元宇宙概念股動視暴雪值得買入嗎？
《使命召喚》和《魔獸世界》等熱門遊戲的開發商動視暴雪(ATVI.US)正陷入動盪之中。
自7月曝出職場性別歧視與騷擾醜聞以來，該股下跌約35%。
在醜聞持續發酵期間，多位高層管理者與高級設計師主動離職或被辭退、新遊戲發佈時間被推遲等負面消息也加劇了動視暴雪股票的下跌。
不過，分析機構Parsimony Investment Research認爲，最糟糕的情況已經反映在股票中，目前動視暴雪的股價爲預期收益的16倍，非常有吸引力。
另外，該機構認爲，動視暴雪的視頻遊戲將在未來幾年成爲新“元宇宙”的重要組成部分。其核心基礎業務有望在未來產生大量的自由現金流。
全球最大遊戲開發商
據悉，動視暴雪於2008年由美國視頻遊戲發行商動視公司(Activision, Inc.)合併維旺迪遊戲後更名而來。動視暴雪是全世界最大的遊戲開發商和發行商。
Parsimony Investment Research指出，在其所有的長期排名指標中，動視暴雪的排名高於平均水平:股息(9分)、安全性(9分)、估值(8分)。排名最低爲1分，最高爲10分。
股息增長空間大
儘管目前股息收益率較低 (0.8%)，但動視暴雪的年度股息在過去 10 年中以 10.6% 的複合增長率增長。此外，由於派息率僅爲12%，未來的增長空間很大。
資產負債表強勁
動視暴雪2021財年每股收益有望達3.80美元，較上年增長35%。 雖然預計2022財年的每股收益將持平(因爲在疫情期間一些銷售會提前)，但預計2023財年將增至4.56美元。
該公司的資產負債表也非常強勁，有97億美元的現金/短期投資，相當於其當前市值的約20%。
估值有吸引力
從估值的角度來看，動視暴雪非常有吸引力，並且目前的股價較其所有長期估值指標都有相當大的折讓(因此該公司的估值得分爲 8分)。
具體來說，動視暴雪的遠期市盈率(2022年收益的16.2倍)遠低於其歷史市盈率。
隨着公司的發展和內部事件的解決，動視暴雪的收益將有進一步擴大的空間。
如果將2022年每股3.83美元的預期收益乘以20 -25倍，股價將達每股77.00 - 96.00美元，比當前水平高出23%-54%。
總結
Parsimony Investment Research表示，在當前的股價水平上，動視暴雪非常有吸引力，予“強力買入”評級。
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