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2021-09-29
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Electronic Arts: Strong Fundamentals Continue Amid Dip Buying Opportunity<blockquote>艺电：在逢低买入机会中，基本面依然强劲</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>艺电（EA）是一个家喻户晓的名字，有着伟大的基本面。随着时间的推移，70%以上的长期利润率和稳定的收入流带来了强劲的股东回报。自 2018 年中期以来，该股表现不佳，但现在游戏公司的定价接近价值股水平。由于他们今年的大发行《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可以在稍后的发布日期获得。EA 拥有出色的技术设置，自 2018 年中期首次达到历史高点 148.97 美元以来，该股在 2021 年多次逼近历史高点 148.97 美元。如下所示，过去一年收入大幅增加至 5.7B，2022 年 GAAP 收入指导为 68 亿美元，但该股自 2018 年中期以来仍在盘整。当这些高点被打破时，这为大幅上涨提供了潜力。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>数据由YCharts提供</span></p></blockquote></p><p> <b>Great Fiscal Q1</b></p><p><blockquote><b>伟大的第一季度财政</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>艺电的第一季度财报表现强劲，即使与非常强劲的 2020 年相比也是如此。净预订量是业务业绩最准确的指标，比上年增长 3%，达到 61.36 亿美元。2022 年的指引为 74 亿美元，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，体育特许经营权总共有1.4亿玩家，其中超过3100万人玩最新的FIFA 2021版本。体育是可预测且受欢迎的游戏，随着时间的推移，这增加了收入和收益的稳定性。FUT比赛仍在以强劲的速度增长，Q1比去年增长了48%。《战地》的延迟可能会损害比林斯的数量，因为一些销售额将流失给竞争对手，例如动视暴雪 (ATVI) 的《使命召唤：看涨期权》先锋。然而，近年来游戏的延迟并没有对这些游戏的销售产生太大的负面影响。由于严格的最后期限而导致的这些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是过度的。与此同时，Apex Legends已经看到了复兴，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。这款游戏实际上拥有近几个赛季以来最多的玩家，对于一款已经推出几年的游戏来说，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，本财年账单增长一直不稳定，但总体而言，我预计随着时间的推移，高个位数到低两位数的增长。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一个重要推动力。包括微交易和游戏通行证在内的实时服务继续成为 EA 业务中更大的一部分。国际足联的成功是其中很大一部分，EA宣布每年有4个赛季的《战地2042》可以购买通行证。这应该会为游戏发布后的几年提供稳定的收入来源。宣布的战场门户网站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。新的危险区域模式增加了额外的内容，以及从塔科夫式的小队生存场景中逃脱。有一点是明确的——EA在《战地2042》上投入了更多的精力，并让它比过去几个系列游戏保持了两年多的趣味性。艺电证实这将是每隔一年发布一次，像战地传送门这样的东西可能会与多个版本合作。这些，再加上即将到来的新移动战场游戏，让我更加看好未来从《看涨期权》中分一杯羹。一些投资者可能会担心 2022 财年 74 亿美元的账单数量以及游戏延迟，但达到这一标准应该会在未来 12 个月内对该股产生非常显着的提振。</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>该公司还制定了一项重要的股票回购计划，有助于在任何下跌期间支撑该股。EA 去年回购了 9.76 亿股股票，略低于 360 亿美元总市值的 3%。预计未来几周将有更多重大的回购活动，由于《战地 2042》的延迟，该股再次下跌。EA 还支付每季度 17 美分的小额股息。虽然收益率约为 0.5%，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>艺电继续试图在移动领域赶上动视暴雪等竞争对手。今年早些时候，艺电已经收购了Glu Mobile，以扩大他们不断增长的休闲手机游戏业务。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，在疫情的强劲时期，Golf Clash创造了令人印象深刻的1.328亿美元的收入。对于一款拥有非常强大且不断增长的用户群和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。EA正在考虑与Playdemic进行长远合作，Playdemic可能会在未来几年开发EA稳定的其他知识产权。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。2021年，EA的移动业务将比2019年增长16%，但他们将继续在这一领域大力投资。休闲游戏有一个非常长的尾巴，并且是最赚钱的游戏之一，因为与游戏创作相关的运营费用较低。EA还宣布，他们正在为流行的Apex Legends大逃杀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在其手机游戏《使命召唤看涨期权》上取得成功之后，而且他们还没有将许多手机游戏的特许经营权货币化。对于 EA 来说，这是一个真正将移动业务发展为业务一部分的机会，去年移动业务仅占预订量的 13.5%。然而，移动设备的增长率将在第一财季加速至 20%，并可能在未来几年提供巨大的推动。</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。该股一直在逼近 150 点的历史高位，当它突破上行空间时，应该会出现大幅上涨。它的交易价格非常便宜，远期市盈率为 16 倍，这使其在当前市场上具有接近价值的股票地位。任何额外的封锁或限制对 EA 来说也是有利的，因为许多年轻人继续在游戏上投入巨资。EA通过收购和使用现有知识产权，专注于移动类别的弱点，为自己的长期定位做好了良好的准备。EA 在移动领域明显落后于其主要竞争对手，但 2021 年采取的举措将在未来几年带来丰厚的红利，股东可能会从中受益。</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：在逢低买入机会中，基本面依然强劲</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：在逢低买入机会中，基本面依然强劲</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>EA最近推迟了其秋季大版本《战地2042》，但此举提供了一个强有力的购买机会。