Corporate Valuation Model - Activision Blizzard Inc

Name: MICHAEL GAMARRA

Company Description
Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video
game publishers. The combined firm remains one of the world's largest video game publishers. Activision's impressive franchise portfolio includes World of
Warcraft, which boasts more than $8 billion of lifetime sales, and Call of Duty, which has sold over 175 million copies across 14 titles over 12 years.

SECTOR Communication Services

INDUSTRY Electronic Gaming & Multimedia

EMPLOYEES 9200

Parameters
Tax Rate 21.376% Average
Short term investments 5,790 5.79
Long term investments -
Current financial liabilities -
Total long term debt 2,680 2.68
Preferred Stocks -
Shares mill 771

2015 2016 2017 2018

Working Capital USD Mil 776 2,174 2,857 3,464
Cap Spending USD Mil -111 -136 -155 -131
Operating Cash Flow USD Mil 1,192 2,155 2,213 1,790

Past 1 2 3
Future 6 7 8

Actual Projected
Step 1: Calculate FCF 2019 2020 2021 2022
1. Net operating working capital $4,377.0 $5,277.2 $6,126.4 $6,975.6
2. Net Plant -$116.0 -$131.3 -$131.8 -$132.3
3. Investment in operating capital $1,031.5 $981.0 $981.5
Operating Cash Flow USD Mil 1,831.00 $2,110.1 $2,201.4 $2,292.7
4. NOPAT $1,439.6 $1,659.0 $1,730.8 $1,802.6
5. Free cash flow $627.5 $749.8 $821.1

Step 2: Calculate the value of operations Actual Projected

2019 2020 2021 2022
Long-term growth rate 5.00%
Weighted Avg. Cost of Cap. (WACC) 7.24%
Free Cash Flow $627.5 $749.8 $821.1

Horizon Value (Value at 12/31/2024)

Find the PV of the horizon value and of the free cash flows.
PV of Horizon Value @ WACC $31,848.6
PV of free cash flows @ WACC $3,257.1
Value of Operations $35,105.7

Value of operations $35,105.7

Plus: Value of nonoperating assets $5,790.0
Total value of firm $40,895.7

Total value of firm $40,895.7

 Minus: Value of debt $2,680.0
Minus: Value of preferred stock $0.0
Value of equity $38,215.71

Value of equity $38,215.71

Divided by number of shares $771.00
Price per share $49.57
Actual Price $771.00
Difference % 1455.5%

The book value of a share takes into account how much the assets of that
company are worth, based on its accounting. But not only its assets, but the
value of its assets less its obligations divided by the total number of shares
in circulation. In the case of Activision Blizzard Inc, the lower the book value
than the listed price, indicates that something more is being paid for the
purchase, which generates a greater benefit for the company.
Regarding the beta, being below 1 indicates that if the Ibex rises 10%, the
action will do so below, in this case the beta would increase in proportion
0.67, that is to say 6.7% or if the ibex decreases in the The same proportion
10% the beta would also decrease in 6.7%.
 largest PC video
includes World of
r 12 years.

2019
4,377
-116
1,831

4 5
9 10

2023 2024
$7,824.8 $8,674.0
-$132.8 -$133.3
$982.0 $982.5
$2,384.0 $2,475.3
$1,874.4 $1,946.2
$892.4 $963.7

2023 2024

$892.4 $963.7

$45,172.49
 Growth Profitability and Financial Ratios for Activision Blizzard Inc
Financials
2010-12 2011-12 2012-12 2013-12 2014-12
Revenue USD Mil 4,447 4,755 4,856 4,583 4,408
Gross Margin % 52.2 63.1 65.8 66.6 65.4
Operating Income USD Mil 795 1,353 1,451 1,372 1,183
Operating Margin % 17.9 28.5 29.9 29.9 26.8
Net Income USD Mil 418 1,085 1,149 1,010 835
Earnings Per Share USD 0.33 0.92 1.01 0.95 1.13
Dividends USD 0.15 0.17 0.18 0.19 0.2
Payout Ratio % * 45.5 25.4 17.8 18.2 23.3
Shares Mil 1,236 1,156 1,118 1,035 726
Book Value Per Share * USD 8.62 9.33 10.18 17.25 9.69
Operating Cash Flow USD Mil 1,376 952 1,345 1,264 1,292
Cap Spending USD Mil -97 -72 -73 -74 -107
Free Cash Flow USD Mil 1,279 880 1,272 1,190 1,185
Free Cash Flow Per Share * USD 1.03 0.88 1.14 1.13 1.19
Working Capital USD Mil 2,478 2,824 3,622 3,836 4,195

