Spinoff Report
MSGS & MSGE: Earnings as Expected, Clear Entry to Iconic and Trophy Assets
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.
  • Recommend Taking Advantage of Current Lower Levels (Both MSGS and MSGE)
  • MSGE Up By 17% Since First Day / Still Trading at 50% Discount to its Asset Based Valuation of $3.9bn
  • Sale of The Forum for $400m Completed / The Sphere, Las Vegas, Will Bring Revenue Growth at MSGE Post FY22E
  • MSGS: Trophy Assets Play / Trading at a 35% Discount / e-Sports to Unlock Next Growth Phase
  • MSGS and MSGE are Current Model Portfolio Holdings
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