Price to FCFE (P/FCFE)
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Activision Blizzard Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2008
- Current Ratio since 2008
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Activision Blizzard Inc., FCFE calculation
US$ in millions
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).
The financial data over the five-year period demonstrates notable trends in the company's cash flow metrics.
- Net Cash Provided by Operating Activities
- This metric increased steadily from 2018 through 2021, rising from $1,790 million in 2018 to a peak of $2,414 million in 2021. However, in 2022, there was a slight decline to $2,220 million, indicating a minor reduction in operating cash flow after several years of growth.
- Free Cash Flow to Equity (FCFE)
- The FCFE exhibited significant volatility over the period. In 2018, it was negative at -$106 million, then surged sharply to $1,715 million in 2019. This upward momentum continued in 2020, with FCFE reaching $3,070 million, marking the highest value in the series. Subsequently, FCFE decreased to $2,334 million in 2021 and further declined to $2,129 million in 2022. While still positive and substantial, the reduction since 2020 suggests a moderation in free cash flow available to equity holders.
Overall, both operating cash flow and free cash flow to equity displayed strong growth through 2020, followed by a leveling off and moderate decreases in 2021 and 2022. The trends indicate strong cash generation capabilities, though recent years show signs of stabilization or slight contraction after peak performance.
Price to FCFE Ratio, Current
Activision Blizzard Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Alphabet Inc. | |
| Comcast Corp. | |
| Meta Platforms Inc. | |
| Netflix Inc. | |
| Take-Two Interactive Software Inc. | |
| Walt Disney Co. | |
| P/FCFE, Sector | |
| Media & Entertainment | |
| P/FCFE, Industry | |
| Communication Services | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Activision Blizzard Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Alphabet Inc. | ||||||
| Comcast Corp. | ||||||
| Meta Platforms Inc. | ||||||
| Netflix Inc. | ||||||
| Take-Two Interactive Software Inc. | ||||||
| Walt Disney Co. | ||||||
| P/FCFE, Sector | ||||||
| Media & Entertainment | ||||||
| P/FCFE, Industry | ||||||
| Communication Services | ||||||
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).
1 Data adjusted for splits and stock dividends.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Activision Blizzard Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a strong upward movement from 2018 to 2020, increasing from $42.14 to a peak of $96.42. However, after reaching this high, the price experienced a decline over the subsequent two years, falling to $81.44 in 2021 and further to $77.07 in 2022. This indicates a period of significant growth followed by a moderate correction.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed a notable improvement starting from a negative value of -$0.14 in 2018, moving sharply to positive territory with $2.23 in 2019. This upward trajectory continued into 2020 reaching $3.96, but was followed by a decrease to $3.00 in 2021 and a further reduction to $2.71 in 2022. Despite the recent declines, FCFE per share remained substantially higher than in 2018, indicating improved cash flow generation capabilities over the period.
- Price to FCFE Ratio (P/FCFE)
- The price to FCFE ratio first appears in 2019 with a value of 26.16 and shows a slight decrease to 24.33 in 2020, suggesting that the share price increase was supported by even stronger free cash flow growth. However, it rose again in 2021 to 27.19 and further to 28.39 in 2022, reflecting that the share price became relatively more expensive compared to FCFE in these years, despite the declining FCFE per share in the same period.