Activision Blizzard's Secret Weapon

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About: Activision Blizzard, Inc. (ATVI)
by: Karl Ahlstedt
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Karl Ahlstedt
Long-term horizon, research analyst, macro, long/short equity
Summary

Activision Blizzard is down over 42% since September 2018.

This Summer will see the release of Blizzards “secret weapon”, World of Warcraft Classic.

The core talent and experience of the group remains intact, the current problems are due to management and this is not representative of the wider company.

This is an attractive price point to buy into a great company at a fair price.

Investment Thesis

While Activision Blizzard maintains an impressive and diversified portfolio of titles, it continues to suffer from misguided management and a host of executives leaving the group.

This has resulted in a substantial 42%+