Intrinsic value of Manchester United Cl A - MANU

Previous Close

$18.20

  Intrinsic Value

$13.04

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

+22%

Previous close

$18.20

 
Intrinsic value

$13.04

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

+22%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  30.63
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  627
  648
  670
  694
  721
  749
  778
  810
  844
  880
  919
  959
  1,002
  1,047
  1,095
  1,145
  1,199
  1,255
  1,314
  1,376
  1,442
  1,511
  1,584
  1,661
  1,741
  1,826
  1,915
  2,008
  2,107
  2,210
  2,319
Variable operating expenses, $m
 
  443
  457
  472
  487
  504
  522
  542
  562
  584
  607
  581
  606
  634
  663
  693
  726
  760
  795
  833
  873
  915
  959
  1,005
  1,054
  1,105
  1,159
  1,216
  1,275
  1,338
  1,404
Fixed operating expenses, $m
 
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
  155
  159
  162
  167
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
Total operating expenses, $m
  543
  561
  578
  596
  614
  634
  655
  679
  702
  728
  754
  732
  761
  793
  825
  860
  897
  935
  974
  1,017
  1,061
  1,108
  1,157
  1,208
  1,262
  1,318
  1,378
  1,440
  1,505
  1,573
  1,645
Operating income, $m
  84
  87
  92
  99
  106
  114
  123
  132
  142
  153
  164
  228
  241
  255
  270
  286
  302
  320
  339
  359
  381
  403
  427
  452
  479
  507
  537
  569
  602
  637
  674
EBITDA, $m
  203
  205
  213
  222
  232
  243
  255
  267
  281
  295
  311
  327
  345
  363
  383
  404
  427
  450
  476
  502
  530
  560
  591
  625
  660
  697
  736
  777
  820
  866
  915
Interest expense (income), $m
  16
  21
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  49
  52
  55
  59
  63
  67
  71
  75
  80
  85
  90
  95
  101
  107
  113
  120
  127
Earnings before tax, $m
  59
  66
  70
  76
  81
  87
  94
  101
  109
  117
  127
  187
  198
  209
  221
  234
  247
  261
  277
  293
  310
  328
  347
  368
  389
  412
  436
  462
  489
  517
  547
Tax expense, $m
  15
  18
  19
  20
  22
  24
  25
  27
  29
  32
  34
  51
  53
  56
  60
  63
  67
  71
  75
  79
  84
  89
  94
  99
  105
  111
  118
  125
  132
  140
  148
Net income, $m
  44
  48
  51
  55
  59
  64
  69
  74
  80
  86
  92
  137
  144
  153
  161
  170
  180
  191
  202
  214
  226
  239
  254
  268
  284
  301
  318
  337
  357
  378
  400

