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2021-09-29
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Electronic Arts: Strong Fundamentals Continue Amid Dip Buying Opportunity<blockquote>艺电：基本面持续强劲，逢低买入机会</blockquote>
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The stock has underperformed since mid-2018 but now the gaming companies are being priced near value stock levels. They have recently had a significant dip in the stock price, due to the delay of their big release of the year, Battlefield 2042 to November 19th. This is giving a great entry point into EA stock, with most of those sales still able to be captured with a later release date. EA has a great technical setup with the stock pushing near its all-time high of $148.97 several times in 2021 since first reaching the level in mid-2018. As you can see below, revenue has increased significantly to 5.7B in the past year, with 2022 GAAP revenue guidance at $6.8 Billion, yet the stock is still consolidating since mid-2018. This gives potential for an outsized move upwards when those highs are broken. Higher lows have been encouraging and this may be the last significant 15%+ dip before breaking out to all-time highs.</p><p><blockquote>电子艺界（EA）是一个家喻户晓的名字，有着良好的基本面。随着时间的推移，70%以上的长期利润率和稳定的收入流为股东带来了强劲的回报。该股自2018年中期以来表现不佳，但现在游戏公司的定价接近价值股水平。由于今年的大型电影《战地2042》推迟到11月19日，他们的股价最近大幅下跌。这为EA股票提供了一个很好的切入点，其中大部分销售仍然能够在稍后的发布日期捕获。EA拥有出色的技术设置，自2018年中期首次达到该水平以来，该股在2021年多次接近148.97美元的历史高点。如下所示，过去一年收入大幅增长至5.7 B，2022年GAAP收入指引为68亿美元，但该股自2018年中期以来仍在盘整。当这些高点被突破时，这就有可能大幅上涨。更高的低点令人鼓舞，这可能是突破历史高点之前最后一次大幅下跌15%以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7506972cadc0be0701c77d20ad10d4ff\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Great Fiscal Q1</b></p><p><blockquote><b>伟大的财政第一季度</b></blockquote></p><p> Electronic Arts had a strong Fiscal Q1, even with comparison to a very strong 2020 period. Net bookings which are the most accurate indicator of business performance were up 3% over the prior year to $6.136 Billion USD. Guidance for 2022 was to $7.4 Billion in billings - or 20.6% growth. Revenue follows billings so we will see Revenue and earnings flow through next year from the strong results of late. The sports franchises of Madden, NHL, and especially FIFA continue to lead the way for EA with consistent performance. The sports franchises had a combined 140 million players in the past year, with over 31 million playing the newest FIFA 2021 iteration. Sports are predictable and popular games, something that adds stability to revenue and earnings over time. FUT matches are still growing at a strong pace with 48% growth over last year in Q1. Battlefield's delay may hurt the billings number as some sales will be lost to competitors such as Call of Duty Vanguard from Activision Blizzard (ATVI). However, game delays in recent years have not negatively impacted sales much for those titles. These delays due to tough deadlines are very commonplace in the industry and I believe the negative reaction in EA stock on a one-month delay is overdone. All the while, Apex Legends has seen a resurgence with many players going back to the game and it proved to be a more lasting title than many had expected. The game actually had the most players ever in the recent season, impressive for a game that has been out for several years now.</p><p><blockquote>即使与非常强劲的2020年相比，艺电第一季度的财报也很强劲。净预订量是衡量业务业绩的最准确指标，比上一年增长了3%，达到61.36亿美元。2022年的营业额指导为74亿美元，即增长20.6%。收入跟随账单，因此我们将从最近的强劲业绩中看到明年的收入和盈利流动。Madden、NHL，尤其是FIFA的体育特许经营权继续以稳定的表现引领EA。在过去的一年里，体育特许经营共有1.4亿玩家，其中超过3100万人玩了最新的FIFA 2021版本。体育是可预测且受欢迎的游戏，随着时间的推移，这会增加收入和收益的稳定性。FUT比赛仍在强劲增长，Q1比去年增长了48%。《战地》的延迟可能会损害账单数量，因为部分销售额将流失到动视暴雪(ATVI)的《看涨期权使命先锋》等竞争对手手中。然而，近年来的游戏延迟并没有对这些游戏的销售产生太大负面影响。这些由于严格的截止日期而导致的延迟在业内非常常见，我认为EA股票对一个月延迟的负面反应有些过头了。