Key Ratios -> Profitability

Margins % of Sales 2010-12 2011-12 2012-12 2013-12 2014-12
Revenue 100 100 100 100 100
COGS 47.81 36.91 34.23 33.41 34.6
Gross Margin 52.19 63.09 65.77 66.59 65.4
SG&A 19.88 21.05 23.46 23.91 25.61
R&D 14.44 13.59 12.44 12.74 12.95
Other
Operating Margin 17.88 28.45 29.88 29.94 26.84
Net Int Inc & Other -6.81 -0.46 0.14 -1.16 -4.58
EBT Margin 11.06 27.99 30.02 28.78 22.25

Profitability 2010-12 2011-12 2012-12 2013-12 2014-12

Tax Rate % 15.04 18.48 21.19 23.43 14.88
Net Margin % 9.4 22.82 23.17 21.54 18.53
Asset Turnover (Average) 0.33 0.36 0.35 0.32 0.31
Return on Assets % 3.08 8.13 8.19 7 5.68
Financial Leverage (Average) 1.31 1.27 1.25 2.12 2.04
Return on Equity % 3.99 10.49 10.32 11 11.79
Return on Invested Capital % 3.96 10.41 10.28 7.52 8.67
Interest Coverage 99.4 333.75 23.74 5.72

Key Ratios -> Growth

2010-12 2011-12 2012-12 2013-12 2014-12
Revenue %
Year over Year 3.93 6.93 2.12 -5.62 -3.82
3-Year Average 16.82 16.26 4.31 1.01 -2.49
5-Year Average 26.24 27.22 11.46 8.66 0.6
10-Year Average 22.37 20.25 19.34 17.53 12.42
Operating Income %
Year over Year 95.81 70.19 7.24 -5.44 -13.78
3-Year Average 20.15 52.89 19.95 -4.38
5-Year Average 121.87 84.68 26.21 23.85
10-Year Average 35.91 33.52 32.24 29.53 20.97
Net Income %
Year over Year 269.91 159.57 5.9 -12.1 -17.33
3-Year Average 7.23 116.64 34.19 -8.36
5-Year Average 62.2 70.49 28.79 49.18
10-Year Average 36.2 36.46 33.96 30.06 20.23
EPS %
Year over Year 266.67 178.79 9.78 -5.94 18.95
3-Year Average -16.93 123.89 42.26 7.09
5-Year Average 38.54 48.56 13.63 65.87
10-Year Average 18.59 24.31 29.66 20.67 16.84

Key Ratios -> Cash Flow

Cash Flow Ratios 2010-12 2011-12 2012-12 2013-12 2014-12
Operating Cash Flow Growth % YOY 16.31 -30.81 41.28 -6.02 2.22
Free Cash Flow Growth % YOY 14.81 -31.2 44.55 -6.45 -0.42
Cap Ex as a % of Sales 2.18 1.51 1.5 1.61 2.43
Free Cash Flow/Sales % 28.76 18.51 26.19 25.97 26.88
Free Cash Flow/Net Income 3.06 0.81 1.11 1.18 1.42

Key Ratios -> Financial Health

Balance Sheet Items (in %) 2010-12 2011-12 2012-12 2013-12 2014-12
Cash & Short-Term Investments 26.17 26.55 30.81 31.62 32.88
Accounts Receivable 4.77 4.89 4.98 3.68 4.47
Inventory 1.04 1.08 1.47 1.22 0.83
Other Current Assets 8.18 8 6.92 8.02 8.67
Total Current Assets 40.17 40.52 44.18 44.54 46.85
Net PP&E 1.26 1.23 0.99 0.98 1.06
Intangibles 58.03 58.04 54.69 54.16 51.44
Other Long-Term Assets 0.54 0.21 0.13 0.31 0.64
Total Assets 100 100 100 100 100
Accounts Payable 2.71 2.94 2.42 2.53 2.2
Short-Term Debt 0.18
Taxes Payable 0.71
Accrued Liabilities 0.68 5.23 4.59 4.54 4.01
Other Short-Term Liabilities 17.59 11.09 11.67 9.91 12.19
Total Current Liabilities 21.68 19.25 18.68 17.16 18.4
Long-Term Debt 33.31 29.32
Other Long-Term Liabilities 2.21 1.72 1.63 2.26 3.22
Total Liabilities 23.89 20.98 20.3 52.74 50.95
Total Stockholders' Equity 76.11 79.02 79.7 47.26 49.05
Total Liabilities & Equity 100 100 100 100 100

