Analyst Note| Neil Macker, CFA |
Formula One reported a strong start to 2021 as revenue and operating income beat versus the Visible Alpha consensus. F1 ran one race in the quarter versus none a year ago as the front half of 2020 was wiped out due to the pandemic. The ongoing lockdown restrictions have already forced one Gran Prix to be moved from Montreal to Istanbul. Given varying levels of vaccination rates and recent outbreaks, we think that more races are likely be moved during the 2021 season. We are maintaining our narrow moat rating and $37 fair value estimate.