
CH Market 10.7% -7.3% -13.9% -5.9% 2.6% -1.1%
1 Year Return vs Industry and Market
  • AIY outperformed the Entertainment industry which returned -20.2% over the past year.
  • AIY outperformed the Market in Switzerland which returned -5.9% over the past year.
Price Volatility
AIY
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Activision Blizzard undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Activision Blizzard to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Activision Blizzard.

SWX:AIY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 29 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.9%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:AIY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.954 (1 + (1- 21%) (6.44%))
1.002
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (1.002 * 5.44%)
4.9%

Discounted Cash Flow Calculation for SWX:AIY using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Activision Blizzard is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:AIY DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 4.9%)
2020 1,790.33 Analyst x15 1,706.70
2021 2,226.44 Analyst x19 2,023.28
2022 2,593.00 Analyst x10 2,246.31
2023 2,406.75 Analyst x4 1,987.56
2024 2,575.00 Analyst x1 2,027.16
2025 2,633.96 Est @ 2.29% 1,976.71
2026 2,671.83 Est @ 1.44% 1,911.46
2027 2,694.32 Est @ 0.84% 1,837.50
2028 2,705.74 Est @ 0.42% 1,759.09
2029 2,709.31 Est @ 0.13% 1,679.12
Present value of next 10 years cash flows $19,154.00
SWX:AIY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $2,709.31 × (1 + -0.55%) ÷ (4.9% – -0.55%)
$49,433.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $49,433.91 ÷ (1 + 4.9%)10
$30,637.14
SWX:AIY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $19,154.00 + $30,637.14
$49,791.14
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $49,791.14 / 769.22
$64.73
SWX:AIY Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SWX:AIY represents 0.75977x of NasdaqGS:ATVI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.75977x
Value per Share
(Listing Adjusted, CHF)
= Value per Share (USD) x Listing Adjustment Factor
= $ 64.73 x 0.75977
CHF49.18
Value per share (CHF) From above. CHF49.18
Current discount Discount to share price of CHF45.10
= -1 x (CHF45.10 - CHF49.18) / CHF49.18
8.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Activision Blizzard is available for.
Intrinsic value
8%
Share price is CHF45.1 vs Future cash flow value of CHF49.18
Current Discount Checks
For Activision Blizzard to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Activision Blizzard's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Activision Blizzard's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Activision Blizzard's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Activision Blizzard's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:AIY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $1.96
NasdaqGS:ATVI Share Price ** NasdaqGS (2020-03-31) in USD $59.36
Europe Entertainment Industry PE Ratio Median Figure of 66 Publicly-Listed Entertainment Companies 26.33x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Activision Blizzard.

SWX:AIY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:ATVI Share Price ÷ EPS (both in USD)

= 59.36 ÷ 1.96

30.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Activision Blizzard is overvalued based on earnings compared to the Europe Entertainment industry average.
  • Activision Blizzard is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Activision Blizzard's expected growth come at a high price?
Raw Data
SWX:AIY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 29 Analysts
10.8%per year
Europe Entertainment Industry PEG Ratio Median Figure of 31 Publicly-Listed Entertainment Companies 1.41x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

SWX:AIY PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.29x ÷ 10.8%

2.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Activision Blizzard is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Activision Blizzard's assets?
Raw Data
SWX:AIY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $16.66
NasdaqGS:ATVI Share Price * NasdaqGS (2020-03-31) in USD $59.36
Europe Entertainment Industry PB Ratio Median Figure of 129 Publicly-Listed Entertainment Companies 2.2x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:AIY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:ATVI Share Price ÷ Book Value per Share (both in USD)

