Equity valuation Activision Blizzard

  • Philipp Lukas Gert Becker (Student)

Student thesis: Master's Thesis


This thesis explains different approaches to valuation. It applies two of these methods to Activision Blizzard Inc. (ATVI), a listed company in the US stock market for Software Products for Entertainment, by developing and selling video games for several platforms. For valuation purposes, the discounted cash flow (DCF) and relative valuation have been applied, including a sensitivity analysis and a comparison with a report from Barclays dated the 30th of October 2020. The relative valuation aims to test the assumptions made in the DCF of this dissertation and compare them with the current market valuation for Activision Blizzard. Based on the DCF approach, ATVI is valued at US $97.12 per share.
Date of Award2 Feb 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor) & José Carlos Tudela Martins (Co-Supervisor)


  • Activision Blizzard
  • Video games
  • Equity valuation
  • Discounted cash flow
  • Relative valuation


  • Mestrado em Gestão e Administração de Empresas

Cite this