Author Topic: MSG - The Madison Square Garden Company  (Read 9528 times)

Gregmal

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Re: MSG - The Madison Square Garden Company
« Reply #20 on: June 27, 2018, 03:49:02 PM »


no_free_lunch

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Re: MSG - The Madison Square Garden Company
« Reply #21 on: August 22, 2018, 07:38:58 PM »
I have no position but came across this link.  Just want to post the numbers in case there is a sell off.

Quote
Imperial Capital's David Miller initiated coverage of Madison Square Garden with an Outperform rating and $372 price target.

The Thesis

MSG boasts a unique attribute that makes the stock attractive, Miller said in a Tuesday note: it's an "asset aggregation story," and the value of all assets under its umbrella by default increase in value with economic growth.

Traditional valuation metrics like EBIT and EPS multiples are "generally irrelevant," and the stock should be valued based on a sum-of-the-parts model as follows, the analyst said:

    New York Knicks at $3.24 billion.
    New York Rangers at $1.56 billion.
    Entertainment business at $1.29 billion.
    Real estate (2.5 city blocks in Manhattan) at $1.22 billion.
    Air rights at $550 million.
    A "conservative" negative value to the NY Liberty, Counter Logic Gaming and Connecticut Whale franchises.
    Long-term debt of $104.3 million.
    Cash of $1.25 billion.
    Total asset value of $8.85488 billion, or $371.91 per share.

https://www.benzinga.com/analyst-ratings/analyst-color/18/08/12236711/madison-square-garden-trading-at-discount-to-intrinsic-

Gregmal

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