FWONK

Liberty Media Corp. - Ordinary Shares (New Liberty Formula One) Series C

TMT


Presented:08/09/2024
Price:$73.75
Cap:$17.31B
Current Price:$79.90
Cap:$18.87B

Presented

Date08/09/2024
Price$73.75
Market Cap$17.31B
Ent Value$18.52B
P/E Ratio73.79x
Book Value$27.77
Div Yield0%
Shares O/S234.67M
Ave Daily Vol1,338,574
Short Int2.42%

Current

Price$79.90
Market Cap$18.87B
Liberty Media Corp. engages in the media and entertainment industries. It operates through the following segments: Sirius XM Holdings, Formula 1, and Other. The Sirius XM Holdings segment focuses on operating two complementary audio entertainment businesses, Sirius XM and Pandora and Off-platform. The Formula 1 segment is involved in the global motorsports business that holds exclusive commercial rights with respect to the world championship, an annual, motor race-based competition. The company was founded on March 28, 1991, and is headquartered in Englewood, CO.

Publicly traded companies mentioned herein: Liberty Formula One (FWONK)

Highlights

The presenter is long shares of Liberty Formula One (FWONK), which has traded roughly flattish since the start of 2023. The stock had fallen off investors’ radar and the multiple compressed after viewership faltered due to a lack of competitive parity (Red Bull’s Max Verstappen won 19 of 22 races last year). This year has been more competitive, with Verstappen winning just half of the races thus far, leading to an improvement in ratings and viewership trends. Looking forward, the presenter sees several positive catalysts across its various revenue channels (race promotion fees, media rights, sponsorships), and underwriting a 22.5x valuation on his 2026 FCF (15% above consensus) creates a $97 share price target. 

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Idea Discussion

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