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Liberty Formula One Group A FWONA

Morningstar Rating
$66.33 +0.39 (0.59%)
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Company Report

Liberty Formula One Earnings: Record Attendance Drives Strong Results

Formula One posted a strong finish to the year and 2023 F1 season. Race attendance increased 5% to a record 6 million for the year, supporting 63% year-over-year revenue growth during the fourth quarter. Operating costs increased 76% due in part to startup expenses associated with the debut of the Las Vegas Grand Prix. Adjusted operating income before depreciation and amortization increased 22%, driven by increases across race promotion, media rights, and sponsorship revenue. While the debut in Vegas was marred by technical issues and failed to sell out, the three races in the United States should keep expanding the fan base among Americans, a significant concern for management in 2024. The two additional races in the 2024 F1 season, including adding Madrid as a race location, should bolster F1 viewership and increase revenue.

Price vs Fair Value

FWONA is trading at a 10% premium.
Price
$66.25
Fair Value
$68.00
Uncertainty
Medium
1-Star Price
$28.00
5-Star Price
$76.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The Formula One Series remains the premier motorsport across the world.

Bears

Hosting fee growth looks unmaintainable with promoters pushing on the current fee levels.

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News

Trading Information

Previous Close Price
$65.94
Day Range
$65.8666.83
52-Week Range
$55.0869.48
Bid/Ask
$65.90 / $66.33
Market Cap
$15.56 Bil
Volume/Avg
116,431 / 100,766

Key Statistics

Price/Earnings (Normalized)
40.01
Price/Sales
4.82
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.62%

Company Profile

Formula One Group controls the exclusive commercial and promotional rights to the FIA Formula One World Championship series, and the monetization of those rights is the primary business of the group. The firm is responsible for development and promotion of the Formula One race series in concert with its three partners: the FIA (the regulatory body), the teams that participate in the series, and the series' commercial partners, which include the race promoters, broadcasters, sponsors, and advertisers. The F1 schedule in 2023 will encompass 23 races held on five continents. Formula One Group is a subsidiary of Liberty Media, which purchased the firm in January 2017. Formula One stock is a tracking stock for the assets under Formula One Group with Liberty Media.
Sector
Communication Services
Industry
Entertainment
Stock Style Box
Mid Growth
Total Number of Employees
6,400

Competitors

Valuation

Metric
FWONA
LYV
DIS
Price/Earnings (Normalized)
40.0150.1128.42
Price/Book Value
0.952.07
Price/Sales
4.821.002.34
Price/Cash Flow
6.2614.8916.55
Price/Earnings
FWONA
LYV
DIS

Financial Strength

Metric
FWONA
LYV
DIS
Quick Ratio
1.380.840.69
Current Ratio
1.670.960.84
Interest Coverage
2.062.883.37
Quick Ratio
FWONA
LYV
DIS

Profitability

Metric
FWONA
LYV
DIS
Return on Assets (Normalized)
3.93%4.24%4.22%
Return on Equity (Normalized)
6.49%8.71%
Return on Invested Capital (Normalized)
6.09%9.38%5.86%
Return on Assets
FWONA
LYV
DIS
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