I know this may seem counter-intuitive, but some value cash at a discount as many believe companies do not handle cash well. (Enterprise value takes market cap + debt - cash). For instance, what if the company develops a failed franchise? TTWO launched Max Payne 3 earlier this year, a highly reviewed game (metacritic score of 86, keep in mind BO2 currently has a metacritic score of 84), yet the consumer demand just was not there.
I do not generally agree with those who discount cash, and I like a strong balance sheet, but needless to say many do.
That said, the cash makes very little difference in the valuation of ATVI. The driving factor is the success of Diablo 3 and the infinity ward write off which will add over 25 cents to this years earnings and the company has openly said these items will not contribute to 2013 and are one time items per the most recent conference call. I think it is safe to say that earnings will fall in 2013.