Stock pitch for Activision Blizzard by the UCC Student Managed Fund. Presented to employees of Goodbody Stockbrokers.

2. Introduction
Activision
Blizzard
KingBlizzardActivision

3. Investment Case
Extremely successful franchises
• Industry sales are dominated by a small number of established franchises
• Enhances predictability of revenues
Presence in fast-growing markets
• CAGR of 21% for mobile gaming industry
Potential to increase ad revenue
Leverage user-base to create new revenue streams

4. Relative Valuation
Forward P/E
(x)
EV/EBITDA
(x)
P/S
(x)
D/E
(%)
ATVI 23.24 23.71 7.56 46.40
EA 25.20 22.56 7.59 24.28
TTWO 21.15 45.27 6.37 0.99
UBI N/A 36.34 4.54 77.80
ZNGA 19.94 43.60 3.63 N/A
90%
100%
110%
120%
130%
140%
150%
160%
ATVI vs Nasdaq 100
ATVI Nasdaq 100