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Liberty Formula One Group C FWONK

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Formula One Reports Strong 3Q; 2022 Schedule Features a Record 23 Races and New GP in Miami

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Formula One posted strong third-quarter results as revenue and EBITDA handily beat FactSet consensus estimates. Formula One ran seven races in the quarter versus 10 a year ago as the pandemic forced a condensed schedule in 2020. The 2022 schedule will run for a record 23 races with Miami joining and China sitting out for another year. While the addition of another Gran Prix in U.S. should be positive for the firm, a three-year absence in China is less than ideal given the importance of the market to long-term growth. We are maintaining our narrow moat rating and expect to raise our $37 fair value estimate to account for longer Formula One schedules in 2022 and beyond.

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Company Profile

Business Description

Liberty 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. Formula One Group is a subsidiary of Liberty Media Corporation, which purchased the firm in January 2017. Formula One stock is a tracking stock for the assets under Formula One Group with Liberty Media.

Contact
12300 Liberty Boulevard
Englewood, CO, 80112
T +1 720 875-5400
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 3,690