与此同时，Apex Legends已经看到了复苏，许多玩家回到了游戏中，它被证明是一个比许多人预期的更持久的标题。这款游戏实际上是最近一个赛季拥有最多玩家的游戏，对于一款已经推出几年的游戏来说，这令人印象深刻。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63da6c1ee87d6951184b6ba11ea0ab01\" tg-width=\"382\" tg-height=\"421\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As you can see above, the fiscal year billings growth has been lumpy but overall, I expect high single digits to low double digits growth over time. The increase to FY 2021 was at least partially due to the coronavirus, although the environment continues to be very supportive there. Restrictions on travel and other entertainment worldwide continue to be a significant tailwind on gaming hours played. Live services which include microtransactions and game passes continue to become a larger part of EA's business. FIFA's success is a big portion of this, and EA announces 4 seasons for Battlefield 2042 per year with passes to purchase. This should give a solid income stream for the years after the game's release. The announced Battlefield Portal allowing people to create new maps using old releases seems great to foster engagement in paid season passes. The new Hazard Zone mode adds additional content as well with an Escape from Tarkov-like squad survival scenario. One thing is clear - EA put more effort into Battlefield 2042 and keeping it interesting for 2+ years than the past few series titles. EA confirmed it would be an every other year release, with things like Battlefield Portal likely working with multiple releases. These, plus the new mobile Battlefield game that's to come, make me more bullish for the future to take some share from Call of Duty. Some investors may be worried about the $7.4 Billion billings number for Fiscal 2022 with the game delay, but matching that bar should give the stock a very significant boost over the next 12 months.</p><p><blockquote>正如您在上面看到的，本财年的账单增长一直不稳定，但总体而言，我预计随着时间的推移，增长将达到高个位数到低两位数。2021财年的增长至少部分是由于冠状病毒，尽管那里的环境仍然非常有利。全球范围内对旅行和其他娱乐的限制仍然是游戏时间的重要推动力。包括微交易和游戏通行证在内的直播服务继续成为EA业务的重要组成部分。国际足联的成功是其中很大一部分，EA宣布战地2042每年有4个赛季可以购买通行证。这应该会在游戏发布后的几年里提供稳定的收入来源。宣布的战场门户允许人们使用旧版本创建新地图，这似乎很好地促进了付费季票的参与。新的危险区模式增加了额外的内容，以及逃离塔尔科夫式的小队生存场景。有一点是清楚的——EA在《战地2042》上投入了更多的努力，并在2年多的时间里保持了它的趣味性，而不是过去的几个系列。艺电证实这将是每隔一年发布一次，像战地门户这样的东西可能会与多个版本一起工作。这些，加上即将推出的新手机战场游戏，让我更加看好未来从《使命看涨期权》中分一杯羹。一些投资者可能会担心游戏延迟后2022财年74亿美元的账单数字，但符合这一标准应该会在未来12个月内给该股带来非常显着的提振。</blockquote></p><p> The company does also have a significant share buyback program which is helping to support the stock during any dips. EA bought back 976 million in stock over the past year - just under 3% of the total market cap of 36 Billion US. Expect more significant buyback activity in the coming weeks with the stock having dipped again due to the Battlefield 2042 delay. EA also pays a small dividend at 17 cents per quarter. While this is a yield of around 0.5%, it can grow significantly over time and shows the ongoing commitment to shareholders by the management team.</p><p><blockquote>该公司还有一项重要的股票回购计划，有助于在股价下跌期间支撑股价。EA去年回购了9.76亿股股票，略低于360亿美元总市值的3%。由于《战地2042》的延迟，该股再次下跌，预计未来几周将出现更大规模的回购活动。EA还支付每季度17美分的小额股息。虽然这是0.5%左右的收益率，但随着时间的推移，它可以显着增长，并显示了管理团队对股东的持续承诺。</blockquote></p><p> <b>Continued Growth in Mobile</b></p><p><blockquote><b>移动业务持续增长</b></blockquote></p><p> EA has continued to try to catch up to its competition like Activision Blizzard in the mobile area. EA had already purchased Glu Mobile earlier this year to expand their growing stable of casual mobile games. Now, EA recently completed the purchase of Playdemic for 1.4 Billion, the makers of golf clash. According to Sensor Tower, during the strong pandemic period,Golf Clash did an impressive $132.8 million USD of revenue. 