= 59.36 ÷ 16.66

3.56x

* Primary Listing of Activision Blizzard.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Activision Blizzard is overvalued based on assets compared to the Europe Entertainment industry average.
X
Value checks
We assess Activision Blizzard's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. Activision Blizzard has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Activision Blizzard expected to perform in the next 1 to 3 years based on estimates from 29 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Activision Blizzard expected to grow at an attractive rate?
  • Activision Blizzard's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Activision Blizzard's earnings growth is expected to exceed the Switzerland market average.
  • Activision Blizzard's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:AIY Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:AIY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 29 Analysts 10.8%
SWX:AIY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 29 Analysts 7.1%
Europe Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 25.5%
Europe Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 9.2%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.7%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:AIY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 29 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:AIY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 11,041 4,296 1
2023-12-31 8,324 3,807 2,253 4
2022-12-31 8,134 3,081 2,065 14
2021-12-31 7,450 2,523 1,786 26
2020-12-31 6,824 1,995 1,541 29
2020-03-31
SWX:AIY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 6,489 1,831 1,503
2019-09-30 6,884 1,912 1,629
2019-06-30 7,113 1,856 1,685
2019-03-31 7,360 1,711 1,760
2018-12-31 7,500 1,790 1,848
2018-09-30 7,162 1,949 577
2018-06-30 7,268 2,075 506
2018-03-31 7,256 2,331 347
2017-12-31 7,017 2,213 273
2017-09-30 6,988 1,914 1,111
2017-06-30 6,939 1,991 1,120
2017-03-31 6,879 2,229 1,028

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Activision Blizzard's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • Activision Blizzard's revenue is expected to grow by 7.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:AIY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 29 Analyst Estimates (S&P Global) See Below

All data from Activision Blizzard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:AIY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 3.26 3.26 3.26 1.00
2022-12-31 2.62 3.07 1.94 5.00
2021-12-31 2.26 2.85 1.67 10.00
2020-12-31 1.91 2.44 1.46 12.00
2020-03-31
SWX:AIY Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 1.96
2019-09-30 2.13
2019-06-30 2.20
2019-03-31 2.31
2018-12-31 2.43
2018-09-30 0.76
2018-06-30 0.67
2018-03-31 0.46
2017-12-31 0.36
2017-09-30 1.48
2017-06-30 1.50
2017-03-31 1.38

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Activision Blizzard is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Activision Blizzard's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Activision Blizzard has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Activision Blizzard performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Activision Blizzard's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Activision Blizzard's year on year earnings growth rate has been positive over the past 5 years.
  • Activision Blizzard's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Activision Blizzard's 1-year earnings growth is negative, it can't be compared to the Europe Entertainment industry average.
Earnings and Revenue History
Activision Blizzard's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Activision Blizzard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:AIY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 6,489.00 1,503.00 1,658.00 998.00
2019-09-30 6,884.00 1,629.00 1,627.00 1,027.00
2019-06-30 7,113.00 1,685.00 1,739.00 1,080.00
2019-03-31 7,360.00 1,760.00 1,821.00 1,091.00
2018-12-31 7,500.00 1,848.00 1,884.00 1,101.00
2018-09-30 7,162.00 577.00 2,034.00 1,095.00
2018-06-30 7,268.00 506.00 2,099.00 1,104.00
2018-03-31 7,256.00 347.00 2,134.00 1,103.00
2017-12-31 7,017.00 273.00 2,123.00 1,069.00
2017-09-30 6,988.00 1,111.00 1,957.00 1,035.00
2017-06-30 6,939.00 1,120.00 1,917.00 1,012.00
2017-03-31 6,879.00 1,028.00 1,926.00 1,008.00
2016-12-31 6,608.00 962.00 1,797.00 958.00
2016-09-30 5,946.00 867.00 1,645.00 866.00
2016-06-30 5,367.00 795.00 1,446.00 776.00
2016-03-31 4,841.00 854.00 1,225.00 676.00
2015-12-31 4,664.00 881.00 1,109.00 646.00
2015-09-30 4,887.00 1,078.00 1,051.00 637.00
2015-06-30 4,649.00 930.00 1,113.00 610.00
2015-03-31 4,575.00 919.00 1,095.00 573.00
2014-12-31 4,408.00 817.00 1,116.00 571.00
2014-09-30 4,351.00 630.00 1,189.00 584.00
2014-06-30 4,289.00 707.00 1,134.00 592.00
2014-03-31 4,370.00 826.00 1,099.00 602.00
2013-12-31 4,583.00 987.00 1,017.00 584.00
2013-09-30 4,833.00 1,165.00 1,094.00 607.00
2013-06-30 4,984.00 1,331.00 1,041.00 592.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Activision Blizzard has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Activision Blizzard used its assets less efficiently than the Europe Entertainment industry average last year based on Return on Assets.
  • Activision Blizzard has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Activision Blizzard's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Activision Blizzard has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Activision Blizzard's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Activision Blizzard's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Activision Blizzard is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Activision Blizzard's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Activision Blizzard's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Activision Blizzard Company Filings, last reported 3 months ago.

