LYV pitch:
– Live Nation Entertainment is the world’s largest live entertainment ticket seller.
– Company is emerging from a very difficult 2 year period that resulted in its revenue being cut by half.
– As COVID restrictions ease, there seems to be sufficient pent-up demand both from the consumer and the artist to suggest that market is mispricing LYV.
– Despite this, stock still trades around 2019 levels with the expected 2023 sales and EBITDA being 50% higher.
LYV valuation:
– LYV trades at 14x EBITDA versus estimated valuation of private peer at 21x.
– Using a 17.5x E2023 EV/EBITDA multiple gives a $95/share price target.
Exp. gain: 26%
Full write-up (free guest account required):
https://www.valueinvestorsclub.com/idea/LIVE_NATION_ENTERTAINMENT/0310137404