Intrinsic value of Manchester United Cl A - MANU

Previous Close

$19.95

  Intrinsic Value

$89.25

stock screener

  Rating & Target

str. buy

+347%

Previous close

$19.95

 
Intrinsic value

$89.25

 
Up/down potential

+347%

 
Rating

str. buy

We calculate the intrinsic value of MANU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.76
  30.50
  27.95
  25.66
  23.59
  21.73
  20.06
  18.55
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.83
  10.25
  9.73
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
Revenue, $m
  707
  923
  1,181
  1,483
  1,833
  2,232
  2,679
  3,176
  3,723
  4,317
  4,960
  5,649
  6,383
  7,162
  7,984
  8,849
  9,756
  10,705
  11,696
  12,728
  13,803
  14,921
  16,083
  17,292
  18,547
  19,851
  21,207
  22,617
  24,083
  25,609
  27,197
Variable operating expenses, $m
 
  734
  924
  1,148
  1,407
  1,702
  2,033
  2,400
  2,804
  3,244
  3,719
  4,178
  4,721
  5,297
  5,905
  6,545
  7,216
  7,917
  8,650
  9,414
  10,208
  11,035
  11,895
  12,788
  13,717
  14,682
  15,685
  16,727
  17,812
  18,940
  20,114
Fixed operating expenses, $m
 
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
Total operating expenses, $m
  608
  770
  961
  1,186
  1,446
  1,742
  2,074
  2,442
  2,847
  3,288
  3,764
  4,224
  4,768
  5,345
  5,954
  6,596
  7,268
  7,970
  8,705
  9,470
  10,265
  11,094
  11,955
  12,850
  13,780
  14,747
  15,752
  16,795
  17,882
  19,012
  20,187
Operating income, $m
  98
  153
  219
  297
  388
  490
  606
  734
  876
  1,029
  1,196
  1,425
  1,615
  1,817
  2,030
  2,254
  2,489
  2,735
  2,991
  3,259
  3,537
  3,827
  4,128
  4,441
  4,767
  5,105
  5,456
  5,822
  6,202
  6,597
  7,009
EBITDA, $m
  261
  323
  422
  539
  674
  827
  1,000
  1,192
  1,403
  1,633
  1,882
  2,148
  2,432
  2,734
  3,052
  3,387
  3,738
  4,105
  4,489
  4,888
  5,304
  5,737
  6,187
  6,655
  7,141
  7,646
  8,171
  8,717
  9,285
  9,876
  10,491
Interest expense (income), $m
  24
  24
  40
  58
  80
  106
  134
  167
  203
  242
  285
  331
  381
  434
  490
  550
  612
  678
  746
  818
  892
  970
  1,051
  1,135
  1,222
  1,313
  1,407
  1,505
  1,607
  1,712
  1,823
Earnings before tax, $m
  69
  129
  180
  239
  307
  385
  472
  568
  673
  787
  911
  1,094
  1,234
  1,383
  1,539
  1,704
  1,877
  2,057
  2,245
  2,441
  2,645
  2,857
  3,077
  3,307
  3,545
  3,792
  4,049
  4,317
  4,595
  4,885
  5,187
Tax expense, $m
  21
  35
  49
  65
  83
  104
  127
  153
  182
  213
  246
  295
  333
  373
  416
  460
  507
  555
  606
  659
  714
  771
  831
  893
  957
  1,024
  1,093
  1,166
  1,241
  1,319
  1,400
Net income, $m
  48
  94
  131
  174
  224
  281
  344
  414
  491
  575
  665
  798
  901
  1,009
  1,124
  1,244
  1,370
  1,501
  1,639
  1,782
  1,931
  2,086
  2,247
  2,414
  2,588
  2,768
  2,956
  3,151
  3,355
  3,566
  3,786

