Formula One Likely to Benefit From Durable, Visible Business Model, BofA Says

MT Newswires Live04-01

Formula One (FWONK) will likely benefit from its highly durable and visible business model amid the current volatile macroeconomic and geopolitical backdrop, BofA Securities said in a note Wednesday.

Also, given wider concerns linked to AI disintermediation in the media and entertainment sector, the live sports space and Formula One specifically are "more insulated from these risks," the note said.

With Formula One trading at 21 times BofA's 2027 free cash flow estimate, the "risk/reward skews favorably" and recent stock underperformance reflects previous concerns like a new US media rights deal, and the pace of margin expansion, among others, the investment firm said.

The company's shares also have a valuation floor due to historical press reports indicating potential buyer interest in F1, the note said.

BofA added that recent cancellations and postponements of F1 and MotoGP events in the Middle East due to the conflict in the region introduce "near-term fundamental pressure" but will likely not affect the long-term value of the business.

BofA upgraded Formula One to buy from neutral, while keeping the company's $105 price target.

Price: 86.49, Change: +1.47, Percent Change: +1.73

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