SiriusXM Retains Its Spot in Cars Despite Streaming Competition; Launching Coverage with $5.30 FVE
We are launching coverage of Sirius XM Holdings with a narrow moat rating, stable moat trend, and $5.30 fair value estimate. Our $5.30 fair value estimate for Sirius XM Holdings implies 2019 price/earnings multiple of 24, an enterprise value of 13 times 2019 adjusted EBITDA, and a 6% free cash flow yield.Sirius XM Holdings consists of two businesses: SiriusXM and Pandora. SiriusXM transmits music, talk shows, sports, and news via its two satellite radio networks, primarily to consumers in vehic...
Sirius XM Holdings operates two complementary audio entertainment businesses through its wholly owned subsidiary, Sirius XM Radio Inc. (Sirius XM) and Sirius XM's wholly owned subsidiary, Pandora Media, LLC (Pandora). The company's Sirius XM business features music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services, on a subscription fee basis. The company's Pandora business operates a music, comedy and podcast streaming discovery platform, providing a personalized experience for each listener wherever and whenever they want to listen, whether through mobile devices, car speakers or connected devices.
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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