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MSGS - Madison Square Garden Sports Is Trading At Less Than 60% Of Asset Value
Madison Square Garden Sports Corp. Class A (New)
MSGS provides an opportunity to own two of the most valuable trophy assets in the world.
Near-term headwinds have scared off a significant portion of the investor base, but the long-term asset value of the Knicks and Rangers remains stable.
Using a sum-of-the-parts analysis, we estimate the fair value of MSGS at $260, a 75% premium to Friday’s closing price.
The current situation is an opportunity to take advantage of the Street’s short-sighted nature. MSGS is a compelling opportunity for patient, value-centric investors.