Intrinsic value of Manchester United Cl A - MANU

Previous Close

$19.90

  Intrinsic Value

$36.63

stock screener

  Rating & Target

str. buy

+84%

Previous close

$19.90

 
Intrinsic value

$36.63

 
Up/down potential

+84%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  707
  828
  959
  1,101
  1,254
  1,416
  1,588
  1,769
  1,960
  2,160
  2,370
  2,588
  2,816
  3,053
  3,299
  3,556
  3,822
  4,099
  4,386
  4,685
  4,996
  5,320
  5,656
  6,006
  6,371
  6,751
  7,147
  7,560
  7,992
  8,442
  8,912
Variable operating expenses, $m
 
  663
  761
  866
  978
  1,098
  1,226
  1,360
  1,501
  1,649
  1,804
  1,914
  2,082
  2,258
  2,440
  2,630
  2,827
  3,031
  3,244
  3,465
  3,695
  3,934
  4,183
  4,442
  4,712
  4,993
  5,286
  5,591
  5,910
  6,243
  6,591
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
  699
  798
  904
  1,017
  1,138
  1,267
  1,402
  1,544
  1,693
  1,849
  1,960
  2,129
  2,306
  2,489
  2,681
  2,879
  3,084
  3,299
  3,521
  3,752
  3,993
  4,243
  4,504
  4,775
  5,058
  5,353
  5,659
  5,980
  6,315
  6,664
Operating income, $m
  98
  129
  162
  198
  237
  278
  322
  368
  417
  468
  521
  628
  686
  747
  810
  875
  943
  1,014
  1,088
  1,164
  1,244
  1,327
  1,413
  1,502
  1,596
  1,693
  1,795
  1,901
  2,011
  2,127
  2,247
EBITDA, $m
  261
  286
  336
  390
  448
  510
  576
  646
  719
  795
  876
  959
  1,047
  1,138
  1,232
  1,330
  1,433
  1,539
  1,649
  1,764
  1,883
  2,008
  2,137
  2,271
  2,411
  2,557
  2,710
  2,869
  3,034
  3,208
  3,388
Interest expense (income), $m
  24
  24
  33
  42
  53
  64
  75
  88
  101
  115
  129
  144
  160
  176
  194
  211
  230
  249
  269
  290
  312
  334
  357
  382
  407
  433
  461
  489
  519
  550
  583
Earnings before tax, $m
  69
  104
  129
  156
  184
  214
  246
  280
  316
  353
  392
  484
  526
  570
  616
  664
  713
  765
  819
  874
  932
  993
  1,055
  1,121
  1,189
  1,260
  1,334
  1,411
  1,492
  1,576
  1,665
Tax expense, $m
  21
  28
  35
  42
  50
  58
  67
  76
  85
  95
  106
  131
  142
  154
  166
  179
  193
  207
  221
  236
  252
  268
  285
  303
  321
  340
  360
  381
  403
  426
  449
Net income, $m
  48
  76
  94
  114
  134
  156
  180
  205
  230
  258
  286
  353
  384
  416
  450
  485
  521
  558
  598
  638
  681
  725
  770
  818
  868
  920
  974
  1,030
  1,089
  1,151
  1,215