10x sales is a reasonable price to pay for a game that has a very strong and growing userbase and a talented team behind it. EA is thinking long term with Playdemic likely to work on other IP from EA's stable in the coming years. They hinted on the conference call at a global Madden or FIFA mobile game where they have the license already - a tantalizing thought for investors. Mobile is growing for EA with 16% growth over 2019 levels in 2021, but they continue to invest heavily in this area. Casual games have a very long tail and are among the most profitable due to the lower operating expenses associated with the game creation. EA has also announced they are making a mobile game for the popular Apex Legends Battle Royale game, as well as the beforementioned one for Battlefield. This is likely after having seen Activision succeed with its mobile Call of Duty game, and the fact they haven't monetized many franchises in mobile yet. This is a chance for EA to really grow mobile as a portion of the business, with it only representing 13.5% of bookings over the last year. However, the growth rate for mobile will accelerate with it at 20% in Fiscal Q1 and likely to provide a big boost in coming years.</p><p><blockquote>艺电一直试图在移动领域赶上动视暴雪等竞争对手。艺电已经在今年早些时候收购了Glu Mobile，以扩大他们不断增长的休闲手机游戏。现在，EA最近以14亿美元完成了对《高尔夫冲突》制作方Playdemic的收购。根据Sensor Tower的数据，在强劲的疫情时期，Golf Clash的收入高达1.328亿美元。对于一款拥有非常强大且不断增长的用户群以及背后有一支才华横溢的团队的游戏来说，10倍的销售额是一个合理的价格。艺电正在考虑长远，Playdemic可能会在未来几年开发艺电稳定的其他IP。他们在电话会议上暗示，他们已经获得了全球Madden或FIFA手机游戏的许可——这对投资者来说是一个诱人的想法。EA的移动业务正在增长，2021年将比2019年的水平增长16%，但他们继续在这一领域大力投资。休闲游戏有很长的尾巴，由于与游戏创作相关的运营费用较低，因此是最赚钱的游戏之一。艺电还宣布，他们正在为流行的Apex传奇皇家战役游戏制作一款手机游戏，以及前面提到的战地游戏。这很可能是在看到动视暴雪凭借其移动版《使命看涨期权》游戏取得成功之后，而且事实上他们还没有将许多移动版特许经营权货币化。对于EA来说，这是一个真正将移动业务作为业务一部分发展的机会，去年移动业务仅占预订量的13.5%。然而，移动业务的增长率将在第一财季加速至20%，并可能在未来几年带来巨大推动。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The recent dip is an excellent buying opportunity for those that don't own any EA stock. The stock has been pushing against its all-time high level near 150, and when it breaks through to the upside should see significant gains. It is trading at a very inexpensive 16x Forward P/E - giving it near value stock status in the current market. Any additional lockdowns or restrictions would be bullish for EA as well, as many young people continue to spend heavily on gaming. EA has set itself up well for the long term, by focusing on their weakness in the mobile category with acquisitions and use of existing IP. Mobile is an area where EA has significantly lagged its major competition, but the moves made in 2021 will pay big dividends in future years - with shareholders likely to benefit.</p><p><blockquote>对于那些不持有任何EA股票的人来说，最近的下跌是一个绝佳的买入机会。该股一直在突破150点附近的历史高位，当突破上行时，应该会出现大幅上涨。它的交易价格为非常便宜的16倍远期市盈率，使其在当前市场上接近价值股票的地位。任何额外的封锁或限制也将利好EA，因为许多年轻人继续在游戏上投入巨资。通过收购和使用现有知识产权，EA专注于他们在移动领域的弱点，为自己的长期发展做好了准备。移动是EA明显落后于主要竞争对手的领域，但2021年采取的举措将在未来几年带来巨大红利——股东可能会受益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Electronic Arts: Strong Fundamentals Continue Amid Dip Buying Opportunity<blockquote>艺电：基本面持续强劲，逢低买入机会</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElectronic Arts: Strong Fundamentals Continue Amid Dip Buying Opportunity<blockquote>艺电：基本面持续强劲，逢低买入机会</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-28 23:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Electronic Arts Fiscal Q1 results were solid compared to a strong 2020 period.</li> <li>EA recently delayed its big fall release Battlefield 2042, but the move provides a strong buying opportunity.</li> <li>EA has strengthened its mobile gaming talent over the past year and has a stronger pipeline for mobile revenue than ever.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bc8344f36d2d49a7e957c065340be2cb\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>与强劲的2020年相比，艺电第一季度财报业绩稳健。