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  279
  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
  1,765
  1,535
  1,588
  1,646
  1,707
  1,774
  1,845
  1,920
  2,001
  2,086
  2,177
  2,273
  2,374
  2,481
  2,595
  2,714
  2,841
  2,974
  3,114
  3,262
  3,417
  3,581
  3,753
  3,935
  4,126
  4,326
  4,537
  4,759
  4,993
  5,238
  5,495
Adjusted assets (=assets-cash), $m
  1,486
  1,535
  1,588
  1,646
  1,707
  1,774
  1,845
  1,920
  2,001
  2,086
  2,177
  2,273
  2,374
  2,481
  2,595
  2,714
  2,841
  2,974
  3,114
  3,262
  3,417
  3,581
  3,753
  3,935
  4,126
  4,326
  4,537
  4,759
  4,993
  5,238
  5,495
Revenue / Adjusted assets
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
Average production assets, $m
  612
  631
  653
  677
  703
  730
  759
  790
  823
  858
  896
  935
  977
  1,021
  1,068
  1,117
  1,169
  1,224
  1,281
  1,342
  1,406
  1,473
  1,544
  1,619
  1,697
  1,780
  1,867
  1,958
  2,054
  2,155
  2,261
Working capital, $m
  -45
  -328
  -339
  -351
  -365
  -379
  -394
  -410
  -427
  -445
  -465
  -485
  -507
  -530
  -554
  -580
  -607
  -635
  -665
  -696
  -730
  -765
  -801
  -840
  -881
  -924
  -969
  -1,016
  -1,066
  -1,118
  -1,173
Total debt, $m
  596
  628
  671
  718
  768
  821
  879
  940
  1,005
  1,074
  1,147
  1,224
  1,306
  1,393
  1,485
  1,581
  1,683
  1,791
  1,904
  2,023
  2,149
  2,281
  2,421
  2,567
  2,722
  2,884
  3,054
  3,233
  3,422
  3,620
  3,828
Total liabilities, $m
  1,208
  1,240
  1,283
  1,330
  1,380
  1,433
  1,491
  1,552
  1,617
  1,686
  1,759
  1,836
  1,918
  2,005
  2,097
  2,193
  2,295
  2,403
  2,516
  2,635
  2,761
  2,893
  3,033
  3,179
  3,334
  3,496
  3,666
  3,845
  4,034
  4,232
  4,440
Total equity, $m
  557
  295
  305
  316
  328
  341
  354
  369
  384
  401
  418
  436
  456
  476
  498
  521
  545
  571
  598
  626
  656
  688
  721
  755
  792
  831
  871
  914
  959
  1,006
  1,055
Total liabilities and equity, $m
  1,765
  1,535
  1,588
  1,646
  1,708
  1,774
  1,845
  1,921
  2,001
  2,087
  2,177
  2,272
  2,374
  2,481
  2,595
  2,714
  2,840
  2,974
  3,114
  3,261
  3,417
  3,581
  3,754
  3,934
  4,126
  4,327
  4,537
  4,759
  4,993
  5,238
  5,495
Debt-to-equity ratio
  1.070
  2.130
  2.200
  2.270
  2.340
  2.410
  2.480
  2.550
  2.620
  2.680
  2.740
  2.810
  2.870
  2.920
  2.980
  3.030
  3.090
  3.140
  3.180
  3.230
  3.280
  3.320
  3.360
  3.400
  3.440
  3.470
  3.510
  3.540
  3.570
  3.600
  3.630
Adjusted equity ratio
  0.187
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  48
  51
  55
  59
  64
  69
  74
  80
  86
  92
  137
  144
  153
  161
  170
  180
  191
  202
  214
  226
  239
  254
  268
  284
  301
  318
  337
  357
  378
  400
Depreciation, amort., depletion, $m
  119
  118
  121
  123
  126
  129
  132
  135
  139
  143
  146
  99
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  164
  172
  181
  189
  199
  208
  219
  229
  241
Funds from operations, $m
  235
  167
  172
  178
  185
  193
  201
  209
  218
  228
  239
  236
  248
  261
  275
  289
  305
  321
  338
  356
  376
  396
  418
  441
  465
  490
  517
  545
  575
  607
  640
Change in working capital, $m
  9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
Cash from operations, $m
  226
  177
  184
  191
  198
  207
  216
  225
  236
  246
  258
  257
  270
  284
  299
  315
  332
  349
  368
  388
  409
  431
  455
  479
  505
  533
  562
  593
  625
  659
  695
Maintenance CAPEX, $m
  0
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -164
  -172
  -181
  -189
  -199
  -208
  -219
  -229
New CAPEX, $m
  -174
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
Cash from investing activities, $m
  -127
  -85
  -89
  -94
  -97
  -102
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -148
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -264
  -276
  -290
  -304
  -320
  -335
Free cash flow, $m
  99
  92
  94
  97
  101
  105
  109
  113
  118
  124
  130
  122
  129
  136
  144
  152
  161
  170
  180
  191
  202
  214
  227
  240
  255
  270
  286
  303
  321
  340
  360
Issuance/(repayment) of debt, $m
  0
  39
  43
  46
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  147
  154
  162
  171
  179
  188
  198
  208
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
  39
  43
  46
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  147
  154
  162
  171
  179
  188
  198
  208
Total cash flow (excl. dividends), $m
  113
  131
  137
  144
  151
  158
  166
  174
  183
  193
  203
  200
  211
  223
  235
  249
  263
  278
  294
  310
  328
  347
  366
  387
  409
  432
  456
  482
  509
  538
  568
Retained Cash Flow (-), $m
  24
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Prev. year cash balance distribution, $m
 
  272
  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
 
  393
  127
  133
  139
  146
  153
  160
  168
  176
  185
  181
  191
  202
  214
  226
  239
  252
  267
  282
  298
  315
  333
  352
  372
  394
  416
  440
  464
  491
  519
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
 
  377
  116
  116
  114
  113
  111
  108
  105
  101
  97
  86
  82
  77
  72
  66
  61
  55
  49
  43
  38
  33
  28
  23
  19
  15
  12
  9
  7
  5
  4
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 67.8
Price to Sales 4.8
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 57.4
Growth Rates
Sales Growth Rate 30.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.8%
Cap. Spend. - 3 Yr. Gr. Rate 19.6%
Financial Strength
Quick Ratio 40
Current Ratio 0
LT Debt to Equity 105.7%
Total Debt to Equity 107%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.9%
EBITDA Margin - 3 Yr. Avg. 33.1%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 47.1%
Payout Ratio 54.5%

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 $627 million for the last fiscal year's total revenue generated by Manchester United Cl A. The default revenue input number comes from 2016 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 3.3% 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 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $115 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 3.5% 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 97.5%.

Life of production assets of 9.4 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 -50.6%. 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 - $557 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 164.955 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 $3.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MSG Madison Square 217.75 116.14  sell

COMPANY NEWS

▶ [$$] Chelsea targets doubling of revenues in 10 years   [Oct-04-17 11:07PM  Financial Times]
▶ Manchester United posts 4Q profit   [Sep-21-17 10:03PM  Associated Press]
▶ How José Mourinho Took a Risk by Rebuilding Manchester United   [Aug-29-17 12:09AM  The Wall Street Journal]
▶ How José Mourinho Took a Risk by Rebuilding Manchester United   [Aug-28-17 03:29PM  The Wall Street Journal]
▶ How to Invest in Sports   [Aug-19-17 08:07AM  Motley Fool]
▶ Photos: Manchester Derby draws thousands of fans to NRG Stadium   [Jul-21-17 08:50AM  American City Business Journals]
▶ MUTV Now Available Online to Fans in the UK and Ireland   [Jul-11-17 07:00AM  Business Wire]
▶ How Manchester United Solved Its Rooney Problem   [12:27AM  The Wall Street Journal]
▶ The 3 Best Sports Stocks in the Market Today   [Jun-26-17 08:33AM  Motley Fool]
▶ [$$] 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]
▶ Manchester United Confirms Stadium Accessibility Plans   [Jan-24-17 05:35AM  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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.