Activision Blizzard DCF (Discounted Cash Flow) Model

Description
INPUTS (Historical and Projected):

Operating

- Revenue Items : Product Sales, Subscription & Licensing
- COGS (Cost of Goods Sold): Product Costs, Software Royalties, Intellectual Property Licences, COGS MMORPG
- SG&A Items: Product Development, Sales & Marketing, Restructuring Costs, General & Administrative
- Depreciation & Amortization
- Capital Expenditures

Working Capital

- Working Capital Assets: Accounts Receivable, Inventories, Softare Development & Intellectual Prop Licenses, Other Working Capital Assets
- Working Capital Liabilities: Deferred Revenues, Accounts Payable, Accrued Expenses & Other Liabilities

OUTPUTS

- Terminal Value Calculation: Terminal Enterprise Value, Discounted Terminal Value, Enterprise Value, Enterprise Value Net Debt, Projected Share Price
- Discounted Rate (WACC): Equity (Market Cap), Cost of Debt, Cost of Equity
- Cost of Equity (CAPM): Risk Free Rate, Beta, Rm-Rf