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  353
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,865
  1,971
  2,522
  3,170
  3,917
  4,769
  5,725
  6,787
  7,954
  9,225
  10,598
  12,070
  13,639
  15,303
  17,061
  18,909
  20,847
  22,874
  24,991
  27,197
  29,494
  31,883
  34,366
  36,948
  39,630
  42,418
  45,315
  48,327
  51,460
  54,720
  58,113
Adjusted assets (=assets-cash), $m
  1,512
  1,971
  2,522
  3,170
  3,917
  4,769
  5,725
  6,787
  7,954
  9,225
  10,598
  12,070
  13,639
  15,303
  17,061
  18,909
  20,847
  22,874
  24,991
  27,197
  29,494
  31,883
  34,366
  36,948
  39,630
  42,418
  45,315
  48,327
  51,460
  54,720
  58,113
Revenue / Adjusted assets
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
Average production assets, $m
  643
  839
  1,073
  1,348
  1,666
  2,029
  2,435
  2,887
  3,384
  3,924
  4,508
  5,135
  5,802
  6,510
  7,258
  8,044
  8,869
  9,731
  10,631
  11,570
  12,547
  13,563
  14,620
  15,718
  16,859
  18,045
  19,278
  20,559
  21,892
  23,279
  24,722
Working capital, $m
  -19
  -476
  -609
  -765
  -946
  -1,152
  -1,383
  -1,639
  -1,921
  -2,228
  -2,559
  -2,915
  -3,294
  -3,696
  -4,120
  -4,566
  -5,034
  -5,524
  -6,035
  -6,568
  -7,122
  -7,699
  -8,299
  -8,922
  -9,570
  -10,243
  -10,943
  -11,671
  -12,427
  -13,214
  -14,034
Total debt, $m
  612
  994
  1,459
  2,006
  2,638
  3,357
  4,166
  5,063
  6,049
  7,123
  8,283
  9,527
  10,853
  12,259
  13,744
  15,306
  16,944
  18,657
  20,445
  22,309
  24,250
  26,269
  28,368
  30,549
  32,815
  35,171
  37,619
  40,165
  42,812
  45,567
  48,434
Total liabilities, $m
  1,285
  1,666
  2,131
  2,678
  3,310
  4,029
  4,838
  5,735
  6,721
  7,795
  8,955
  10,199
  11,525
  12,931
  14,416
  15,978
  17,616
  19,329
  21,117
  22,981
  24,922
  26,941
  29,040
  31,221
  33,487
  35,843
  38,291
  40,837
  43,484
  46,239
  49,106
Total equity, $m
  581
  306
  391
  491
  607
  739
  887
  1,052
  1,233
  1,430
  1,643
  1,871
  2,114
  2,372
  2,644
  2,931
  3,231
  3,546
  3,874
  4,216
  4,572
  4,942
  5,327
  5,727
  6,143
  6,575
  7,024
  7,491
  7,976
  8,482
  9,008
Total liabilities and equity, $m
  1,866
  1,972
  2,522
  3,169
  3,917
  4,768
  5,725
  6,787
  7,954
  9,225
  10,598
  12,070
  13,639
  15,303
  17,060
  18,909
  20,847
  22,875
  24,991
  27,197
  29,494
  31,883
  34,367
  36,948
  39,630
  42,418
  45,315
  48,328
  51,460
  54,721
  58,114
Debt-to-equity ratio
  1.053
  3.250
  3.730
  4.080
  4.340
  4.540
  4.690
  4.810
  4.910
  4.980
  5.040
  5.090
  5.130
  5.170
  5.200
  5.220
  5.240
  5.260
  5.280
  5.290
  5.300
  5.320
  5.330
  5.330
  5.340
  5.350
  5.360
  5.360
  5.370
  5.370
  5.380
Adjusted equity ratio
  0.151
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  48
  94
  131
  174
  224
  281
  344
  414
  491
  575
  665
  798
  901
  1,009
  1,124
  1,244
  1,370
  1,501
  1,639
  1,782
  1,931
  2,086
  2,247
  2,414
  2,588
  2,768
  2,956
  3,151
  3,355
  3,566
  3,786
Depreciation, amort., depletion, $m
  163
  169
  202
  241
  286