Liquidity/Financial Health 2010-12 2011-12 2012-12 2013-12 2014-12

Current Ratio 1.85 2.1 2.37 2.6 2.55
Quick Ratio 1.43 1.63 1.92 2.06 2.03
Financial Leverage 1.31 1.27 1.25 2.12 2.04
Debt/Equity 0.7 0.6

Key Ratios -> Efficiency Ratios

Efficiency 2010-12 2011-12 2012-12 2013-12 2014-12
Days Sales Outstanding 56.59 49.47 50.96 48.66 48.61
Days Inventory 32.71 29.53 38.76 45.3 35.18
Payables Period 57.08 78.3 80.49 83.2 81.37
Cash Conversion Cycle 32.21 0.7 9.23 10.75 2.41
Receivables Turnover 6.45 7.38 7.16 7.5 7.51
Inventory Turnover 11.16 12.36 9.42 8.06 10.37
Fixed Assets Turnover 28.97 28.64 31.95 32.85 29.88
Asset Turnover 0.33 0.36 0.35 0.32 0.31
2015-12 2016-12 2017-12 2018-12 2019-12 TTM
4,664 6,608 7,017 7,500 6,489 6,452
66 63.8 64.4 66.4 67.7 68.4
1,319 1,412 1,309 1,988 1,739 1,747
28.3 21.4 18.7 26.5 26.8 27.1
892 966 273 1,813 1,503 1,561
1.19 1.28 0.36 2.4 1.95 2.02
0.23 0.26 0.3 0.34 0.37
15.7 22.6 20.5 45.3 17.5
739 754 766 771 771 772
10.88 11.83 13.16 13.96 15.92 16.9
1,192 2,155 2,213 1,790 1,831 1,529
-111 -136 -155 -131 -116 -117
1,081 2,019 2,058 1,659 1,715 1,412
1.7 2.9 2.35 2.31 2.34
776 2,174 2,857 3,464 4,377

2015-12 2016-12 2017-12 2018-12 2019-12 TTM

100 100 100 100 100 100
33.98 36.23 35.64 33.56 32.27 31.56
66.02 63.77 64.36 66.44 67.73 68.44
23.89 27.91 30.47 25.25 25.55 26.07
13.85 14.5 15.23 14.68 15.38 15.3

28.28 21.37 18.65 26.51 26.8 27.08

-4.25 -4.63 -2.25 -1.48 -1.63 -1.19
24.04 16.74 16.4 25.03 25.17 25.88

2015-12 2016-12 2017-12 2018-12 2019-12 TTM

20.43 12.66 76.28 3.41 7.96 6.53
18.89 14.56 3.89 24.17 23.16 24.19
0.31 0.4 0.39 0.41 0.34 0.34
5.87 5.88 1.51 9.93 7.98 8.31
1.89 1.91 1.97 1.57 1.55 1.51
11.52 11.19 2.94 17.42 12.44 12.68
7.43 7.36 1.96 13.01 10.26 10.52
19.14 19.56

2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr

5.81 41.68 6.19 6.88 -13.48 -2.03

 -1.34 12.97 16.76 17.16 -0.6
0.96 6.8 7.64 10.35 8.04
12.58 16.3 9.48 9.5 4.25

11.5 7.05 -7.29 51.87 -12.53 1.28

-3.13 0.96 3.43 14.65 7.19
10.66 0.86 -2.04 7.7 8.01
55.31 35.43 10.84 15.66

6.83 8.3 -71.74 564.1 -17.1

-8.09 -1.47 -31.11 26.67 15.88
16.37 -2.3 -24.98 12.41 12.47
36.8 28.15 -2.37 29.54

5.31 7.56 -71.88 552.78 -17.02 12.07

5.62 10.45 -31.7 25.46 15.06
29.24 6.83 -18.64 19.86 11.53
33.69 25.45 -4.25 36.01

