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With Red Dead Redemption and Grand Theft Auto, Take-Two Interactive offers two extremely successful game franchises. The games apparently attract not only millions of players, but also Japanese Dino Sony technology. But what is the probability of an agreement and what would the cost be?
"There is nothing in history" – Sony 's response to rumors that Japanese people are interested in Take – Two Interactive has arrived quickly and leaves little room for the film. interpretation.
On the other hand: the company would be stupid, it would feed the course if it interested him. An old rule of the trader is finally "the profit is in the purchase".
But what would Sony buy there? Behind Take-Two Interactive is hiding one of the most successful game developers of recent years.
By 2019, the company is expected to spend $ 2.8 billion, with the three flagship games Grand Theft Auto (sales figure in 2019th: $ 636 million), NBA 2K ($ 762 million) and Red Dead Redemption (1 , 1 billion USD) Dollars) represent the lion's share.
More infographics can be found at Statista
The trend in the game world is clearly in line with the online download and marketing in the game. Therefore, Take-Two Interactive is no exception. Since 2015, revenues generated by digital channels have more than doubled, while those of traditional distribution (electronics markets, etc.) have fallen by 40%.
Moving sources of income will continue in the future. For example, badysts at Morgan Stanley expect Take-Interactive's traditional digital revenue to be 1: 6 in the middle of the next decade (2019th: 1: 1.4).
In parallel with the development, the profitability of the group will increase strongly and it will be necessary to take it into account in the price of purchase.
So let's go back to the takeover scenario. Take-Two Interacitive is currently valued at 3.3 times the business figure for 2019 and at 15 times the operating profit. In the peer group, EA is called multiple of 6 (sales) and 20 for EA.
Given the higher growth rate of Take-Two Interactive and the excitement of the major franchises, at least one rating at the environmental badessment level is warranted. In this case, a sale of about $ 125 per share seems appropriate. At the current level, the TTWO share therefore has a potential upside of around 30%.
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