SWX:AIY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 12,805.00 2,675.00 5,859.00
2019-09-30 12,235.00 2,674.00 4,939.00
2019-06-30 11,977.00 2,673.00 4,670.00
2019-03-31 11,596.00 2,672.00 4,835.00
2018-12-31 11,392.00 2,671.00 4,375.00
2018-09-30 10,659.00 2,670.00 3,424.00
2018-06-30 10,346.00 4,394.00 4,972.00
2018-03-31 9,819.00 4,392.00 5,292.00
2017-12-31 9,462.00 4,390.00 4,768.00
2017-09-30 9,967.00 4,388.00 3,656.00
2017-06-30 9,715.00 4,387.00 3,278.00
2017-03-31 9,436.00 4,393.00 3,248.00
2016-12-31 9,119.00 4,887.00 3,245.00
2016-09-30 8,818.00 6,362.00 4,029.00
2016-06-30 8,554.00 5,033.00 2,271.00
2016-03-31 8,348.00 5,841.00 2,872.00
2015-12-31 8,068.00 4,074.00 1,823.00
2015-09-30 7,989.00 4,078.00 4,519.00
2015-06-30 7,801.00 4,077.00 4,521.00
2015-03-31 7,238.00 4,075.00 4,470.00
2014-12-31 7,233.00 4,324.00 4,858.00
2014-09-30 6,992.00 4,322.00 3,828.00
2014-06-30 7,171.00 4,321.00 4,204.00
2014-03-31 6,924.00 4,320.00 4,287.00
2013-12-31 6,622.00 4,693.00 4,443.00
2013-09-30 12,139.00 2,211.00 4,539.00
2013-06-30 11,935.00 0.00 4,546.00
  • Activision Blizzard's level of debt (20.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (59.7% vs 20.9% today).
  • Debt is well covered by operating cash flow (68.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 158.5x coverage).
X
Financial health checks
We assess Activision Blizzard's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Activision Blizzard has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Activision Blizzard's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.69%
Current annual income from Activision Blizzard dividends. Estimated to be 0.73% next year.
If you bought CHF2,000 of Activision Blizzard shares you are expected to receive CHF14 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Activision Blizzard's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (2.11%).
  • Activision Blizzard's dividend is below the markets top 25% of dividend payers in Switzerland (4.26%).
Upcoming dividend payment

Purchase Activision Blizzard before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:AIY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 29 Analyst Estimates (S&P Global) See Below
Europe Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 2.7%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:AIY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31 0.55 1.00
2022-12-31 0.48 7.00
2021-12-31 0.42 10.00
2020-12-31 0.39 10.00
2020-03-31
SWX:AIY Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-27 0.410 0.716
2020-02-06 0.410 0.663
2019-02-12 0.370 0.742
2018-02-27 0.340 0.531
2018-02-08 0.340 0.486
2017-02-09 0.300 0.513
2016-02-29 0.260 0.676
2016-02-11 0.260 0.853
2015-02-26 0.230 0.809
2015-02-05 0.230 1.003
2014-02-06 0.200 0.961
2013-02-07 0.190 1.197
2012-08-02 0.180 1.583
2012-02-09 0.180 1.480
2011-02-09 0.165 1.407
2010-02-10 0.150 1.323

