Modern Marvel: Why MW2 is only the beginning for all-conquering Activision


So we all know that Modern Warfare 2's arrival this week has propelled its brand and developer into the straosphere - but what do the successes mean for parent firm Activision? Lazard Capital Markets analyst Colin Sebastian offers a look at the future potential of the publisher…

Our positive investment thesis on Activision Blizzard is based primarily on: 1) the cyclical growth of the overall video game industry; 2) the ability of well capitalised publishers to take advantage of diversifying revenue streams, such as downloadable content; and 3) industry-leading margins associated with both wholly-owned key Blizzard franchises (e.g., World of Warcraft, StarCraft, Diablo) and standalone Activision franchises (eg. Call of Duty). We believe the product roadmap presented by management, and track record of operational execution, provide solid visibility for positive momentum and earnings growth in 2009 and 2010.

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