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Live Nation Entertainment Inc LYV

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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

Live Nation Flywheel Starting To Spin Again; Pipeline for 2022 and Beyond Appears Robust

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Live Nation’s quarterly results rebounded versus last year but remain well below pre-pandemic levels. With more widespread vaccinations, management’s focus on this summer as the start of a “return to scale” for concerts and festivals appears to be coming true despite the lingering threat of new lockdown restrictions due to the spread of the Delta variant. We maintain our narrow moat and plan to raise our $72 fair value estimate to account for the stronger 2022 pipeline.

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Company Profile

Business Description

Live Nation is the largest live entertainment firm in the world with over 570 million fans served in 44 countries in 2018 by the company's concert and ticketing platforms. Via either owning, operating, or holding exclusive booking rights, Live Nation controls over 235 venues including the House of Blues, the Hollywood Palladium, and Spark Arena in New Zealand. Live Nation also owns one of the largest ticketing services, Ticketmaster, which sold over 480 million tickets for over 12,000 clients in 2018. The firm's artist management agencies have over 400 clients. This large live entertainment footprint helped Live Nation become one of the largest advertising and sponsorship platforms aimed at music fans. Liberty Media owns 33% of Live Nation, held under its SiriusXM tracking stock.

Contact
9348 Civic Center Drive
Beverly Hills, CA, 90210
T +1 310 867-7000
Sector Communication Services
Industry Entertainment
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 8,200

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