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
  1,769
  2,050
  2,354
  2,679
  3,025
  3,393
  3,781
  4,189
  4,616
  5,063
  5,530
  6,017
  6,523
  7,050
  7,597
  8,167
  8,758
  9,373
  10,012
  10,676
  11,367
  12,085
  12,834
  13,613
  14,425
  15,272
  16,155
  17,076
  18,038
  19,043
Adjusted assets (=assets-cash), $m
  1,512
  1,769
  2,050
  2,354
  2,679
  3,025
  3,393
  3,781
  4,189
  4,616
  5,063
  5,530
  6,017
  6,523
  7,050
  7,597
  8,167
  8,758
  9,373
  10,012
  10,676
  11,367
  12,085
  12,834
  13,613
  14,425
  15,272
  16,155
  17,076
  18,038
  19,043
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
  753
  872
  1,001
  1,140
  1,287
  1,443
  1,608
  1,782
  1,964
  2,154
  2,353
  2,560
  2,775
  2,999
  3,232
  3,474
  3,726
  3,987
  4,259
  4,542
  4,835
  5,141
  5,460
  5,791
  6,137
  6,497
  6,872
  7,264
  7,674
  8,101
Working capital, $m
  -19
  -427
  -495
  -568
  -647
  -731
  -819
  -913
  -1,011
  -1,115
  -1,223
  -1,335
  -1,453
  -1,575
  -1,702
  -1,835
  -1,972
  -2,115
  -2,263
  -2,418
  -2,578
  -2,745
  -2,918
  -3,099
  -3,287
  -3,483
  -3,688
  -3,901
  -4,124
  -4,356
  -4,599
Total debt, $m
  612
  823
  1,060
  1,317
  1,592
  1,884
  2,195
  2,523
  2,867
  3,229
  3,607
  4,001
  4,412
  4,840
  5,285
  5,748
  6,229
  6,729
  7,248
  7,788
  8,349
  8,933
  9,540
  10,172
  10,831
  11,517
  12,232
  12,979
  13,757
  14,570
  15,419
Total liabilities, $m
  1,285
  1,495
  1,732
  1,989
  2,264
  2,556
  2,867
  3,195
  3,539
  3,901
  4,279
  4,673
  5,084
  5,512
  5,957
  6,420
  6,901
  7,401
  7,920
  8,460
  9,021
  9,605
  10,212
  10,844
  11,503
  12,189
  12,904
  13,651
  14,429
  15,242
  16,091
Total equity, $m
  581
  274
  318
  365
  415
  469
  526
  586
  649
  715
  785
  857
  933
  1,011
  1,093
  1,178
  1,266
  1,357
  1,453
  1,552
  1,655
  1,762
  1,873
  1,989
  2,110
  2,236
  2,367
  2,504
  2,647
  2,796
  2,952
Total liabilities and equity, $m
  1,866
  1,769
  2,050
  2,354
  2,679
  3,025
  3,393
  3,781
  4,188
  4,616
  5,064
  5,530
  6,017
  6,523
  7,050
  7,598
  8,167
  8,758
  9,373
  10,012
  10,676
  11,367
  12,085
  12,833
  13,613
  14,425
  15,271
  16,155
  17,076
  18,038
  19,043
Debt-to-equity ratio
  1.053
  3.000
  3.340
  3.610
  3.830
  4.020
  4.170
  4.300
  4.420
  4.510
  4.600
  4.670
  4.730
  4.790
  4.840
  4.880
  4.920
  4.960
  4.990
  5.020
  5.050
  5.070
  5.090
  5.110
  5.130
  5.150
  5.170
  5.180
  5.200
  5.210
  5.220
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
  76
  94
  114
  134
  156
  180
  205
  230
  258
  286
  353
  384
  416
  450
  485
  521
  558
  598
  638
  681
  725
  770
  818
  868
  920
  974
  1,030
  1,089
  1,151
  1,215
Depreciation, amort., depletion, $m
  163
  157
  174
  192
  212
  232
  254
  278
  302
  328
  355
  331
  360
  391
  422
  455
  489
  525
  562
  600
  640
  681
  724
  769
  816
  864
  915
  968
  1,023
  1,081
  1,141
Funds from operations, $m
  299
  233
  268
  306
  346
  389
  434
  482
  533
  585
  641
  685
  745
  807
  872
  940
  1,010
  1,083
  1,159
  1,238
  1,320
  1,406
  1,495
  1,587
  1,684
  1,784
  1,889
  1,998
  2,112
  2,232
  2,356
Change in working capital, $m
  22
  -62
  -68
  -73
  -79
  -84
  -89
  -94
  -98
  -103
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -167
  -174
  -181
  -188
  -196
  -204
  -213
  -223
  -232
  -243
Cash from operations, $m
  277
  296
  336
  379
  425
  473
  523
  576
  631
  689
  749
  797
  862
  929
  999
  1,072
  1,148
  1,226
  1,308
  1,392
  1,481
  1,572
  1,668
  1,768
  1,872
  1,980
  2,093
  2,211
  2,335
  2,464
  2,599
Maintenance CAPEX, $m
  0
  -91
  -106
  -123
  -141
  -161
  -181
  -203
  -227
  -251
  -277
  -303
  -331
  -360
  -391
  -422
  -455
  -489
  -525
  -562
  -600
  -640
  -681
  -724
  -769
  -816
  -864
  -915
  -968
  -1,023
  -1,081
New CAPEX, $m
  -246
  -110
  -120
  -129
  -138
  -147
  -156
  -165
  -173
  -182
  -190
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -261
  -272
  -283
  -294
  -306
  -318
  -332
  -345
  -360
  -376
  -392
  -409
  -427
Cash from investing activities, $m
  -184
  -201
  -226
  -252
  -279
  -308
  -337
  -368
  -400
  -433
  -467
  -502
  -538
  -575
  -615
  -655
  -697
  -741
  -786
  -834
  -883
  -934
  -987
  -1,042
  -1,101
  -1,161
  -1,224
  -1,291
  -1,360
  -1,432
  -1,508
Free cash flow, $m
  93
  96
  110
  127
  145
  165
  185
  208
  231
  256
  282
  295
  324
  353
  384
  417
  450
  485
  521
  559
  598
  639
  681
  725
  771
  819
  869
  921
  975
  1,032
  1,091
Issuance/(repayment) of debt, $m
  0
  218
  238
  256
  275
  293
  310
  328
  345
  361
  378
  394
  411
  428
  445
  463
  481
  500
  519
  540
  561
  584
  607
  632
  659
  686
  715
  746
  779
  813
  849
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
  218
  238
  256
  275
  293
  310
  328
  345
  361
  378
  394
  411
  428
  445
  463
  481
  500
  519
  540
  561
  584
  607
  632
  659
  686
  715
  746
  779
  813
  849
Total cash flow (excl. dividends), $m
  102
  313
  348
  384
  420
  458
  496
  535
  576
  617
  660
  690
  735
  781
  830
  879
  931
  985
  1,041
  1,099
  1,159
  1,223
  1,289
  1,358
  1,430
  1,505
  1,584
  1,667
  1,754
  1,844
  1,940
Retained Cash Flow (-), $m
  -24
  -39
  -44
  -47
  -50
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
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
 
  620
  304
  336
  370
  404
  439
  475
  513
  551
  590
  617
  659
  703
  748
  795
  843
  893
  945
  1,000
  1,056
  1,116
  1,177
  1,242
  1,309
  1,379
  1,453
  1,530
  1,611
  1,695
  1,784
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
 
  595
  279
  293
  304
  313
  319
  321
  320
  316
  310
  293
  281
  267
  251
  233
  214
  194
  174
  154
  134
  115
  98
  81
  67
  54
  42
  33
  25
  19
  13
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 68.1
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 105.4
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 17.1% 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 167.677 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

▶ PRESS DIGEST- British Business - Feb 9   [Feb-08-18 07:41PM  Reuters]
▶ Manchester United reports 2Q loss   [08:19AM  Associated Press]
▶ 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]
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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