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Activision Blizzard is not paying a notable dividend for Switzerland, therefore no need to check if the payments are stable.
  • Activision Blizzard is not paying a notable dividend for Switzerland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Activision Blizzard's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Activision Blizzard's dividends as it is not paying a notable one for Switzerland.
Future Payout to shareholders
  • No need to calculate the sustainability of Activision Blizzard's dividends in 3 years as they are not expected to pay a notable one for Switzerland.
X
Income/ dividend checks
We assess Activision Blizzard's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Activision Blizzard afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Activision Blizzard has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Activision Blizzard's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bobby Kotick
COMPENSATION $30,841,004
AGE 56
TENURE AS CEO 29 years
CEO Bio

Mr. Robert A. Kotick, also known as Bobby, has been the Chief Executive Officer at Activision Blizzard, Inc. since February 1991 and served as its President from July 2008 to June 26, 2017. Mr. Kotick is the Founder of the Call of Duty Endowment. He served as the Chief Executive Officer of Activision Inc. since February 1991. He served as the Chief Executive Officer of Four Kids Entertainment, Inc. He served as Presiding Director of Yahoo! Inc. (Now known as Altaba Inc.) until August 1, 2008. He served as the Chairman of Activision Inc. from February 1991 to October 1998 and also since October 1998. He served as the Chairman of Four Kids Entertainment, Inc. He serves as a Co-Chairman of The Call of Duty Endowment at Activision Publishing, Inc. He has been a Director of The Coca-Cola Company since February 16, 2012. He has been a Director of Activision Blizzard, Inc. since February 1991. He is a Member of the Board of Overseers of the Milken Institute. He is a Member of the Board of Trustees at The Center for Early Education and The Harvard Westlake School. He is a Member of the Board of Directors at the Tony Hawk Foundation. He is member of board of trustees at Harvard-Westlake School. He served as a Director of Yahoo! Inc. from March 11, 2003 to August 1, 2008; Adobe Macromedia Software LLC from April 25, 2002 to January 19, 2004 and Activision, Inc. since February 1991. Mr. Kotick is the Chairman of the Committee of Trustees at the Los Angeles County Museum of Art.

CEO Compensation
  • Bobby's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bobby's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Activision Blizzard management team in years:

2.2
Average Tenure
50
Average Age
  • The tenure for the Activision Blizzard management team is about average.
Management Team

Bobby Kotick

TITLE
CEO & Director
COMPENSATION
$31M
AGE
56
TENURE
29 yrs

Coddy Johnson

TITLE
President & COO
COMPENSATION
$8M
AGE
42
TENURE
2.7 yrs

Chris Walther

TITLE
Chief Legal Officer
COMPENSATION
$5M
AGE
52
TENURE
10.3 yrs

Brian Stolz

TITLE
Special Advisor to CEO
COMPENSATION
$4M
AGE
45
TENURE
0.6 yrs

Dennis Durkin

TITLE
CFO & President of Emerging Businesses
COMPENSATION
$6M
AGE
48
TENURE
1.2 yrs

Stephen Wereb

TITLE
Deputy CFO
AGE
54
TENURE
9.4 yrs

Chris Hickey

TITLE
Senior Vice President of Investor Relations

Jeffrey Brown

TITLE
Chief Compliance Officer & Corporate Secretary

Kristin Binns

TITLE
Senior VP & Chief Communications Officer
TENURE
1.7 yrs

David Messinger

TITLE
Chief Marketing Officer
TENURE
0.6 yrs
Board of Directors Tenure

Average tenure and age of the Activision Blizzard board of directors in years:

6.4
Average Tenure
58
Average Age
  • The tenure for the Activision Blizzard board of directors is about average.
Board of Directors

