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Alerts
With the suspension of all sporting events and shows, this had an obvious effect on the revenue stream for both MSG Sports Corp. (MSGS) and MSG Entertainment Corp (MSGE). However, with esports the next leg of growth for MSGS and MSGE building the futuristic venue in Las Vegas, The Sphere, we see the current discount to their asset based valuation (MSGS - highly-valued NY Knicks and Rangers and MSGE’s legendary venues) an opportunity for investors to enter.
14 May 2020
Alerts
Modern Times Group’s (MTGB SS) recent 1QFY20 earnings came in again lower than expectations. Longer-term, MTGB still has positive catalysts with either the sale or the US listing of its online gaming segment. However, with the potential near-term pressure on the stock and the removal of company guidance for the rest of its FY20E, we’ll be exiting MTGB from our Model Portfolio.
05 May 2020
Alerts
Madison Square Garden Sports Corp. (MSGS, Parent) and Madison Square Garden Entertainment Corp. (MSGE, Spinoff) completed their first day of separated trading yesterday (April 20, 2020), with shareholders of the combined entity seeing a one-day return of +4.4% compared to the S&P 500 Index return of -1.8%. Both companies are trading at discounts to their asset valuations, providing attractive entry levels for investors not yet involved.
21 April 2020
Alerts
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.
14 April 2020
Alerts
As markets are moving, The Edge will be increasing positions in the Model Portfolio. Madison Square Garden Co. (MSG), despite the suspension of the NBA season, displays material value at these levels. With a Form 10 just released, we will have a full update on Monday. In the meantime, we add 1% to the Model Portfolio.
12 March 2020
Alerts
To take advantage of the market's recent movements, we're adding to our positions in IAC/InterActiveCorp. (IAC), The Madison Square Garden Co. (MSG) and United Technologies Corp. (UTX) ahead of their respective Spinoffs. Our fundamentals for these break-ups remain intact (and we are in the process of updating our MSG analysis with the recent Form 10), and warrant increases to their Model Portfolio positions. See the links below for more details and respective analyses/alerts.
10 March 2020
Alerts
To take advantage of the market's recent movements, we're adding to our positions in IAC/InterActiveCorp. (IAC) and United Technologies Corp. (UTX) ahead of their respective Spinoffs. Our fundamentals for these break-ups remain intact, and warrant increases to their Model Portfolio positions. See the links inside for more details and respective analyses.
28 February 2020
Alerts
While Modern Times Group MTG AB (MTGB SS) saw a -3% drop the day after its Q4FY19 and FY19 earnings report on February 6, 2020, the company still has positive catalysts ahead. The earnings drop was primarily due to a fallen-through partnership with Tencent-backed Huya, Inc. (China's game stream leader); however, two potential catalysts for MTGB include a US listing (which the management has been mulling over) and the sale of the online gaming segment. Read on for more.
10 February 2020
Alerts
Last week’s earnings will be the last earnings release that Madison Square Garden Co. (MSG) will report as a combined entity as it is expected that the Spinoff of MSG Entertainment will take place by the end of March 2020, leaving MSG Sports as the RemainCo. While there is still no Form 10 out yet, it is likely the prospectus will be out either this week or next, after which we will be updating our Full Analysis.
10 February 2020
Alerts
IAC/InterActiveCorp (IAC) has positioned itself as somewhat of an "anti-conglomerate," in that it distributes its stakes in subsidiaries to shareholders once they achieve scale and maturity targets and are able to continue their growth independently. This is now the case with Match Group, Inc. (MTCH), which will see IAC's 80.2% stake hit the market through a Spinoff to shareholders. IAC's long history of value creation using this strategy is elaborated on inside, along with MTCH's own details.
30 January 2020