2015-12 2016-12 2017-12 2018-12 2019-12 TTM

-7.74 80.79 2.69 -19.11 2.29
-8.78 86.77 1.93 -19.39 3.38
2.38 2.06 2.21 1.75 1.79 1.81
23.18 30.55 29.33 22.12 26.43 21.88
1.21 2.09 7.54 0.92 1.14 0.9

2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr

12.01 18.59 25.25 23.69 29.2 30.13
4.45 4.19 4.92 5.8 4.27 3.01
0.84 0.28 0.25 0.24 0.16
4.91 4.61 4.52 4.5 3.11 3.18
22.21 27.68 34.93 34.24 36.74 36.31
1.24 1.48 1.57 1.58 1.27 1.2
50.21 66.93 58.68 59.22 52.15 52.8
26.35 3.92 4.82 4.96 9.83 9.68
100 100 100 100 100 100
1.86 1.27 1.73 1.42 1.47 0.81

4.1 4.62 7.56 5.02 6.29 6.83

11.16 9.33 10.33 8.37 6.93 5.43
17.12 15.22 19.62 14.81 14.69 13.06
26.75 28 23.52 14.98 13.48 13.65
 3.23 4.53 6.18 6.53 7.31 6.88
47.1 47.75 49.31 36.32 35.47 33.58
52.9 52.25 50.69 63.68 64.53 66.42
100 100 100 100 100 100

2015-12 2016-12 2017-12 2018-12 2019-12 Latest Qtr

1.3 1.82 1.78 2.31 2.5 2.78
0.96 1.5 1.54 1.99 2.28 2.54
1.89 1.91 1.97 1.57 1.55 1.51
0.51 0.54 0.46 0.24 0.21 0.21

2015-12 2016-12 2017-12 2018-12 2019-12 TTM

52.36 38.97 42.91 47.52 52.96 33.49
28.9 13.49 6.93 6.45 6.54
70.12 38.57 39.77 41.76 47.5 29.04
11.13 13.89 10.08 12.21 12
6.97 9.37 8.51 7.68 6.89 10.9
12.63 27.05 52.65 56.56 55.84
26.96 29.56 25.42 26.04 24.26 25.8
0.31 0.4 0.39 0.41 0.34 0.34
 Cost of Capital

Risk free rate, rf 4.67% ATVI

Market return, rm 14.30%
0.2
Beta 0.6718 calculated
Ke, Cost of Equity 11.14% 0.1
f(x) = 0.671759715004991 x + 0.0191684
Cost of new Debt 3.40% By Market Insider 0
-0.15 -0.1 -0.05 0 0.05
Tax 21.38%
-0.1
Total Liabilities 35.47%
Wacc 8.14% -0.2