Brian Kelly

TITLE
Chairman of the Board
COMPENSATION
$490K
AGE
56
TENURE
6.4 yrs

Bobby Kotick

TITLE
CEO & Director
COMPENSATION
$31M
AGE
56
TENURE
29 yrs

Riccardo Zacconi

TITLE
Chairman of King Digital Limited
COMPENSATION
$20M
AGE
52
TENURE
0.7 yrs

Robert Corti

TITLE
Independent Director
COMPENSATION
$380K
AGE
69
TENURE
16.3 yrs

Robert Morgado

TITLE
Lead Independent Director
COMPENSATION
$449K
AGE
76

Peter Nolan

TITLE
Independent Director
COMPENSATION
$348K
AGE
60
TENURE
6.4 yrs

Elaine Wynn

TITLE
Independent Director
COMPENSATION
$345K
AGE
76
TENURE
6.4 yrs

Barry Meyer

TITLE
Independent Director
COMPENSATION
$345K
AGE
75
TENURE
6.2 yrs

Henk Hartong

TITLE
Independent Director
COMPENSATION
$351K
AGE
52
TENURE
4.7 yrs

Casey Wasserman

TITLE
Independent Director
COMPENSATION
$345K
AGE
44
TENURE
4.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
13. Nov 19 Sell Collister Johnson Individual 13. Nov 19 13. Nov 19 -3,800 CHF51.88 CHF-197,153
15. Aug 19 Sell Stephen Wereb Individual 13. Aug 19 13. Aug 19 -9,144 CHF46.70 CHF-426,983
X
Management checks
We assess Activision Blizzard's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Activision Blizzard has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Activision Blizzard, Inc. develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through three segments: Activision Publishing, Inc.; Blizzard Entertainment, Inc.; and King Digital Entertainment. It develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offer downloadable content. The company also maintains a proprietary online gaming service, Battle.net that facilitates the creation of user generated content, digital distribution, and online social connectivity in its games; and develops and publishes interactive entertainment content and services primarily on mobile platforms, such as Android and iOS, as well as distributes its content and services on the PC platform primarily through Facebook. In addition, it operate esports leagues and offer digital advertising content; and provides warehousing, logistics, and sales distribution services to third-party publishers of interactive entertainment software, as well as manufacturers of interactive entertainment hardware products. The company serves retailers and distributors, including mass-market retailers, first party digital storefronts, consumer electronics stores, discount warehouses, and game specialty stores through third-party distribution and licensing arrangements. The company was incorporated in 1979 and is headquartered in Santa Monica, California.

Details
Name: Activision Blizzard, Inc.
AIY
Exchange: SWX
Founded: 1979
$44,085,588,599
769,221,524
Website: http://www.activisionblizzard.com
Address: Activision Blizzard, Inc.
3100 Ocean Park Boulevard,
Santa Monica,
California, 90405,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS ATVI Common Stock Nasdaq Global Select US USD 09. Jun 1983
DB AIY Common Stock Deutsche Boerse AG DE EUR 09. Jun 1983
XTRA AIY Common Stock XETRA Trading Platform DE EUR 09. Jun 1983
LSE 0H8X Common Stock London Stock Exchange GB USD 09. Jun 1983
SWX AIY Common Stock SIX Swiss Exchange CH CHF 09. Jun 1983
WBAG ATVI Common Stock Wiener Boerse AG AT EUR 09. Jun 1983
BMV ATVI * Common Stock Bolsa Mexicana de Valores MX MXN 09. Jun 1983
ETLX AIY Common Stock Eurotlx IT EUR 09. Jun 1983
BOVESPA ATVI34 BDR EACH REP 1 COM USD0.000001 Bolsa de Valores de Sao Paulo BR BRL 10. May 2019
Number of employees
Current staff
Staff numbers
9,080
Activision Blizzard employees.
Industry
Interactive Home Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 23:21
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.