Take-Two: Moaty Video Game Publisher with Excellent Management

Hunter Hayes of Intrepid Capital Management presented his in-depth investment thesis on Take-Two Interactive Software (US: TTWO) at Wide-Moat Investing Summit 2019.

Thesis summary:

Take-Two Interactive Software is a popular video game publisher with a wide moat, substantial growth opportunities, and excellent management. The company owns or licenses the intellectual property behind some of the best-selling entertainment series of all time, including Grand Theft Auto, Red Dead Redemption, and NBA 2K. The company has a $12.5 billion market cap, but net cash of $1.6 billion gives it an enterprise value of under $11 billion. The stock recently traded at $110 per share, which Hunter views as an attractive discount for a company with $15 per share in cash and the potential to generate $10 per share in FCF in the next few years.

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About the instructor:

Hunter Hayes is a Portfolio Manager at Intrepid Capital Management. Prior to joining Intrepid Capital, he was an Associate on the High Yield team at Eaton Vance and a Consultant at Deloitte Advisory. Mr. Hayes graduated from Auburn University with a BS BA degree in Finance and a BM degree in Piano Performance. Besides his passion for value investing, Hunter is also an avid runner and recently finished his first Boston Marathon.