</li><li>EA 在过去一年中加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>艺电（EA）是一个家喻户晓的名字，有着伟大的基本面。随着时间的推移，70%以上的长期利润率和稳定的收入流带来了强劲的股东回报。自 2018 年中期以来，该股表现不佳，但现在游戏公司的定价接近价值股水平。由于他们今年的大发行《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可以在稍后的发布日期获得。EA 拥有出色的技术设置，自 2018 年中期首次达到历史高点 148.97 美元以来，该股在 2021 年多次逼近历史高点 148.97 美元。如下所示，过去一年收入大幅增加至 5.7B，2022 年 GAAP 收入指导为 68 亿美元，但该股自 2018 年中期以来仍在盘整。当这些高点被打破时，这为大幅上涨提供了潜力。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>数据由YCharts提供</span></p></blockquote></p><p> <b>Great Fiscal Q1</b></p><p><blockquote><b>伟大的第一季度财政</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>艺电的第一季度财报表现强劲，即使与非常强劲的 2020 年相比也是如此。净预订量是业务业绩最准确的指标，比上年增长 3%，达到 61.36 亿美元。2022 年的指引为 74 亿美元，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，体育特许经营权总共有1.4亿玩家，其中超过3100万人玩最新的FIFA 2021版本。体育是可预测且受欢迎的游戏，随着时间的推移，这增加了收入和收益的稳定性。FUT比赛仍在以强劲的速度增长，Q1比去年增长了48%。《战地》的延迟可能会损害比林斯的数量，因为一些销售额将流失给竞争对手，例如动视暴雪 (ATVI) 的《使命召唤：看涨期权》先锋。然而，近年来游戏的延迟并没有对这些游戏的销售产生太大的负面影响。由于严格的最后期限而导致的这些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是过度的。与此同时，Apex Legends已经看到了复兴，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。这款游戏实际上拥有近几个赛季以来最多的玩家，对于一款已经推出几年的游戏来说，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，本财年账单增长一直不稳定，但总体而言，我预计随着时间的推移，高个位数到低两位数的增长。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一个重要推动力。包括微交易和游戏通行证在内的实时服务继续成为 EA 业务中更大的一部分。国际足联的成功是其中很大一部分，EA宣布每年有4个赛季的《战地2042》可以购买通行证。这应该会为游戏发布后的几年提供稳定的收入来源。宣布的战场门户网站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。新的危险区域模式增加了额外的内容，以及从塔科夫式的小队生存场景中逃脱。有一点是明确的——EA在《战地2042》上投入了更多的精力，并让它比过去几个系列游戏保持了两年多的趣味性。艺电证实这将是每隔一年发布一次，像战地传送门这样的东西可能会与多个版本合作。这些，再加上即将到来的新移动战场游戏，让我更加看好未来从《看涨期权》中分一杯羹。一些投资者可能会担心 2022 财年 74 亿美元的账单数量以及游戏延迟，但达到这一标准应该会在未来 12 个月内对该股产生非常显着的提振。</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>该公司还制定了一项重要的股票回购计划，有助于在任何下跌期间支撑该股。EA 去年回购了 9.76 亿股股票，略低于 360 亿美元总市值的 3%。预计未来几周将有更多重大的回购活动，由于《战地 2042》的延迟，该股再次下跌。EA 还支付每季度 17 美分的小额股息。虽然收益率约为 0.5%，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>艺电继续试图在移动领域赶上动视暴雪等竞争对手。今年早些时候，艺电已经收购了Glu Mobile，以扩大他们不断增长的休闲手机游戏业务。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，在疫情的强劲时期，Golf Clash创造了令人印象深刻的1.328亿美元的收入。对于一款拥有非常强大且不断增长的用户群和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。EA正在考虑与Playdemic进行长远合作，Playdemic可能会在未来几年开发EA稳定的其他知识产权。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。2021年，EA的移动业务将比2019年增长16%，但他们将继续在这一领域大力投资。休闲游戏有一个非常长的尾巴，并且是最赚钱的游戏之一，因为与游戏创作相关的运营费用较低。EA还宣布，他们正在为流行的Apex Legends大逃杀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在其手机游戏《使命召唤看涨期权》上取得成功之后，而且他们还没有将许多手机游戏的特许经营权货币化。对于 EA 来说，这是一个真正将移动业务发展为业务一部分的机会，去年移动业务仅占预订量的 13.5%。然而，移动设备的增长率将在第一财季加速至 20%，并可能在未来几年提供巨大的推动。</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。该股一直在逼近 150 点的历史高位，当它突破上行空间时，应该会出现大幅上涨。它的交易价格非常便宜，远期市盈率为 16 倍，这使其在当前市场上具有接近价值的股票地位。任何额外的封锁或限制对 EA 来说也是有利的，因为许多年轻人继续在游戏上投入巨资。EA通过收购和使用现有知识产权，专注于移动类别的弱点，为自己的长期定位做好了良好的准备。EA 在移动领域明显落后于其主要竞争对手，但 2021 年采取的举措将在未来几年带来丰厚的红利，股东可能会从中受益。</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":3159,"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":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/862802910"}
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