-0.3

-0.4
Date S&P 500 MSFT
9/22/2016 2,177.2 56.5
9/23/2016 2,164.7 56.1
 9/26/2016 2,146.1 55.6
9/27/2016 2,159.9 56.6
9/28/2016 2,171.4 56.7
9/29/2016 2,151.1 56.0
9/30/2016 2,168.3 56.2
10/3/2016 2,161.2 56.1
10/4/2016 2,150.5 55.9
10/5/2016 2,159.7 56.3
10/6/2016 2,160.8 56.4
10/7/2016 2,153.7 56.4
10/10/2016 2,163.7 56.7
10/11/2016 2,136.7 55.8
10/12/2016 2,139.2 55.8
10/13/2016 2,132.6 55.6
10/14/2016 2,133.0 56.1
10/17/2016 2,126.5 55.9
10/18/2016 2,139.6 56.3
10/19/2016 2,144.3 56.2
10/20/2016 2,141.3 55.9
10/21/2016 2,141.2 58.3
10/24/2016 2,151.3 59.6
10/25/2016 2,143.2 59.6
10/26/2016 2,139.4 59.2
10/27/2016 2,133.0 58.7
10/28/2016 2,126.4 58.5
10/31/2016 2,126.1 58.5
11/1/2016 2,111.7 58.4
11/2/2016 2,097.9 58.0
11/3/2016 2,088.7 57.8
11/4/2016 2,085.2 57.3
11/7/2016 2,131.5 59.0
11/8/2016 2,139.6 59.0
11/9/2016 2,163.3 58.8
11/10/2016 2,167.5 57.3
11/11/2016 2,164.4 57.6
11/14/2016 2,164.2 56.8
11/15/2016 2,180.4 57.9
11/16/2016 2,176.9 58.6
11/17/2016 2,187.1 59.6
11/18/2016 2,181.9 59.3
11/21/2016 2,198.2 59.8
11/22/2016 2,202.9 60.1
11/23/2016 2,204.7 59.4
11/25/2016 2,213.4 59.5
11/28/2016 2,201.7 59.6
11/29/2016 2,204.7 60.1
11/30/2016 2,198.8 59.2
12/1/2016 2,191.1 58.2
12/2/2016 2,191.9 58.2
12/5/2016 2,204.7 59.2
12/6/2016 2,212.2 58.9
12/7/2016 2,241.4 60.3
12/8/2016 2,246.2 60.0
12/9/2016 2,259.5 60.9
12/12/2016 2,257.0 61.1
12/13/2016 2,271.7 61.9
12/14/2016 2,253.3 61.6
12/15/2016 2,262.0 61.5
12/16/2016 2,258.1 61.2
12/19/2016 2,262.5 62.5
12/20/2016 2,270.8 62.5
12/21/2016 2,265.2 62.5
12/22/2016 2,261.0 62.5
12/23/2016 2,263.8 62.2
12/27/2016 2,268.9 62.2
12/28/2016 2,249.9 61.9
12/29/2016 2,249.3 61.8
12/30/2016 2,238.8 61.1
1/3/2017 2,257.8 61.5
1/4/2017 2,270.8 61.2
1/5/2017 2,269.0 61.2
1/6/2017 2,277.0 61.8
1/9/2017 2,268.9 61.6
1/10/2017 2,268.9 61.6
1/11/2017 2,275.3 62.1
1/12/2017 2,270.4 61.6
1/13/2017 2,274.6 61.6
1/17/2017 2,267.9 61.5
1/18/2017 2,271.9 61.4
1/19/2017 2,263.7 61.2
1/20/2017 2,271.3 61.7
1/23/2017 2,265.2 61.9
1/24/2017 2,280.1 62.4
1/25/2017 2,298.4 62.6
1/26/2017 2,296.7 63.2
1/27/2017 2,294.7 64.7
1/30/2017 2,280.9 64.0
1/31/2017 2,278.9 63.6
2/1/2017 2,279.6 62.5
2/2/2017 2,280.9 62.1
 2/3/2017 2,297.4 62.6
2/6/2017 2,292.6 62.6
2/7/2017 2,293.1 62.4
2/8/2017 2,294.7 62.3
2/9/2017 2,307.9 63.0
2/10/2017 2,316.1 62.9
2/13/2017 2,328.3 63.6
2/14/2017 2,337.6 63.9
2/15/2017 2,349.3 63.8
2/16/2017 2,347.2 63.8
2/17/2017 2,351.2 63.9
2/21/2017 2,365.4 63.8
2/22/2017 2,362.8 63.7
2/23/2017 2,363.8 63.9
2/24/2017 2,367.3 63.9
2/27/2017 2,369.8 63.5
2/28/2017 2,363.6 63.3
3/1/2017 2,396.0 64.2
3/2/2017 2,381.9 63.3
3/3/2017 2,383.1 63.5
3/6/2017 2,375.3 63.6
3/7/2017 2,368.4 63.7
3/8/2017 2,363.0 64.3
3/9/2017 2,364.9 64.0
3/10/2017 2,372.6 64.2
3/13/2017 2,373.5 64.0
3/14/2017 2,365.4 63.7
3/15/2017 2,385.3 64.0
3/16/2017 2,381.4 63.9
3/17/2017 2,378.3 64.2
3/20/2017 2,373.5 64.2
3/21/2017 2,344.0 63.5
