"We think there's a tremendous opportunity to invest in the future of entertainment," he said. "Currently trading at $72.50, MSGE is still trading at a huge 55% discount to its net asset-based valuation of $3.9bn, as MSGE's market cap is now $1.7bn."
"Following this reopening, we expect MSGE to narrow the huge 55% valuation gap not only due to resuming its hosting of sporting events but also looking ahead to the future of 'The Sphere', which has the potential to be the next major hub of concerts, e-sports and gaming events," he said. "Therefore, we recommend investors to enter MSGE to see the long-term benefits of these catalysts.
He continued, "Additionally, Barry Diller's potential holding of ~5% in MTCH after the distribution is another key positive, which will enable the company to constantly pursue value for its shareholders. In hindsight, Mr. Diller has maintained a stake in some of his spun-off entities like Expedia Group, Inc. , benefiting from its share price returns of +285% compared to the SPX return of +153.5% to date.
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