MeritValue

Playtika Holding Corp.

PLTKdata completeness 100%8 fiscal years on file
The thesis, from the filings

Playtika Holding Corp. earns about 7% on invested capital, below its ~9% cost of capital, and has bought back 9% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.48 and $8.61 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.58B1$2.62B2$2.57B3$2.55B3$2.76B3
Net income$308.5M4$275.3M5$235M6$162.2M6−$206.4M6
Operating cash flow$551.7M7$493.7M8$515.6M9$490.1M9$567.7M9
Capital expenditure$47.4M10$68.3M11$32.6M12$40.9M12$36.3M12
Free cash flow (derived)$504.3M7$425.4M8$483M9$449.2M9$531.4M9
Total debt$4.86B13$4.85B14$4.83B15$4.8B16$4.78B16
Cash & equivalents$1.02B17$768.7M18$1.03B19$565.8M20$684.2M20
Diluted shares411.0M401.6M366.8M372.1M375.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$10.95
your share of equity
Profit it earned you last year
−$5.49
Free cash flow it threw off
$14.14
Debt you’d be carrying
$127.15

10 shares is a claim on −$10.95 of net worth that earned you −$5.49 and generated $14.14 of cash last year, against $127.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 12%FY22 10%FY23 9%FY24 6%FY25 -1%

It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−9% shares · 5y

Share count is down 9% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $6.48 and $8.61 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$7.93
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.4%
  • fcfBase$483M
DCF · Growth Exit 5Y
$8.61
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.4%
  • fcfBase$483M
Earnings Power Value
$6.48
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$235M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.4%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $8.61
The three cases
Bear0.0%$7.47
Base1.4%$8.61
Bull6.4%$13.29

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 1.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001828016-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001828016-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001828016-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001828016-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001828016-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001828016-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001828016-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001828016-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001828016-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001828016-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001828016-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001828016-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001828016-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001828016-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001828016-25-000011 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001828016-26-000010 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001828016-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001828016-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001828016-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001828016-26-000010 (CashAndCashEquivalentsAtCarryingValue)