  337
  394
  458
  528
  604
  686
  723
  817
  917
  1,022
  1,133
  1,249
  1,371
  1,497
  1,630
  1,767
  1,910
  2,059
  2,214
  2,375
  2,542
  2,715
  2,896
  3,083
  3,279
  3,482
Funds from operations, $m
  299
  263
  334
  416
  510
  618
  739
  872
  1,019
  1,179
  1,351
  1,522
  1,718
  1,926
  2,146
  2,377
  2,619
  2,872
  3,136
  3,411
  3,698
  3,996
  4,306
  4,628
  4,962
  5,310
  5,671
  6,047
  6,438
  6,845
  7,268
Change in working capital, $m
  22
  -111
  -133
  -156
  -181
  -206
  -231
  -256
  -282
  -307
  -331
  -356
  -379
  -402
  -424
  -446
  -468
  -490
  -511
  -533
  -555
  -577
  -600
  -623
  -648
  -673
  -700
  -727
  -757
  -787
  -819
Cash from operations, $m
  277
  375
  467
  572
  691
  823
  970
  1,129
  1,301
  1,486
  1,682
  1,877
  2,097
  2,328
  2,570
  2,823
  3,087
  3,362
  3,647
  3,944
  4,253
  4,573
  4,905
  5,251
  5,610
  5,983
  6,371
  6,775
  7,195
  7,632
  8,088
Maintenance CAPEX, $m
  0
  -91
  -118
  -151
  -190
  -235
  -286
  -343
  -407
  -477
  -553
  -635
  -723
  -817
  -917
  -1,022
  -1,133
  -1,249
  -1,371
  -1,497
  -1,630
  -1,767
  -1,910
  -2,059
  -2,214
  -2,375
  -2,542
  -2,715
  -2,896
  -3,083
  -3,279
New CAPEX, $m
  -246
  -196
  -234
  -275
  -318
  -362
  -407
  -452
  -497
  -541
  -584
  -626
  -668
  -708
  -747
  -786
  -825
  -862
  -900
  -938
  -977
  -1,016
  -1,057
  -1,098
  -1,141
  -1,186
  -1,233
  -1,281
  -1,333
  -1,387
  -1,444
Cash from investing activities, $m
  -184
  -287
  -352
  -426
  -508
  -597
  -693
  -795
  -904
  -1,018
  -1,137
  -1,261
  -1,391
  -1,525
  -1,664
  -1,808
  -1,958
  -2,111
  -2,271
  -2,435
  -2,607
  -2,783
  -2,967
  -3,157
  -3,355
  -3,561
  -3,775
  -3,996
  -4,229
  -4,470
  -4,723
Free cash flow, $m
  93
  89
  114
  145
  183
  227
  277
  334
  398
  468
  546
  616
  706
  803
  906
  1,015
  1,130
  1,250
  1,376
  1,508
  1,646
  1,789
  1,939
  2,094
  2,255
  2,423
  2,597
  2,778
  2,966
  3,162
  3,365
Issuance/(repayment) of debt, $m
  0
  389
  466
  547
  632
  719
  808
  897
  986
  1,074
  1,160
  1,244
  1,326
  1,406
  1,485
  1,562
  1,638
  1,713
  1,788
  1,864
  1,941
  2,019
  2,099
  2,181
  2,267
  2,356
  2,448
  2,545
  2,647
  2,755
  2,867
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  389
  466
  547
  632
  719
  808
  897
  986
  1,074
  1,160
  1,244
  1,326
  1,406
  1,485
  1,562
  1,638
  1,713
  1,788
  1,864
  1,941
  2,019
  2,099
  2,181
  2,267
  2,356
  2,448
  2,545
  2,647
  2,755
  2,867
Total cash flow (excl. dividends), $m
  102
  477
  580
  692
  815
  946
  1,085
  1,231
  1,384
  1,542
  1,706
  1,860
  2,032
  2,209
  2,391
  2,577
  2,767
  2,963
  3,165
  3,372
  3,587
  3,808
  4,037
  4,275
  4,522
  4,778
  5,045
  5,323
  5,613
  5,916
  6,233
Retained Cash Flow (-), $m
  -24
  -71
  -85
  -100
  -116
  -132
  -148
  -165
  -181
  -197
  -213
  -228
  -243
  -258
  -272
  -286
  -300
  -314
  -328
  -342
  -356
  -370
  -385
  -400
  -416
  -432
  -449
  -467
  -486
  -505
  -526
Prev. year cash balance distribution, $m
 
