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EDR - Endeavor Group IPO: Has Financial Risk But Undervalued
Education Realty Trust Inc.
Endeavor Group (EDR) acquired small competitors at more than 2.4x sales and expected to sell shares at 1.95x. We see a buying opportunity at that mark. The company’s financial risk explains the low valuation. With that, in our view, once the company reduces its debt, its EV/Sales should increase significantly. This name is not risk-free. Notice that it is a controlled entity, and the Board of Directors may not be independent.