| Intrinsic Valuation of: TTWO | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -26 | Market Cap | $44B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $9B | |||||
| 2022 | $99M | - (-) | Net Income | $-4B | Total Debt | $3B | |||||
| 2023 | $-203M | -304.3% (-233.9%) | EBITDA | $-3B | Total Liab | $7B | |||||
| 2024 | $-158M | 22.3% (22.3%) | Opr Margin | -0.13 | Debt/Equity | 1.18 | |||||
| 2025 | $-215M | -36.0% (-29.1%) | PreTax Margin | -16.13 | BV/Share | -17 | |||||
| 5Y Average FCF | $-119M | -106.0% (-80.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $-124M | MBG Intrinsic Value | $-229 | ||||||||
| 2027 | $-129M | ||||||||||
| 2028 | $-134M | ||||||||||
| 2029 | $-139M | ||||||||||
| 2030 | $-145M | ||||||||||
| 2031 | $-151M | ||||||||||
| Terminal Value | $-3B | Net Worth/Share | $12 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $-3B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $-20 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $3B | WACC | 7.3% | -19 | -20 | -21 | -22 | -24 | |||
| Equity Value | $-4B | 7.4% | -19 | -19 | -21 | -22 | -24 | ||||
| Shares Outstanding | 182,887,008 | 7.4% | -18 | -19 | -20 | -22 | -23 | ||||
| 7.9% | -17 | -18 | -19 | -20 | -21 | ||||||
| DCF Intrinsic Value | $-20 | 8.4% | -17 | -17 | -18 | -19 | -20 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||