Thesis
Liberty Braves Group (NASDAQ: BATRK) is a unique business, consisting of both the Atlanta Braves baseball franchise as well as a real estate development in the surrounding area. When the company's baseball team and real-estate development are valued separately, the entire business is conservatively worth at least 40% above its current share price.
Introduction
Liberty Braves Group is one of three businesses owned by John Malone’s Liberty Media, the others being Formula 1 and SiriusXM. Each business has its own tracking stock. The Series B tracker for the Braves (BATRB) doesn’t trade