![]() The firm is well positioned for the holiday season and 2018. ![]() In our view, Activision deserves to trade at a premium to peers based on the company’s industry leadership. The enterprise value/EBITDA multiple of 17.9 is near the peer median, though we believe that a higher multiple is warranted given Activision's leadership in the fragmented gaming sector. The shares have risen 75% on a total-return basis year-to-date compared to the S&P 500 17% gain however, they have spent the last four months in a trading range in the low $60s.
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