</li><li>艺电最近推迟了秋季发布的《战地2042》，但此举提供了一个强有力的买入机会。</li><li>EA在过去一年中增强了其移动游戏人才，并拥有比以往任何时候都更强大的移动收入渠道。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Electronic Arts (EA) is a household name with great fundamentals. 70%+ long-term margins and stable revenue streams have led to strong shareholder returns over time. The stock has underperformed since mid-2018 but now the gaming companies are being priced near value stock levels. They have recently had a significant dip in the stock price, due to the delay of their big release of the year, Battlefield 2042 to November 19th. This is giving a great entry point into EA stock, with most of those sales still able to be captured with a later release date. EA has a great technical setup with the stock pushing near its all-time high of $148.97 several times in 2021 since first reaching the level in mid-2018. As you can see below, revenue has increased significantly to 5.7B in the past year, with 2022 GAAP revenue guidance at $6.8 Billion, yet the stock is still consolidating since mid-2018. This gives potential for an outsized move upwards when those highs are broken. Higher lows have been encouraging and this may be the last significant 15%+ dip before breaking out to all-time highs.</p><p><blockquote>电子艺界（EA）是一个家喻户晓的名字，有着良好的基本面。随着时间的推移，70%以上的长期利润率和稳定的收入流为股东带来了强劲的回报。该股自2018年中期以来表现不佳，但现在游戏公司的定价接近价值股水平。由于今年的大型电影《战地2042》推迟到11月19日，他们的股价最近大幅下跌。这为EA股票提供了一个很好的切入点，其中大部分销售仍然能够在稍后的发布日期捕获。EA拥有出色的技术设置，自2018年中期首次达到该水平以来，该股在2021年多次接近148.97美元的历史高点。如下所示，过去一年收入大幅增长至5.7 B，2022年GAAP收入指引为68亿美元，但该股自2018年中期以来仍在盘整。当这些高点被突破时，这就有可能大幅上涨。更高的低点令人鼓舞，这可能是突破历史高点之前最后一次大幅下跌15%以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7506972cadc0be0701c77d20ad10d4ff\" tg-width=\"635\" tg-height=\"447\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>Great Fiscal Q1</b></p><p><blockquote><b>伟大的财政第一季度</b></blockquote></p><p> Electronic Arts had a strong Fiscal Q1, even with comparison to a very strong 2020 period. Net bookings which are the most accurate indicator of business performance were up 3% over the prior year to $6.136 Billion USD. Guidance for 2022 was to $7.4 Billion in billings - or 20.6% growth. Revenue follows billings so we will see Revenue and earnings flow through next year from the strong results of late. The sports franchises of Madden, NHL, and especially FIFA continue to lead the way for EA with consistent performance. The sports franchises had a combined 140 million players in the past year, with over 31 million playing the newest FIFA 2021 iteration. Sports are predictable and popular games, something that adds stability to revenue and earnings over time. FUT matches are still growing at a strong pace with 48% growth over last year in Q1. Battlefield's delay may hurt the billings number as some sales will be lost to competitors such as Call of Duty Vanguard from Activision Blizzard (ATVI). However, game delays in recent years have not negatively impacted sales much for those titles. These delays due to tough deadlines are very commonplace in the industry and I believe the negative reaction in EA stock on a one-month delay is overdone. All the while, Apex Legends has seen a resurgence with many players going back to the game and it proved to be a more lasting title than many had expected. The game actually had the most players ever in the recent season, impressive for a game that has been out for several years now.</p><p><blockquote>即使与非常强劲的2020年相比，艺电第一季度的财报也很强劲。净预订量是衡量业务业绩的最准确指标，比上一年增长了3%，达到61.36亿美元。2022年的营业额指导为74亿美元，即增长20.6%。收入跟随账单，因此我们将从最近的强劲业绩中看到明年的收入和盈利流动。Madden、NHL，尤其是FIFA的体育特许经营权继续以稳定的表现引领EA。在过去的一年里，体育特许经营共有1.4亿玩家，其中超过3100万人玩了最新的FIFA 2021版本。体育是可预测且受欢迎的游戏，随着时间的推移，这会增加收入和收益的稳定性。FUT比赛仍在强劲增长，Q1比去年增长了48%。