Formula One Beats 1Q Expectations; We Remain Skeptical About 2020 Race Schedule
Formula One Group started off 2019 on a strong note as revenue and adjusted EBITDA both beat consensus and our expectations for the first quarter. Management provided an update on the 2020 season which previously was missing five 2019 races. F1 now expects to have 21 races on the schedule for 2020, in line with 2019. We have updated our model to include the expected return to the Netherlands, increasing our projected 2020 race schedule to 20 races. As a result, we are raising our fair value esti...
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