The Edge Group LLC - Madison Square Garden Entertainment Corp (MSGE) ... Upside in Discounted When-Issued Trading, MP Entry

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The Edge Group LLC

Alexander Korda

EUR 92.12 For Business Accounts Only

Upside in Discounted When-Issued Trading, MP Entry

Leading into this week's split between Madison Square Garden Sports Corp. (MSGS) and Madison Square Garden Entertainment Corp. (MSGE), which will trade independently post-Spin on Monday, April 20, we see significant upside in the current when-issued trading levels, and recommend investors to take advantage of this opportunity to own two strong brands: the highly-valued Knicks and Rangers sports teams and the legendary MSG venues business. Read on for our updated valuations.

Investors Recommended to Take Advantage of Current When-Issued Trading / Buy MSGS & MSGE
Q2 2020 Sale of The Forum Brings MSGE Additional Cash to Support Sphere Construction
Revenue Growth Expected from Sphere Las Vegas for MSGE Post-FY22E
Current When-Issued Levels (MSGS-W & MSGE-W) Provide Significant Valuation Discount Opportunity
MSG (Combined) is a Current Spinoff Model Portfolio Holding / MSGE-W Enters the Spinoff MP with a +3% Weighting at the End of Today's (April 14) VWAP

14/04/2020 2 EN

Underlyings

Madison Square Garden Entertainment Corp

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Madison Square Garden Sports Corp

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Provider

The Edge Group LLC

The Edge Group - Global Fundamental Catalyst Investing. The Edge provides investors with access to hidden corporate value from Global Special Situations using a pioneering approach to investments. Founded in 2005 by fund management and investment banking professionals to provide high quality, private equity-level research on Global Corporate Divestitures for the benefit of fundamental event-driven, growth and value-oriented investors in this difficult to track, but proven investment space.

The Edge will look to screen and analyze include Spinoffs; Reverse Morris Trusts; Squeeze Outs; Privatizations; Demutualization; Deep Discounted; Rights Issues; Rights Offering; Restructuring; Insider Purchases / Buying Change of Management / CEO Change; Deteriorating fundamentals; Post-Bankruptcy; Reorganization; Tender Offer; M&A Deals; Secondary Offering; Share Swap; Thrift Conversions; Share Buybacks; Activist; Mergers. All analyzed from a fundamental point of view.

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Analysts

Alexander Korda

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Upside in Discounted When-Issued Trading, MP Entry

Monthly LMI Update Independent Investment Research

THE EDGE HIGH CONVICTION IDEA: MSGE

Earnings as Expected, Clear Entry to Iconic and Trophy Assets

+20% Rally Since May 28 Entry, Revised Valuation Shows Further Upside

Significant Upside Ahead for Major Games Publisher

Industrials Stocks Exit the MP with 37% and 54% Returns

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