Analyst Note| Neil Macker, CFA |
Live Nation’s quarterly results fell severely once again due to the ongoing lockdown restrictions in almost all of the firm’s major markets. With vaccinations becoming more widespread in the U.S. and Europe, management continues to focus on this summer as the start of a “return to scale” for concerts and festivals. The firm remains uninterested in holding concerts with severe capacity constraints such as the current 10% limit in New York City. Rather, Live Nation is waiting for limits that allow 50% capacity or more. We are maintaining our narrow moat and $72 fair value.