《战地》的延迟可能会损害账单数量，因为部分销售额将流失到动视暴雪(ATVI)的《看涨期权使命先锋》等竞争对手手中。然而，近年来的游戏延迟并没有对这些游戏的销售产生太大负面影响。这些由于严格的截止日期而导致的延迟在业内非常常见，我认为EA股票对一个月延迟的负面反应有些过头了。与此同时，Apex Legends已经看到了复苏，许多玩家回到了游戏中，它被证明是一个比许多人预期的更持久的标题。这款游戏实际上是最近一个赛季拥有最多玩家的游戏，对于一款已经推出几年的游戏来说，这令人印象深刻。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/63da6c1ee87d6951184b6ba11ea0ab01\" tg-width=\"382\" tg-height=\"421\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> As you can see above, the fiscal year billings growth has been lumpy but overall, I expect high single digits to low double digits growth over time. The increase to FY 2021 was at least partially due to the coronavirus, although the environment continues to be very supportive there. Restrictions on travel and other entertainment worldwide continue to be a significant tailwind on gaming hours played. Live services which include microtransactions and game passes continue to become a larger part of EA's business. FIFA's success is a big portion of this, and EA announces 4 seasons for Battlefield 2042 per year with passes to purchase. This should give a solid income stream for the years after the game's release. The announced Battlefield Portal allowing people to create new maps using old releases seems great to foster engagement in paid season passes. The new Hazard Zone mode adds additional content as well with an Escape from Tarkov-like squad survival scenario. One thing is clear - EA put more effort into Battlefield 2042 and keeping it interesting for 2+ years than the past few series titles. EA confirmed it would be an every other year release, with things like Battlefield Portal likely working with multiple releases. These, plus the new mobile Battlefield game that's to come, make me more bullish for the future to take some share from Call of Duty. Some investors may be worried about the $7.4 Billion billings number for Fiscal 2022 with the game delay, but matching that bar should give the stock a very significant boost over the next 12 months.</p><p><blockquote>正如您在上面看到的，本财年的账单增长一直不稳定，但总体而言，我预计随着时间的推移，增长将达到高个位数到低两位数。2021财年的增长至少部分是由于冠状病毒，尽管那里的环境仍然非常有利。全球范围内对旅行和其他娱乐的限制仍然是游戏时间的重要推动力。包括微交易和游戏通行证在内的直播服务继续成为EA业务的重要组成部分。国际足联的成功是其中很大一部分，EA宣布战地2042每年有4个赛季可以购买通行证。这应该会在游戏发布后的几年里提供稳定的收入来源。宣布的战场门户允许人们使用旧版本创建新地图，这似乎很好地促进了付费季票的参与。新的危险区模式增加了额外的内容，以及逃离塔尔科夫式的小队生存场景。有一点是清楚的——EA在《战地2042》上投入了更多的努力，并在2年多的时间里保持了它的趣味性，而不是过去的几个系列。艺电证实这将是每隔一年发布一次，像战地门户这样的东西可能会与多个版本一起工作。这些，加上即将推出的新手机战场游戏，让我更加看好未来从《使命看涨期权》中分一杯羹。一些投资者可能会担心游戏延迟后2022财年74亿美元的账单数字，但符合这一标准应该会在未来12个月内给该股带来非常显着的提振。</blockquote></p><p> The company does also have a significant share buyback program which is helping to support the stock during any dips. EA bought back 976 million in stock over the past year - just under 3% of the total market cap of 36 Billion US. Expect more significant buyback activity in the coming weeks with the stock having dipped again due to the Battlefield 2042 delay. EA also pays a small dividend at 17 cents per quarter. While this is a yield of around 0.5%, it can grow significantly over time and shows the ongoing commitment to shareholders by the management team.</p><p><blockquote>该公司还有一项重要的股票回购计划，有助于在股价下跌期间支撑股价。EA去年回购了9.76亿股股票，略低于360亿美元总市值的3%。由于《战地2042》的延迟，该股再次下跌，预计未来几周将出现更大规模的回购活动。EA还支付每季度17美分的小额股息。虽然这是0.5%左右的收益率，但随着时间的推移，它可以显着增长，并显示了管理团队对股东的持续承诺。</blockquote></p><p> <b>Continued Growth in Mobile</b></p><p><blockquote><b>移动业务持续增长</b></blockquote></p><p> EA has continued to try to catch up to its competition like Activision Blizzard in the mobile area. EA had already purchased Glu Mobile earlier this year to expand their growing stable of casual mobile games. Now, EA recently completed the purchase of Playdemic for 1.4 Billion, the makers of golf clash. According to Sensor Tower, during the strong pandemic period,Golf Clash did an impressive $132.8 million USD of revenue. 