EA Continues to Benefit from Shift to Digital Downloads and Microtransactions; Raising FVE to $90
We are raising our fair value estimate for EA to $90 from $78 as we update our estimates to better reflect the margin leverage that the firm is gaining from the revenue shift to digital downloads and microtransactions. EA has improved its gross margins from 63.4% in fiscal 2012 to 73.2% in fiscal 2017. We now project that the firm will be able to slightly expand its gross margins to 75% by fiscal 2022 as the percentage of revenue from microtransactions and digital downloads continues to increase...Electronic Arts develops, markets, publishes and distributes games, content and services that can be played and watched on a variety of platforms, including game consoles, personal computers, and mobile phones. The company markets and sells its games and services through digital distribution channels and through retail channels. Digitally, the company's console games and services can be purchased through third-party storefronts. In its games and services, the company utilizes brands that it either wholly own or license from others. The company develops and publishes games and services across genres. Within and alongside its games, the company provides live services, including in-game purchases, downloadable content, and esports.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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