3/22/2017 2,348.4 64.3
3/23/2017 2,346.0 64.2
3/24/2017 2,344.0 64.3
3/27/2017 2,341.6 64.4
3/28/2017 2,358.6 64.6
3/29/2017 2,361.1 64.8
3/30/2017 2,368.1 65.0
3/31/2017 2,362.7 65.1
4/3/2017 2,358.8 64.8
4/4/2017 2,360.2 65.0
4/5/2017 2,352.9 64.8
4/6/2017 2,357.5 65.0
4/7/2017 2,355.5 65.0
4/10/2017 2,357.2 64.8
4/11/2017 2,353.8 64.8
4/12/2017 2,344.9 64.5
4/13/2017 2,328.9 64.2
4/17/2017 2,349.0 64.8
4/18/2017 2,342.2 64.7
4/19/2017 2,338.2 64.3
4/20/2017 2,355.8 64.8
4/21/2017 2,348.7 65.7
4/24/2017 2,374.1 66.8
4/25/2017 2,388.6 67.2
4/26/2017 2,387.4 67.1
4/27/2017 2,388.8 67.5
4/28/2017 2,384.2 67.7
5/1/2017 2,388.3 68.6
5/2/2017 2,391.2 68.5
5/3/2017 2,388.1 68.3
5/4/2017 2,389.5 68.1
5/5/2017 2,399.3 68.2
5/8/2017 2,399.4 68.2
5/9/2017 2,396.9 68.3
5/10/2017 2,399.6 68.5
5/11/2017 2,394.4 67.7
5/12/2017 2,390.9 67.6
5/15/2017 2,402.3 67.7
5/16/2017 2,400.7 69.0
5/17/2017 2,357.0 67.1
5/18/2017 2,365.7 67.4
5/19/2017 2,381.7 67.3
5/22/2017 2,394.0 68.1
5/23/2017 2,398.4 68.3
5/24/2017 2,404.4 68.4
5/25/2017 2,415.1 69.3
5/26/2017 2,415.8 69.6
5/30/2017 2,412.9 70.0
5/31/2017 2,411.8 69.5
6/1/2017 2,430.1 69.7
6/2/2017 2,439.1 71.4
6/5/2017 2,436.1 71.9
6/6/2017 2,429.3 72.1
6/7/2017 2,433.1 72.0
6/8/2017 2,433.8 71.6
6/9/2017 2,431.8 69.9
6/12/2017 2,429.4 69.4
6/13/2017 2,440.4 70.3
6/14/2017 2,437.9 69.9
6/15/2017 2,432.5 69.5
6/16/2017 2,433.1 69.6
6/19/2017 2,453.5 70.5
6/20/2017 2,437.0 69.5
6/21/2017 2,435.6 69.9
6/22/2017 2,434.5 69.9
6/23/2017 2,438.3 70.8
6/26/2017 2,439.1 70.2
6/27/2017 2,419.4 68.8
6/28/2017 2,440.7 69.4
6/29/2017 2,419.7 68.1
6/30/2017 2,423.4 68.6
7/3/2017 2,429.0 67.8
7/5/2017 2,432.5 68.7
7/6/2017 2,409.8 68.2
7/7/2017 2,425.2 69.1
7/10/2017 2,427.4 69.6
7/11/2017 2,425.5 69.6
7/12/2017 2,443.3 70.8
7/13/2017 2,447.8 71.4
7/14/2017 2,459.3 72.4
7/17/2017 2,459.1 73.0
7/18/2017 2,460.6 72.9
7/19/2017 2,473.8 73.5
7/20/2017 2,473.4 73.8
7/21/2017 2,472.5 73.4
7/24/2017 2,469.9 73.2
7/25/2017 2,477.1 73.8
7/26/2017 2,477.8 73.7
7/27/2017 2,475.4 72.8
7/28/2017 2,472.1 72.7
7/31/2017 2,470.3 72.3
8/1/2017 2,476.4 72.2
8/2/2017 2,477.6 71.9
8/3/2017 2,472.2 71.8
8/4/2017 2,476.8 72.3
8/7/2017 2,480.9 72.0
8/8/2017 2,474.9 72.4
8/9/2017 2,474.0 72.1
8/10/2017 2,438.2 71.0
8/11/2017 2,441.3 72.1
8/14/2017 2,465.8 73.2
8/15/2017 2,464.6 73.2
8/16/2017 2,468.1 73.7
8/17/2017 2,430.0 72.4
8/18/2017 2,425.6 72.5
8/21/2017 2,428.4 72.2
8/22/2017 2,452.5 73.2
8/23/2017 2,444.0 72.7
8/24/2017 2,439.0 72.7
8/25/2017 2,443.1 72.8
8/28/2017 2,444.2 72.8
8/29/2017 2,446.3 73.1
8/30/2017 2,457.6 74.0
8/31/2017 2,471.6 74.8
9/1/2017 2,476.6 73.9
9/5/2017 2,457.9 73.6
9/6/2017 2,465.5 73.4
9/7/2017 2,465.1 74.3
9/8/2017 2,461.4 74.0
9/11/2017 2,488.1 74.8
9/12/2017 2,496.5 74.7
9/13/2017 2,498.4 75.2
9/14/2017 2,495.6 74.8
9/15/2017 2,500.2 75.3
9/18/2017 2,503.9 75.2
9/19/2017 2,506.6 75.4
9/20/2017 2,508.2 74.9
9/21/2017 2,500.6 74.2
 ATVI
0.2