10x sales is a reasonable price to pay for a game that has a very strong and growing userbase and a talented team behind it. EA is thinking long term with Playdemic likely to work on other IP from EA's stable in the coming years. They hinted on the conference call at a global Madden or FIFA mobile game where they have the license already - a tantalizing thought for investors. Mobile is growing for EA with 16% growth over 2019 levels in 2021, but they continue to invest heavily in this area. Casual games have a very long tail and are among the most profitable due to the lower operating expenses associated with the game creation. EA has also announced they are making a mobile game for the popular Apex Legends Battle Royale game, as well as the beforementioned one for Battlefield. This is likely after having seen Activision succeed with its mobile Call of Duty game, and the fact they haven't monetized many franchises in mobile yet. This is a chance for EA to really grow mobile as a portion of the business, with it only representing 13.5% of bookings over the last year. However, the growth rate for mobile will accelerate with it at 20% in Fiscal Q1 and likely to provide a big boost in coming years.</p><p><blockquote>艺电一直试图在移动领域赶上动视暴雪等竞争对手。艺电已经在今年早些时候收购了Glu Mobile，以扩大他们不断增长的休闲手机游戏。现在，EA最近以14亿美元完成了对《高尔夫冲突》制作方Playdemic的收购。根据Sensor Tower的数据，在强劲的疫情时期，Golf Clash的收入高达1.328亿美元。对于一款拥有非常强大且不断增长的用户群以及背后有一支才华横溢的团队的游戏来说，10倍的销售额是一个合理的价格。艺电正在考虑长远，Playdemic可能会在未来几年开发艺电稳定的其他IP。他们在电话会议上暗示，他们已经获得了全球Madden或FIFA手机游戏的许可——这对投资者来说是一个诱人的想法。EA的移动业务正在增长，2021年将比2019年的水平增长16%，但他们继续在这一领域大力投资。休闲游戏有很长的尾巴，由于与游戏创作相关的运营费用较低，因此是最赚钱的游戏之一。艺电还宣布，他们正在为流行的Apex传奇皇家战役游戏制作一款手机游戏，以及前面提到的战地游戏。这很可能是在看到动视暴雪凭借其移动版《使命看涨期权》游戏取得成功之后，而且事实上他们还没有将许多移动版特许经营权货币化。对于EA来说，这是一个真正将移动业务作为业务一部分发展的机会，去年移动业务仅占预订量的13.5%。然而，移动业务的增长率将在第一财季加速至20%，并可能在未来几年带来巨大推动。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The recent dip is an excellent buying opportunity for those that don't own any EA stock. The stock has been pushing against its all-time high level near 150, and when it breaks through to the upside should see significant gains. It is trading at a very inexpensive 16x Forward P/E - giving it near value stock status in the current market. Any additional lockdowns or restrictions would be bullish for EA as well, as many young people continue to spend heavily on gaming. EA has set itself up well for the long term, by focusing on their weakness in the mobile category with acquisitions and use of existing IP. Mobile is an area where EA has significantly lagged its major competition, but the moves made in 2021 will pay big dividends in future years - with shareholders likely to benefit.</p><p><blockquote>对于那些不持有任何EA股票的人来说，最近的下跌是一个绝佳的买入机会。该股一直在突破150点附近的历史高位，当突破上行时，应该会出现大幅上涨。它的交易价格为非常便宜的16倍远期市盈率，使其在当前市场上接近价值股票的地位。任何额外的封锁或限制也将利好EA，因为许多年轻人继续在游戏上投入巨资。通过收购和使用现有知识产权，EA专注于他们在移动领域的弱点，为自己的长期发展做好了准备。移动是EA明显落后于主要竞争对手的领域，但2021年采取的举措将在未来几年带来巨大红利——股东可能会受益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457473-electronic-arts-strong-fundamentals-continue-amid-dip-buying-opportunity\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EA":"艺电"},"source_url":"https://seekingalpha.com/article/4457473-electronic-arts-strong-fundamentals-continue-amid-dip-buying-opportunity","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112583450","content_text":"Summary\n\nElectronic Arts Fiscal Q1 results were solid compared to a strong 2020 period.\nEA recently delayed its big fall release Battlefield 2042, but the move provides a strong buying opportunity.\nEA has strengthened its mobile gaming talent over the past year and has a stronger pipeline for mobile revenue than ever.