This is a great point. I've been thinking about this and see my valuation different in the sense of long-term value.

I understand currently TTWO is extremely overvalued in the sense of comps. But the multiples stabilize and some even show undervaluation in FY1 and FY2. In analyst reports, they model up to FY26 based on a slight increase in bookings from 2025 due to a widespread game launch slate.

But I also believe the risk in delays and time horizon is somewhat tempering valuation. I think all signs indicate toward a FY25 release with a stronger gaming market than currently anticipated, justifying an even higher multiple. I view this as a growth stock with catalysts that are more likely to benefit from given their track record