Added to YB: 2020-03-16
Pitch date: 2020-03-16
MSGS [bullish]
Madison Square Garden Sports Corp.
+72.7%
current return
Author Info
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Company Info
Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League.
Market Cap
$5.1B
Pitch Price
$136.20
Price Target
N/A
Dividend
N/A
EV/EBITDA
75.14
P/E
-215.01
EV/Sales
6.09
Sector
Entertainment
Category
special_situation
Madison Square Garden: MSGE Form 10, Corona Fears
MSG: Knicks & Rangers split from MSG Entertainment (MSGE) imminent. Teams worth ~$5B (20% discount to Forbes) alone. MSGE hard to value: iconic MSG arena (35yr team leases worth $1-1.5B), $1.66B MSG Sphere in Vegas (risky bet), Forum (dispute with Clippers, $200M+ value), 63% of Tao nightlife group, Christmas show, event bookings. $1.25B cash mostly funding Sphere. Dolan control concerning but assets valuable. Estimate $287/share for pre-split MSG. Virus fears provide opportunity as live events will return.
Read full article (8 min)