- SONY has risen from roughly $19 to $26, but the author says GTA 6 remains underpriced; most of the move reflects defensive rotation, Spider-Man, and image-sensor developments.
- The author is holding through earnings, looking for gaming guidance to include GTA 6 revenue and profit; current guidance includes no uplift, while recent gaming growth largely reflects last year’s impairment.
- Billions in pre-orders and early PS5 demand could support a guide raise; management may also raise console prices to offset scarce memory, though consoles themselves carry no profit.
Investment pitches
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68 61 - Author argues SONY gets roughly a 30% cut of GTA 6 sales across its 70%+ console share, yet forecasts price in no GTA 6 earnings growth this year.
- Gaming contributes about 40% of conglomerate earnings, entirely from digital sales, add-ons, microtransactions, and PSN subscriptions—not hardware—making the exposure high margin.
- Launch sales through March 2027 are the near-term uplift; GTA Online in 2027 could extend it through add-on content and PSN subscriber growth, with GTA V still a top PS5 game.
- At 17x forward P/E and roughly 17% projected earnings growth, the author expects a mid-20s platform multiple versus 25x in November 2025, supporting a new ADR high and aggressive low-IV options positioning.