0.1
0.671759715004991 x + 0.019168413527695
0
-0.05 0 0.05 0.1 0.15
-0.1

-0.2

-0.3

-0.4
 S&P 500 ATVI
Expected return 0.82% 2.47%
volatility 4.12% 8.16%
Coefficient of variation 0.20 0.30
Varience 0.001700128 0.006654355
Covariance 0.001142077
BETA 0.6718

MATRIZ DE PRECIOS MATRIZ DE RENTABILIDADES

Date S&P 500 ATVI Date S&P 500 ATVI
1/1/2015 1,994.99 19,998,522 1/1/2015 S&P 500 ATVI
2/1/2015 2,104.50 22,314,144 2/1/2015 5.49% 11.58%
3/1/2015 2,067.89 21,749,588 3/1/2015 -1.74% -2.53%
4/1/2015 2,085.51 22,059,214 4/1/2015 0.85% 1.42%
5/1/2015 2,107.39 24,417,870 5/1/2015 1.05% 10.69%
6/1/2015 2,063.11 23,402,874 6/1/2015 -2.10% -4.16%
7/1/2015 2,103.84 24,930,201 7/1/2015 1.97% 6.53%
8/1/2015 1,972.18 27,675,516 8/1/2015 -6.26% 11.01%
9/1/2015 1,920.03 29,860,172 9/1/2015 -2.64% 7.89%
10/1/2015 2,079.36 33,601,151 10/1/2015 8.30% 12.53%
11/1/2015 2,080.41 36,404,472 11/1/2015 0.05% 8.34%
12/1/2015 2,043.94 37,419,464 12/1/2015 -1.75% 2.79%
1/1/2016 1,940.24 33,659,153 1/1/2016 -5.07% -10.05%
2/1/2016 1,932.23 30,614,166 2/1/2016 -0.41% -9.05%
3/1/2016 2,059.74 32,711,823 3/1/2016 6.60% 6.85%
4/1/2016 2,065.30 33,591,976 4/1/2016 0.27% 2.69%
5/1/2016 2,096.95 38,259,960 5/1/2016 1.53% 13.90%
6/1/2016 2,098.86 38,620,541 6/1/2016 0.09% 0.94%
7/1/2016 2,173.60 39,137,035 7/1/2016 3.56% 1.34%
8/1/2016 2,170.95 40,316,216 8/1/2016 -0.12% 3.01%
9/1/2016 2,168.27 43,171,581 9/1/2016 -0.12% 7.08%
10/1/2016 2,126.15 42,070,362 10/1/2016 -1.94% -2.55%
11/1/2016 2,198.81 35,677,467 11/1/2016 3.42% -15.20%
12/1/2016 2,238.83 35,852,882 12/1/2016 1.82% 0.49%
1/1/2017 2,278.87 39,185,768 1/1/2017 1.79% 9.30%
2/1/2017 2,363.64 43,980,446 2/1/2017 3.72% 12.24%
3/1/2017 2,362.72 48,589,958 3/1/2017 -0.04% 10.48%
4/1/2017 2,384.20 51,230,831 4/1/2017 0.91% 5.44%
5/1/2017 2,411.80 57,437,363 5/1/2017 1.16% 12.11%
6/1/2017 2,423.41 56,447,060 6/1/2017 0.48% -1.72%
7/1/2017 2,470.30 60,574,940 7/1/2017 1.93% 7.31%
8/1/2017 2,471.65 64,281,204 8/1/2017 0.05% 6.12%
9/1/2017 2,519.36 63,251,694 9/1/2017 1.93% -1.60%
10/1/2017 2,575.26 64,212,578 10/1/2017 2.22% 1.52%
11/1/2017 2,584.84 61,182,850 11/1/2017 0.37% -4.72%
12/1/2017 2,673.61 62,084,908 12/1/2017 3.43% 1.47%
1/1/2018 2,823.81 72,684,052 1/1/2018 5.62% 17.07%
2/1/2018 2,713.83 71,703,552 2/1/2018 -3.89% -1.35%
3/1/2018 2,640.87 66,144,150 3/1/2018 -2.69% -7.75%
