Analyst Note| Neil Macker |
Formula One ended 2022 with an in-line fourth quarter. The finalized 2023 schedule now includes 23 races to be held between March and November as the China Grand Prix has been canceled for the fourth year in a row. We believe that the race will return in 2024 and that F1 will add one more race to bring the schedule to 25 races. While the current cap is 24 races, we expect that race teams will be willing to add another race if the price and location are right. Management remains positive about the progress toward holding the inaugural Las Vegas race later this year. We are raising our fair value estimate to $55 from $49 to include higher contributions from the Miami and Las Vegas GP.