Report
Neil Macker

Take-Two Will Benefit from Projected Launch of 'Grand Theft Auto VI,' Raising FVE to $114

We are raising our fair value estimate for narrow–moat Take-Two to $114 from $79 as we are incorporating the impact of the projected release of "Grand Theft Auto VI" in fiscal 2022. We believe the game will launch around the arrival of next console generation that we expect to occur in 2021 or 2022.
The success of "GTA Online" over the past four years demonstrates the firm's ability to monetize its games while attracting considerably less backlash than other similar titles. We expect that Rocks...
Underlying
Take-Two Interactive Software Inc.

Take-Two Interactive Software is a developer, publisher and marketer of interactive entertainment for consumers. The company develops and publishes products principally through its two wholly-owned labels Rockstar Games and 2K, as well as its Private Division label and Social Point, a developer of mobile games. The company's products are designed for console gaming systems such as the Sony Computer Entertainment, Inc. PlayStation?4, Microsoft Corporation Xbox One?, and Xbox 360?, the Nintendo Switch, and personal computers, including smartphones and tablets. The company delivers its products through physical retail, digital download, online platforms and cloud streaming services.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Neil Macker

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