Seaport Global Securities Starts Liberty Media Corp. (LLYVA) at Buy, 'NAV Discount is almost inexplicably wide'

Seaport Global Securities analyst David Joyce initiates coverage on Liberty Media Corp. (NASDAQ: LLYVA) with a Buy rating and a price target of $56.00.

The analyst comments "We are initiating coverage of the Liberty Live tracking stock with a Buy rating and $56 PT, which represents a 10% discount to the average of its attributed current-price and LYV-price-target-based NAVs. LLYVA/K shares represent Liberty Media's 30% ownership stake in Live Nation Entertainment (LYV, Buy, PT $104), plus a small set of public and private assets and ~$820MM of net debt. With this tracker trading at a~37.5% discount to NAV based on LYV's current trading levels, and a 42% discount when using our $104PT for LYV, we think this negative-enterprise-value situation is an unusually attractive opportunity for long-term investors who like the underlying trends supporting growth at LYV (including but not limited to: strong supply and demand globally for concerts; a best-in-class ticketing platform that can still be rolled out to most geographies around the world; capturing more marketers' advertising budgets as they continue to shift to sponsorship opportunities to engage with consumers; growing its global venue platform that can drive multiple revenue streams)."

For an analyst ratings summary and ratings history on Liberty Media Corp. click here. For more ratings news on Liberty Media Corp. click here.

Shares of Liberty Media Corp. closed at $33.16 yesterday.

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