Price to Book Value (P/BV)
since 2008
Calculation
Activision Blizzard Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 3.14 | = | 77.07 | ÷ | 24.54 | 24.54 | = | 19,243 | ÷ | 784,274,126 | |
| Feb 25, 2022 | 3.61 | = | 81.44 | ÷ | 22.58 | 22.58 | = | 17,599 | ÷ | 779,234,888 | |
| Feb 23, 2021 | 4.97 | = | 96.42 | ÷ | 19.41 | 19.41 | = | 15,037 | ÷ | 774,753,965 | |
| Feb 27, 2020 | 3.50 | = | 58.33 | ÷ | 16.65 | 16.65 | = | 12,805 | ÷ | 769,221,524 | |
| Feb 28, 2019 | 2.83 | = | 42.14 | ÷ | 14.87 | 14.87 | = | 11,357 | ÷ | 763,833,873 | |
| Feb 27, 2018 | 5.82 | = | 72.61 | ÷ | 12.47 | 12.47 | = | 9,462 | ÷ | 758,631,663 | |
| Feb 28, 2017 | 3.72 | = | 45.13 | ÷ | 12.13 | 12.13 | = | 9,119 | ÷ | 751,846,958 | |
| Feb 29, 2016 | 2.89 | = | 31.67 | ÷ | 10.98 | 10.98 | = | 8,068 | ÷ | 734,998,115 | |
| Feb 26, 2015 | 2.33 | = | 23.35 | ÷ | 10.01 | 10.01 | = | 7,233 | ÷ | 722,918,352 | |
| Mar 3, 2014 | 2.10 | = | 19.52 | ÷ | 9.30 | 9.30 | = | 6,622 | ÷ | 712,370,652 | |
| Feb 22, 2013 | 1.43 | = | 14.51 | ÷ | 10.16 | 10.16 | = | 11,317 | ÷ | 1,113,696,788 | |
| Feb 28, 2012 | 1.29 | = | 12.06 | ÷ | 9.34 | 9.34 | = | 10,492 | ÷ | 1,122,866,712 | |
| Feb 25, 2011 | 1.29 | = | 11.11 | ÷ | 8.63 | 8.63 | = | 10,203 | ÷ | 1,182,249,613 | |
| Mar 1, 2010 | 1.27 | = | 10.94 | ÷ | 8.61 | 8.61 | = | 10,756 | ÷ | 1,249,909,250 | |
| Feb 27, 2009 | 1.14 | = | 10.03 | ÷ | 8.82 | 8.82 | = | 11,527 | ÷ | 1,307,215,125 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Activision Blizzard Inc. Annual Report.
The financial data from 2009 to 2023 reveals a consistent growth in intrinsic value contrasted with significant volatility in market valuation. While the underlying book value per share expanded steadily over the fifteen-year period, the market's willingness to pay a premium over that book value fluctuated considerably, reflecting changing investor sentiment and market conditions.
- Book Value per Share (BVPS) Growth
- A consistent upward trajectory is observed in the book value per share, which rose from 8.82 US$ in 2009 to 24.54 US$ in 2023. This represents a steady accumulation of equity and net assets over time, with only a minor deviation occurring around 2014. The stability of this growth indicates a sustained increase in the company's accounting-based net worth.
- Share Price Volatility
- The share price exhibited substantial fluctuations, starting at 10.03 US$ in 2009 and reaching a peak of 96.42 US$ in 2021. A notable contraction occurred in 2019, where the price dropped to 42.14 US$ before rebounding sharply. The price ended the period at 77.07 US$ in 2023, demonstrating that market value grew at a significantly faster and more erratic rate than the book value.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio can be categorized into three distinct phases. From 2009 to 2013, the ratio remained low and stable, ranging between 1.14 and 1.43, suggesting the market valued the company near its liquidation value. A period of rapid valuation expansion followed from 2014 to 2018, with the ratio peaking at 5.82, indicating a high growth premium. In the final phase from 2019 to 2023, the ratio experienced significant volatility, dropping to 2.83 in 2019, surging to 4.97 in 2021, and eventually moderating to 3.14 by 2023.
Overall, the divergence between the linear growth of the book value and the exponential, volatile movement of the share price resulted in a heightened P/BV ratio over the long term. The transition from a P/BV near 1.0 to a sustained range above 3.0 suggests a fundamental shift in how the market perceives the company's intangible assets and future earning potential relative to its tangible net worth.
