Fernand

Initial Q3 Earnings Projections for $GME The last month of Q3 (October) just came to an end so the data for the whole quarter is incomplete, but here are my initial projections having complete numbers for August and September. Will update when October sales numbers become available. Linking my August and September market reports in the comments. - Collectibles: ~$380-395M - Video Games: ~$255-270M - Pre-owned + Refurbished: ~$175-190M Total Revenue: ~$810-855M - Operating Income: ~$149-164M - Dividend and Interest Income: ~$60-75M - $BTC mark-to-market unrealized gain: $65-71M (assuming full position is intact) - $EBAY mark-to-market unrealized gain: ~$331M Total Net Income: ~$605-641M - GAAP diluted EPS: ~$1.01-1.07 - GAAP basic EPS: ~$1.25-32 - Adjusted non-GAAP diluted EPS: ~$0.25-30 - Adjusted non-GAAP basic EPS: ~$0.31-0.37 - Adjusted net income: ~$148-179M - Adjusted EBITDA: ~$165-185M This would be a third quarter in a row with record breaking earnings for GameStop! My current base-case valuation for GameStop is $32 per share (~$16B market cap), using net asset value and a standard (for their industry) 15x P/E multiple on their trailing twelve month earnings. Q3 if anywhere near my projections would update that to be slightly higher.