Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Activision Blizzard Inc. (NASDAQ:ATVI)

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Enterprise Value to EBITDA (EV/EBITDA)

Intermediate level

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Activision Blizzard Inc., EBITDA calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net income
Add: Income tax expense
Earnings before tax (EBT)
Add: Interest expense from debt and amortization of debt discount and deferred financing costs
Earnings before interest and tax (EBIT)
Add: Depreciation and amortization
Add: Amortization of capitalized software development costs and intellectual property licenses, excludes deferral and amortization of share-based compensation expense
Earnings before interest, tax, depreciation and amortization (EBITDA)

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Activision Blizzard Inc.’s EBITDA increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

Enterprise Value to EBITDA Ratio, Current

Activision Blizzard Inc., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Earnings before interest, tax, depreciation and amortization (EBITDA)
Valuation Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27).

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Activision Blizzard Inc., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)1
Earnings before interest, tax, depreciation and amortization (EBITDA)2
Valuation Ratio
EV/EBITDA3
Benchmarks
EV/EBITDA, Industry
Consumer Goods

Based on: 10-K (filing date: 2020-02-27), 10-K (filing date: 2019-02-28), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-29).

1 See details »

2 See details »

3 2019 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Activision Blizzard Inc.’s EV/EBITDA ratio decreased from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.