Liberty Braves Group
g.research, LLC August 20, 2018 One Corporate Center Rye, NY 10580-1422 g.research, LLC Tel (914) 921-5150 www.gabellisecurities.com Liberty Braves Group (BATRA - $26.41 - NASDAQ) 20 Year Old Ronald Acuna Jr. and 21 Year Old All-Star Ozzie Albies Source: Bleacher Report, research, LLC Playoff Push John Tinker g.research, LLC 2018 (914) 921-8348 -Please Refer To Important Disclosures On The Last Page Of This Report- g.research, LLC One Corporate Center g.research, LLC August 20, 2018 Rye, NY 10580-1422 Tel (914) 921-5150 www.gabellisecurities.com Liberty Braves Group (BATRA - $26.41 - NASDAQ) Playoff Push - Buy Year EBITDA EV/EBITDA PMV Dividend: None Current Return: Nil 2020P $90 20.9x $43 A Shares 10.2 million 2019P 88 21.5 42 B Shares 1.0 " 2018E 76 24.9 37 K Shares 48.8 " 2017A 7 NM 34 52-Week Range: $27.02 - $21.35 COMPANY OVERVIEW The Atlanta Braves were founded in 1871 and are the oldest continuously operating professional sports franchise in US. The Liberty Braves Group moved to the new 41.5K seat SunTrust Park, Cobb County from Atlanta in February 2017. Liberty Media Corporation recapitalized the Atlanta Braves as a tracking stock in April 2016 along with Liberty SiriusXM and Liberty Formula One. Assets include the Major League Baseball team, the Atlanta Braves, the Atlanta Braves' stadium and the Battery real estate project. The Battery Atlanta is a 46 acre mixed use development with residential and commercial property which feeds off the stadium (16 acres) on 82 acres with initial completion in 2018 and 20 acres to be completed by 2022.
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