\n\nSundry Photography/iStock Editorial via Getty Images\nElectronic Arts (EA) is a household name with great fundamentals. 70%+ long-term margins and stable revenue streams have led to strong shareholder returns over time. The stock has underperformed since mid-2018 but now the gaming companies are being priced near value stock levels. They have recently had a significant dip in the stock price, due to the delay of their big release of the year, Battlefield 2042 to November 19th. This is giving a great entry point into EA stock, with most of those sales still able to be captured with a later release date. EA has a great technical setup with the stock pushing near its all-time high of $148.97 several times in 2021 since first reaching the level in mid-2018. As you can see below, revenue has increased significantly to 5.7B in the past year, with 2022 GAAP revenue guidance at $6.8 Billion, yet the stock is still consolidating since mid-2018. This gives potential for an outsized move upwards when those highs are broken. Higher lows have been encouraging and this may be the last significant 15%+ dip before breaking out to all-time highs.\nData by YCharts\nGreat Fiscal Q1\nElectronic Arts had a strong Fiscal Q1, even with comparison to a very strong 2020 period. Net bookings which are the most accurate indicator of business performance were up 3% over the prior year to $6.136 Billion USD. Guidance for 2022 was to $7.4 Billion in billings - or 20.6% growth. Revenue follows billings so we will see Revenue and earnings flow through next year from the strong results of late. The sports franchises of Madden, NHL, and especially FIFA continue to lead the way for EA with consistent performance. The sports franchises had a combined 140 million players in the past year, with over 31 million playing the newest FIFA 2021 iteration. Sports are predictable and popular games, something that adds stability to revenue and earnings over time. FUT matches are still growing at a strong pace with 48% growth over last year in Q1. Battlefield's delay may hurt the billings number as some sales will be lost to competitors such as Call of Duty Vanguard from Activision Blizzard (ATVI). However, game delays in recent years have not negatively impacted sales much for those titles. These delays due to tough deadlines are very commonplace in the industry and I believe the negative reaction in EA stock on a one-month delay is overdone. All the while, Apex Legends has seen a resurgence with many players going back to the game and it proved to be a more lasting title than many had expected. The game actually had the most players ever in the recent season, impressive for a game that has been out for several years now.\n\nAs you can see above, the fiscal year billings growth has been lumpy but overall, I expect high single digits to low double digits growth over time. The increase to FY 2021 was at least partially due to the coronavirus, although the environment continues to be very supportive there. Restrictions on travel and other entertainment worldwide continue to be a significant tailwind on gaming hours played. Live services which include microtransactions and game passes continue to become a larger part of EA's business. FIFA's success is a big portion of this, and EA announces 4 seasons for Battlefield 2042 per year with passes to purchase. This should give a solid income stream for the years after the game's release. The announced Battlefield Portal allowing people to create new maps using old releases seems great to foster engagement in paid season passes. The new Hazard Zone mode adds additional content as well with an Escape from Tarkov-like squad survival scenario. One thing is clear - EA put more effort into Battlefield 2042 and keeping it interesting for 2+ years than the past few series titles. EA confirmed it would be an every other year release, with things like Battlefield Portal likely working with multiple releases. These, plus the new mobile Battlefield game that's to come, make me more bullish for the future to take some share from Call of Duty. Some investors may be worried about the $7.4 Billion billings number for Fiscal 2022 with the game delay, but matching that bar should give the stock a very significant boost over the next 12 months.