4/1/2018 2,648.05 65,391,190 4/1/2018 0.27% -1.14%
5/1/2018 2,705.27 69,885,300 5/1/2018 2.16% 6.87%
6/1/2018 2,718.37 75,217,117 6/1/2018 0.48% 7.63%
7/1/2018 2,816.29 72,359,024 7/1/2018 3.60% -3.80%
8/1/2018 2,901.52 71,058,098 8/1/2018 3.03% -1.80%
9/1/2018 2,913.98 81,987,846 9/1/2018 0.43% 15.38%
10/1/2018 2,711.74 68,052,177 10/1/2018 -6.94% -17.00%
11/1/2018 2,760.17 49,159,199 11/1/2018 1.79% -27.76%
12/1/2018 2,506.85 45,897,026 12/1/2018 -9.18% -6.64%
1/1/2019 2,704.10 46,557,350 1/1/2019 7.87% 1.44%
2/1/2019 2,784.49 41,531,044 2/1/2019 2.97% -10.80%
3/1/2019 2,834.40 44,872,059 3/1/2019 1.79% 8.04%
4/1/2019 2,945.83 47,895,000 4/1/2019 3.93% 6.74%
5/1/2019 2,752.06 43,086,624 5/1/2019 -6.58% -10.04%
6/1/2019 2,941.76 46,891,602 6/1/2019 6.89% 8.83%
7/1/2019 2,980.38 48,421,543 7/1/2019 1.31% 3.26%
8/1/2019 2,926.46 50,269,386 8/1/2019 -1.81% 3.82%
9/1/2019 2,976.74 52,574,226 9/1/2019 1.72% 4.58%
10/1/2019 3,037.56 55,663,906 10/1/2019 2.04% 5.88%
11/1/2019 3,140.98 54,471,748 11/1/2019 3.40% -2.14%
12/1/2019 3,230.78 59,031,757 12/1/2019 2.86% 8.37%
1/1/2020 3,225.52 58,097,900 1/1/2020 -0.16% -1.58%
2/1/2020 2,954.22 57,750,187 2/1/2020 -8.41% -0.60%
3/1/2020 2,584.59 59,091,366 3/1/2020 -12.51% 2.32%
4/1/2020 2,912.43 63,313,595 4/1/2020 12.68% 7.15%
5/1/2020 3,044.31 71,980,003 5/1/2020 4.53% 13.69%
6/1/2020 3,100.29 75,900,002 6/1/2020 1.84% 5.45%
7/1/2020 3,226.56 79,769,997 7/1/2020 4.07% 5.10%
 ATVI
0.2

0.1
f(x) = 0.671759715004991 x + 0.019168413527695

0
-0.15 -0.1 -0.05 0 0.05 0.1 0.15

-0.1

-0.2

-0.3

-0.4
summary

Regression Statistics
Coeficiente de correlac 0.339548418
Coeficiente de determi 0.115293128
R^2 ajustado 0.101469584
Error típico 0.07791744
Observaciones 66

VARIANCE ANALYSIS

Grados de libertadSuma de cuadrados Promedio de los cuadrados F

Regresión 1 0.050635295699843 0.050635295699843 8.340344652
Residuos 64 0.388552159436208 0.006071127491191
Total 65 0.439187455136051

Coeficientes Error típico Estadístico t Probabilidad

Intercepción 0.019168414 0.009777433307287 1.96047499637839 0.054296088
S&P 500 0.671759715 0.232606559231038 2.8879654865526 0.005284105
Valor crítico de F
0.0052841052748

Inferior 95% Superior 95% Inferior 95,0% Superior 95,0%

-0.0003642549334 0.038701082 -0.0003642549 0.03870108199
0.2070746938403 1.136444736 0.20707469384 1.13644473617