![]() The entertainment business is led by chairman and CEO James Dolan while the sports business is run by CEO Andrew Lustgarten, who has been with MSG since 2014 and before that served as a vice president of the NBA. The spinoff was completed on April 17: MSGE had a market cap of $1.6 billion while MSGS had a market cap of $4.4 billion. The Madison Square Garden Company originally announced that its board of directors had approved the separation of its entertainment and sports businesses in November 2019. Gabelli has a net worth of $1.6 billion, according to Forbes’ estimates. Based on current market prices, that amounts to an $88 million stake in MSGE and a nearly $185 million stake in MSGS. Gamco, which is run by billionaire investor Mario Gabelli-who has for years been a fan of Madison Square Garden stock, owns about 1.1 million shares in each company. “There’s lots of pent-up demand for those games once they come back.” Tangent Exit the station, and then walk one block west to Seventh Avenue. You can also take the to 34 St-Herald Square, which stops at 34th Street and Sixth Avenue. Follow the signs within each station to Madison Square Garden. “As was demonstrated by ratings for the NFL draft, there’s a hunger for sports that isn’t going away,” Marangi says. The and trains stop at 34 St-Penn Station, directly below the arena. Investment researcher Morningstar puts MSGE at a 29% discount from fair value and MSGS at a 13% discount. ![]() The Edge puts its base case price targets for MSGE and MSGS at $95 per share and $206 per share, respectively. Wall Street analysts are bullish on both stocks: 91% assign a “buy” rating for MSGS while 100% assign a “buy” rating for MSGE, according to Bloomberg data. Since then, shares of MSGE have jumped nearly 24% to around $80 per share, while MSGS is largely flat, at $168 per share. ![]() The two companies started trading under separate tickers on April 20. In addition to revenue potential from the Sphere, “you get the value in the Garden itself,” he argues, which includes everything from live events to air rights-worth north of $500 million, according to Osman. The Sphere is a “unique asset,” Marangi says, but at the moment, “the market is giving MSGE no credit for that asset.” In fact, investors are worried coronavirus shutdowns could affect construction, and they’re also concerned about the long-term impact of crowded venues and event spaces in the age of social-distancing.
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