\nThe company does also have a significant share buyback program which is helping to support the stock during any dips. EA bought back 976 million in stock over the past year - just under 3% of the total market cap of 36 Billion US. Expect more significant buyback activity in the coming weeks with the stock having dipped again due to the Battlefield 2042 delay. EA also pays a small dividend at 17 cents per quarter. While this is a yield of around 0.5%, it can grow significantly over time and shows the ongoing commitment to shareholders by the management team.\nContinued Growth in Mobile\nEA has continued to try to catch up to its competition like Activision Blizzard in the mobile area. EA had already purchased Glu Mobile earlier this year to expand their growing stable of casual mobile games. Now, EA recently completed the purchase of Playdemic for 1.4 Billion, the makers of golf clash. According to Sensor Tower, during the strong pandemic period,Golf Clash did an impressive $132.8 million USD of revenue. 10x sales is a reasonable price to pay for a game that has a very strong and growing userbase and a talented team behind it. EA is thinking long term with Playdemic likely to work on other IP from EA's stable in the coming years. They hinted on the conference call at a global Madden or FIFA mobile game where they have the license already - a tantalizing thought for investors. Mobile is growing for EA with 16% growth over 2019 levels in 2021, but they continue to invest heavily in this area. Casual games have a very long tail and are among the most profitable due to the lower operating expenses associated with the game creation. EA has also announced they are making a mobile game for the popular Apex Legends Battle Royale game, as well as the beforementioned one for Battlefield. This is likely after having seen Activision succeed with its mobile Call of Duty game, and the fact they haven't monetized many franchises in mobile yet. This is a chance for EA to really grow mobile as a portion of the business, with it only representing 13.5% of bookings over the last year. However, the growth rate for mobile will accelerate with it at 20% in Fiscal Q1 and likely to provide a big boost in coming years.\nConclusion\nThe recent dip is an excellent buying opportunity for those that don't own any EA stock. The stock has been pushing against its all-time high level near 150, and when it breaks through to the upside should see significant gains. It is trading at a very inexpensive 16x Forward P/E - giving it near value stock status in the current market. Any additional lockdowns or restrictions would be bullish for EA as well, as many young people continue to spend heavily on gaming. EA has set itself up well for the long term, by focusing on their weakness in the mobile category with acquisitions and use of existing IP. Mobile is an area where EA has significantly lagged its major competition, but the moves made in 2021 will pay big dividends in future years - with shareholders likely to benefit.","news_type":1,"symbols_score_info":{"EA":0.9}},"isVote":1,"tweetType":1,"viewCount":2973,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/862819411"}
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