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Comparison to Competitors
Activision Blizzard Inc., P/BV, long-term trends, comparison to competitors
| Activision Blizzard Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Feb 23, 2023 | 3.14 | 5.26 | 2.08 | 3.89 | 7.82 | 1.82 |
| Feb 25, 2022 | 3.61 | 7.78 | 2.36 | 5.18 | 10.83 | 3.11 |
| Feb 23, 2021 | 4.97 | 6.27 | 2.61 | 5.88 | 21.56 | 3.23 |
| Feb 27, 2020 | 3.50 | 4.94 | 2.43 | 5.91 | 19.86 | 2.98 |
| Feb 28, 2019 | 2.83 | 4.49 | 2.31 | 5.65 | 27.41 | 3.45 |
| Feb 27, 2018 | 5.82 | 4.93 | 2.88 | 7.54 | 34.48 | 3.76 |
| Feb 28, 2017 | 3.72 | 3.99 | 3.31 | 6.39 | 22.89 | 3.61 |
| Feb 29, 2016 | 2.89 | 3.91 | 2.78 | 7.02 | 18.18 | 4.41 |
| Feb 26, 2015 | 2.33 | 3.44 | 2.86 | 6.05 | 14.45 | 3.39 |
| Mar 3, 2014 | 2.10 | 4.57 | 2.84 | 10.31 | 18.15 | 2.68 |
| Feb 22, 2013 | 1.43 | 3.46 | 2.14 | 6.02 | 12.37 | 2.17 |
| Feb 28, 2012 | 1.29 | 3.18 | 1.71 | — | 10.68 | 1.61 |
| Feb 25, 2011 | 1.29 | 4.34 | 1.58 | — | 42.87 | 1.86 |
| Mar 1, 2010 | 1.27 | 4.71 | 1.07 | — | 17.50 | 1.70 |
| Feb 27, 2009 | 1.14 | 3.99 | 0.91 | — | 6.03 | 1.07 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Media & Entertainment)
Activision Blizzard Inc., P/BV, long-term trends, comparison to sector (media & entertainment)
| Activision Blizzard Inc. | Media & Entertainment | |
|---|---|---|
| Feb 23, 2023 | 3.14 | 4.05 |
| Feb 25, 2022 | 3.61 | 5.68 |
| Feb 23, 2021 | 4.97 | 5.40 |
| Feb 27, 2020 | 3.50 | 4.58 |
| Feb 28, 2019 | 2.83 | 4.52 |
| Feb 27, 2018 | 5.82 | 5.25 |
| Feb 28, 2017 | 3.72 | 4.46 |
| Feb 29, 2016 | 2.89 | 4.41 |
| Feb 26, 2015 | 2.33 | 3.78 |
| Mar 3, 2014 | 2.10 | 4.24 |
| Feb 22, 2013 | 1.43 | 3.00 |
| Feb 28, 2012 | 1.29 | 2.32 |
| Feb 25, 2011 | 1.29 | 2.75 |
| Mar 1, 2010 | 1.27 | 2.45 |
| Feb 27, 2009 | 1.14 | 1.84 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Communication Services)
Activision Blizzard Inc., P/BV, long-term trends, comparison to industry (communication services)
| Activision Blizzard Inc. | Communication Services | |
|---|---|---|
| Feb 23, 2023 | 3.14 | 3.38 |
| Feb 25, 2022 | 3.61 | 4.28 |
| Feb 23, 2021 | 4.97 | 4.19 |
| Feb 27, 2020 | 3.50 | 3.70 |
| Feb 28, 2019 | 2.83 | 3.48 |
| Feb 27, 2018 | 5.82 | 4.14 |
| Feb 28, 2017 | 3.72 | 3.97 |
| Feb 29, 2016 | 2.89 | 3.88 |
| Feb 26, 2015 | 2.33 | 3.70 |
| Mar 3, 2014 | 2.10 | 3.60 |
| Feb 22, 2013 | 1.43 | 2.84 |
| Feb 28, 2012 | 1.29 | 2.18 |
| Feb 25, 2011 | 1.29 | 2.24 |
| Mar 1, 2010 | 1.27 | 1.97 |
| Feb 27, 2009 | 1.14 | 1.70 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).