  346
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  753
  494
  592
  699
  814
  937
  1,067
  1,203
  1,345
  1,493
  1,632
  1,789
  1,951
  2,118
  2,290
  2,467
  2,649
  2,837
  3,030
  3,231
  3,438
  3,652
  3,875
  4,106
  4,346
  4,596
  4,856
  5,128
  5,411
  5,707
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  722
  452
  515
  575
  631
  680
  721
  752
  773
  783
  775
  763
  742
  711
  672
  627
  576
  522
  467
  411
  356
  303
  254
  209
  169
  134
  104
  79
  59
  43
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Manchester United plc is engaged in the operation of a professional football club together with related and ancillary activities. Its football operations primarily comprise various activities, such as its first team, reserve team, youth academy, global scouting networks and other operations, such as its sport science, medical and fitness operations at the Aon Training Complex. It operates in three sectors, including Commercial, Broadcasting and Matchday. Within the Commercial revenue sector, the Company monetizes its global brand through approximately three revenue streams, such as sponsorship; retail, merchandising, apparel and product licensing, and mobile and content. It monetizes the value of its global brand and community of followers through marketing and sponsorship relationships with international and regional companies around the world. It markets and sells sports apparel, training and leisure wear and other clothing featuring the Manchester United brand on a global basis.

FINANCIAL RATIOS  of  Manchester United Cl A (MANU)

Valuation Ratios
P/E Ratio 68.2
Price to Sales 4.6
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 105.7
Growth Rates
Sales Growth Rate 12.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.4%
Cap. Spend. - 3 Yr. Gr. Rate 14.3%
Financial Strength
Quick Ratio 50
Current Ratio 0
LT Debt to Equity 104.1%
Total Debt to Equity 105.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.2%
EBITDA Margin - 3 Yr. Avg. 35%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 30.4%
Eff/ Tax Rate - 3 Yr. Avg. 43.6%
Payout Ratio 58.3%

MANU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MANU stock intrinsic value calculation we used $707 million for the last fiscal year's total revenue generated by Manchester United Cl A. The default revenue input number comes from 2017 income statement of Manchester United Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MANU stock valuation model: a) initial revenue growth rate of 30.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MANU is calculated based on our internal credit rating of Manchester United Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Manchester United Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MANU stock the variable cost ratio is equal to 81.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $35 million in the base year in the intrinsic value calculation for MANU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Manchester United Cl A.

Corporate tax rate of 27% is the nominal tax rate for Manchester United Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MANU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MANU are equal to 90.9%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Manchester United Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MANU is equal to -51.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $581 million for Manchester United Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 164.384 million for Manchester United Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Manchester United Cl A at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Manchester United beats 1Q profit forecasts   [07:17AM  Associated Press]
▶ Manchester City Is Running Away With the Premier League Title   [Nov-07-17 12:29AM  The Wall Street Journal]
▶ Tottenham are winning without spending big   [Nov-06-17 12:54PM  MarketWatch]
▶ [$$] Which is right: Manchester United rule - or rules?   [Oct-31-17 01:01AM  Financial Times]
▶ Top 10 Most Valuable Sports Teams in 2017   [Oct-25-17 09:15AM  Investopedia]
▶ [$$] Chelsea targets doubling of revenues in 10 years   [Oct-04-17 11:07PM  Financial Times]
▶ Manchester United posts 4Q profit   [Sep-21-17 10:03PM  Associated Press]
▶ How José Mourinho Took a Risk by Rebuilding Manchester United   [Aug-29-17 12:09AM  The Wall Street Journal]
▶ How José Mourinho Took a Risk by Rebuilding Manchester United   [Aug-28-17 03:29PM  The Wall Street Journal]
▶ How to Invest in Sports   [Aug-19-17 08:07AM  Motley Fool]
▶ Photos: Manchester Derby draws thousands of fans to NRG Stadium   [Jul-21-17 08:50AM  American City Business Journals]
▶ MUTV Now Available Online to Fans in the UK and Ireland   [Jul-11-17 07:00AM  Business Wire]
▶ How Manchester United Solved Its Rooney Problem   [12:27AM  The Wall Street Journal]
▶ The 3 Best Sports Stocks in the Market Today   [Jun-26-17 08:33AM  Motley Fool]
▶ [$$] José Mourinho accused of ?3.3m Spanish tax fraud   [Jun-20-17 08:41AM  Financial Times]
▶ The World's Most Valuable Soccer Teams 2017   [Jun-06-17 08:46AM  Forbes]
▶ [$$] Europe's top football clubs increase value by ?3bn   [May-30-17 07:02PM  Financial Times]
▶ Top Ranked Momentum Stocks to Buy for May 26th   [May-26-17 09:42AM  Zacks]
▶ Police Make Two More Arrests Over Manchester Bombing   [May-25-17 02:40AM  Bloomberg]
▶ Manchester United observe silence for attack victims   [May-23-17 07:51AM  Reuters Videos]
▶ Manchester United Misses Another Goal   [May-16-17 11:08AM  TheStreet.com]
▶ Manchester United reports 3Q loss   [07:14AM  Associated Press]
▶ [$$] Out of office: Ryan Giggs on his passion for yoga   [May-12-17 05:46AM  Financial Times]
▶ [$$] Gambling muddies reputation of the beautiful game   [May-05-17 07:15AM  Financial Times]
▶ [$$] Premier League clubs in first loss in three years   [Apr-19-17 07:02PM  Financial Times]
▶ NRG Stadium reportedly to host major soccer match   [Apr-06-17 06:49PM  American City Business Journals]
▶ Do Sports Teams Make Good Investments?   [Mar-28-17 06:25PM  GuruFocus.com]
▶ Investing In Soccer   [Mar-23-17 07:06PM  at Forbes]
▶ Manchester United Announces Pre-Season Tour in the USA   [Mar-20-17 09:00AM  Business Wire]
▶ Man City Signs First Premier League Sleeve Sponsor   [Mar-17-17 10:00AM  Bloomberg]
▶ Aladdin Group Becomes Global Partner of Manchester United   [Mar-01-17 08:00AM  Business Wire]
Financial statements of MANU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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