The Concert Flywheel Keeps Spinning for Live Nation; Launching Coverage With $62 Fair Value Estimate
We are launching coverage of Live Nation with a narrow moat rating, stable trend, and $62 fair value estimate. Our $62 fair value estimate for Live Nation implies an enterprise value of 18 times 2019 adjusted EBITDA and a 3% free cash flow yield.Live Nation is highly focused on live entertainment at venues ranging from intimate clubs to large stadiums. The firm controls over 235 concert venues that hosted almost 35,000 events and nearly 93 million fans in 2018. Ticketmaster, the firm’s ticketin...
Live Nation Entertainment is a live entertainment company. The company's segments are: Concerts, which involves the global promotion of live music events, the operation and management of music venues, the production of music festivals, the creation of associated content and the provision of management and other services to artists; Ticketing, which is an agency business that sells tickets for events on behalf of its clients and retains a fee, or service charge, for these services; and Sponsorship and Advertising, which employs a sales force that creates and maintains relationships with sponsors that allow businesses to reach customers through its concert, festival, venue and ticketing assets.
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.
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