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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 Posts Strong Q2; 2021 Schedule Could Be Affected by Delta Variant

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Formula One reported another strong quarter, as second-quarter revenue and EBITDA beat versus FactSet consensus. F1 ran seven races during the quarter compared with none a year ago, as the front half of 2020 was wiped out because of the coronavirus pandemic. The ongoing lockdown restrictions have already forced one race to be moved from Montreal to Istanbul, and the Singapore Grand Prix was canceled. Given varying levels of vaccination rates and recent outbreaks of the delta variant, we think more races could be moved or canceled during the 2021 season. We are maintaining our narrow moat rating and $37 fair value estimate.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 3,690

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