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.
- Share Price Trend
- The share price exhibited a generally upward trend over the 15-year period, starting at $10.03 in 2009 and rising to a peak of $96.42 in 2021. Notable increases occurred between 2015 and 2018, with substantial gains from $23.35 to $72.61, followed by a decline in 2019 to $42.14. After recovering to $96.42 in 2021, the share price decreased moderately to $81.44 in 2022 and further to $77.07 in 2023.
- Book Value Per Share (BVPS) Development
- The book value per share demonstrated a steady increase throughout the entire period, rising from $8.82 in 2009 to $24.54 in 2023. This growth was consistent and progressive, reflecting an accumulation of net assets per share over time without major fluctuations or declines.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio increased significantly from 1.14 in 2009 to a peak of 5.82 in 2018, indicating that market valuation relative to book value escalated considerably, especially between 2013 and 2018. After 2018, the ratio fell sharply to 2.83 in 2019 but then showed a recovery trend, reaching 4.97 in 2021. The ratio then declined again to 3.61 in 2022 and 3.14 in 2023. These fluctuations suggest varying market sentiment and valuation adjustments relative to the underlying book value.
- Overall Interpretation
- The analysis reveals a consistent increase in the company’s book value per share, highlighting ongoing value creation at the asset level. The share price growth, despite some volatility especially in recent years, aligns broadly with the improving book value but shows greater variability likely influenced by external market conditions or company-specific events. The P/BV ratio’s volatility indicates changes in investor perception and market pricing power, with periods of premium valuation followed by corrections. The data collectively suggest a company with solid underlying asset growth and fluctuating market valuation dynamics.
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. | Take-Two Interactive Software Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 3.14 | 5.26 | 2.08 | 3.89 | 7.82 | 3.74 | 1.82 |
| Feb 25, 2022 | 3.61 | 7.78 | 2.36 | 5.18 | 10.83 | 6.23 | 3.11 |
| Feb 23, 2021 | 4.97 | 6.27 | 2.61 | 5.88 | 21.56 | 6.31 | 3.23 |
| Feb 27, 2020 | 3.50 | 4.94 | 2.43 | 5.91 | 19.86 | 5.71 | 2.98 |
| Feb 28, 2019 | 2.83 | 4.49 | 2.31 | 5.65 | 27.41 | 8.75 | 3.45 |
| Feb 27, 2018 | 5.82 | 4.93 | 2.88 | 7.54 | 34.48 | 8.04 | 3.76 |
| Feb 28, 2017 | 3.72 | 3.99 | 3.31 | 6.39 | 22.88 | 5.44 | 3.61 |
| Feb 29, 2016 | 2.89 | 3.91 | 2.78 | 7.02 | 18.18 | 4.10 | 4.41 |
| Feb 26, 2015 | 2.33 | 3.44 | 2.86 | 6.05 | 14.45 | 2.34 | 3.39 |
| Mar 3, 2014 | 2.10 | 4.57 | 2.84 | 10.31 | 18.14 | 2.58 | 2.68 |
| Feb 22, 2013 | 1.43 | 3.46 | 2.14 | 6.02 | 12.39 | 1.78 | 2.17 |
| Feb 28, 2012 | 1.29 | 3.18 | 1.71 | — | 10.68 | 2.34 | 1.61 |
| Feb 25, 2011 | 1.29 | 4.34 | 1.58 | — | 42.92 | 2.11 | 1.86 |
| Mar 1, 2010 | 1.27 | 4.71 | 1.07 | — | 17.54 | 1.48 | 1.70 |
| Feb 27, 2009 | 1.14 | 3.99 | 0.91 | — | 6.05 | 1.06 | 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 | 4.04 |
| Feb 25, 2022 | 3.61 | 5.68 |
| Feb 23, 2021 | 4.97 | 5.41 |
| Feb 27, 2020 | 3.50 | 4.59 |
| Feb 28, 2019 | 2.83 | 4.53 |
| Feb 27, 2018 | 5.82 | 5.26 |
| Feb 28, 2017 | 3.72 | 4.46 |
| Feb 29, 2016 | 2.89 | 4.41 |
| Feb 26, 2015 | 2.33 | 3.77 |
| Mar 3, 2014 | 2.10 | 4.23 |
| 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 | 4.29 |
| Feb 23, 2021 | 4.97 | 4.20 |
| Feb 27, 2020 | 3.50 | 3.70 |
| Feb 28, 2019 | 2.83 | 3.49 |
| Feb 27, 2018 | 5.82 | 4.14 |
| Feb 28, 2017 | 3.72 | 3.98 |
| 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).