Morningstar - Liberty Media Corporation Series A Liberty Formula One (FWONA) Formula One Remains the Premier Motorsport Around the Globe; Launching Coverage with $29 FVE

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Morningstar

Neil Macker

EUR 100.00 For Business Accounts Only

Formula One Remains the Premier Motorsport Around the Globe; Launching Coverage with $29 FVE

We are launching coverage of Formula One Group with a narrow-moat rating, negative moat trend, and $29 fair value estimate. Our $29 fair value estimate for Formula One Group implies an enterprise value of 26 times 2019 EBITDA and 7% free cash flow yield.
The Formula One Group controls the exclusive commercial and promotional rights to the FIA Formula One World Championship series and the monetization of those rights is the primary business of the group. The firm is responsible for development an...

29/03/2019 13 EN

Underlying

Liberty Media Corporation Series A Liberty Formula One

Liberty Media owns interests in subsidiaries and other companies which are engaged in the media and entertainment industries. The company's businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc., which transmits music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services, and the Braves Holdings, LLC, which is engaged in television and radio broadcasting, ticket sales and advertising and corporate sponsorship, and its equity affiliate Live Nation Entertainment, Inc., which is a live entertainment company. The company also owns a portfolio of minority debt and equity investments in media companies, including iHeart Media, Inc.

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US5312298707 NASDAQ Stock Market United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Neil Macker

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Formula One Remains the Premier Motorsport Around the Globe; Launching Coverage with $29 FVE

Liberty Media Corp: 1 director

Vital Signs: Actionable charts

Vital Signs: Actionable charts

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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