Endeavor Group Holdings (EDR), mcap=$6.4bn, price $22.05 vs $21.48

EDR pitch:
– Collection of high-quality sports and entertainment assets that the market is substantially undervaluing at current prices.
– Unique and durable assets will provide downside protection in a difficult economic environment.
– Upside potential if the market starts appreciating the value of EDR assets or the company takes steps to improve valuation – including enhanced disclosures on individual assets or even making divestments.
– A position is also a cheap way to get exposure to increasing valuations in sports and significant demand for content and live event rights.

EDR valuation:
– SOTP analysis results in $21/share to $32/share targets in the low and high scenarios.

Exp. gain: +50% to $32/share.

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