Intrinsic value of Madison Square Garden - MSG

Previous Close

$212.00

  Intrinsic Value

$98.01

stock screener

  Rating & Target

str. sell

-54%

Previous close

$212.00

 
Intrinsic value

$98.01

 
Up/down potential

-54%

 
Rating

str. sell

We calculate the intrinsic value of MSG 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, %
  18.21
  34.60
  31.64
  28.98
  26.58
  24.42
  22.48
  20.73
  19.16
  17.74
  16.47
  15.32
  14.29
  13.36
  12.52
  11.77
  11.09
  10.48
  9.94
  9.44
  9.00
  8.60
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
Revenue, $m
  1,318
  1,774
  2,335
  3,012
  3,813
  4,744
  5,810
  7,014
  8,358
  9,841
  11,462
  13,218
  15,106
  17,124
  19,269
  21,537
  23,927
  26,435
  29,062
  31,806
  34,669
  37,650
  40,751
  43,977
  47,329
  50,813
  54,434
  58,197
  62,108
  66,176
  70,407
Variable operating expenses, $m
 
  1,779
  2,329
  2,993
  3,779
  4,692
  5,738
  6,920
  8,239
  9,694
  11,284
  12,969
  14,822
  16,802
  18,906
  21,132
  23,476
  25,938
  28,515
  31,208
  34,016
  36,941
  39,984
  43,149
  46,438
  49,857
  53,409
  57,101
  60,939
  64,930
  69,081
Fixed operating expenses, $m
 
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  76
  78
  80
  82
  84
  86
  89
  91
  93
  95
  98
  100
  103
Total operating expenses, $m
  1,379
  1,829
  2,380
  3,046
  3,833
  4,747
  5,795
  6,978
  8,299
  9,755
  11,347
  13,033
  14,888
  16,870
  18,975
  21,203
  23,549
  26,013
  28,591
  31,286
  34,096
  37,023
  40,068
  43,235
  46,527
  49,948
  53,502
  57,196
  61,037
  65,030
  69,184
Operating income, $m
  -60
  -55
  -46
  -34
  -20
  -4
  15
  36
  60
  86
  115
  185
  219
  255
  294
  335
  378
  423
  471
  521
  573
  627
  683
  742
  803
  866
  932
  1,000
  1,072
  1,146
  1,223
EBITDA, $m
  47
  101
  148
  204
  271
  349
  439
  540
  653
  778
  915
  1,063
  1,223
  1,393
  1,574
  1,766
  1,968
  2,180
  2,403
  2,635
  2,877
  3,129
  3,392
  3,665
  3,949
  4,243
  4,550
  4,869
  5,200
  5,544
  5,903
Interest expense (income), $m
  0
  4
  19
  39
  62
  90
  122
  159
  201
  247
  299
  355
  415
  481
  551
  625
  703
  786
  873
  964
  1,059
  1,158
  1,261
  1,368
  1,480
  1,596
  1,716
  1,842
  1,972
  2,107
  2,248
Earnings before tax, $m
  -81
  -58
  -65
  -73
  -83
  -94
  -108
  -123
  -141
  -161
  -183
  -170
  -197
  -226
  -257
  -290
  -325
  -363
  -402
  -443
  -486
  -531
  -578
  -627
  -677
  -730
  -784
  -841
  -900
  -961
  -1,025
Tax expense, $m
  -4
  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
Net income, $m
  -73
  -58
  -65
  -73
  -83
  -94
  -108
  -123
  -141
  -161
  -183
  -170
  -197
  -226
  -257
  -290
  -325
  -363
  -402
  -443
  -486
  -531
  -578
  -627
  -677
  -730
  -784
  -841
  -900
  -961
  -1,025

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,238
  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
  3,713
  3,328
  4,381
  5,651
  7,153
  8,900
  10,900
  13,160
  15,681
  18,463
  21,504
  24,798
  28,342
  32,128
  36,152
  40,408
  44,891
  49,597
  54,526
  59,674
  65,044
  70,637
  76,457
  82,508
  88,798
  95,335
  102,127
  109,187
  116,526
  124,157
  132,096
Adjusted assets (=assets-cash), $m
  2,475
  3,328
  4,381
  5,651
  7,153
  8,900
  10,900
  13,160
  15,681
  18,463
  21,504
  24,798
  28,342
  32,128
  36,152
  40,408
  44,891
  49,597
  54,526
  59,674
  65,044
  70,637
  76,457
  82,508
  88,798
  95,335
  102,127
  109,187
  116,526
  124,157
  132,096
Revenue / Adjusted assets
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
Average production assets, $m
  1,463
  1,969
  2,592
  3,343
  4,232
  5,265
  6,449
  7,786
  9,278
  10,924
  12,722
  14,672
  16,768
  19,008
  21,389
  23,906
  26,559
  29,343
  32,259
  35,305
  38,482
  41,791
  45,234
  48,814
  52,536
  56,403
  60,422
  64,598
  68,940
  73,455
  78,152
Working capital, $m
  688
  -740
  -974
  -1,256
  -1,590
  -1,978
  -2,423
  -2,925
  -3,485
  -4,104
  -4,779
  -5,512
  -6,299
  -7,141
  -8,035
  -8,981
  -9,977
  -11,024
  -12,119
  -13,263
  -14,457
  -15,700
  -16,993
  -18,338
  -19,736
  -21,189
  -22,699
  -24,268
  -25,899
  -27,595
  -29,360
Total debt, $m
  105
  554
  1,109
  1,778
  2,570
  3,490
  4,545
  5,735
  7,064
  8,530
  10,133
  11,869
  13,736
  15,732
  17,852
  20,095
  22,457
  24,938
  27,535
  30,248
  33,078
  36,026
  39,093
  42,282
  45,597
  49,041
  52,621
  56,342
  60,209
  64,231
  68,415
Total liabilities, $m
  1,305
  1,754
  2,309
  2,978
  3,770
  4,690
  5,745
  6,935
  8,264
  9,730
  11,333
  13,069
  14,936
  16,932
  19,052
  21,295
  23,657
  26,138
  28,735
  31,448
  34,278
  37,226
  40,293
  43,482
  46,797
  50,241
  53,821
  57,542
  61,409
  65,431
  69,615
Total equity, $m
  2,408
  1,574
  2,072
  2,673
  3,383
  4,210
  5,156
  6,225
  7,417
  8,733
  10,171
  11,730
  13,406
  15,197
  17,100
  19,113
  21,233
  23,460
  25,791
  28,226
  30,766
  33,411
  36,164
  39,026
  42,002
  45,093
  48,306
  51,645
  55,117
  58,726
  62,481
Total liabilities and equity, $m
  3,713
  3,328
  4,381
  5,651
  7,153
  8,900
  10,901
  13,160
  15,681
  18,463
  21,504
  24,799
  28,342
  32,129
  36,152
  40,408
  44,890
  49,598
  54,526
  59,674
  65,044
  70,637
  76,457
  82,508
  88,799
  95,334
  102,127
  109,187
  116,526
  124,157
  132,096
Debt-to-equity ratio
  0.044
  0.350
  0.540
  0.670
  0.760
  0.830
  0.880
  0.920
  0.950
  0.980
  1.000
  1.010
  1.020
  1.040
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Adjusted equity ratio
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -73
  -58
  -65
  -73
  -83
  -94
  -108
  -123
  -141
  -161
  -183
  -170
  -197
  -226
  -257
  -290
  -325
  -363
  -402
  -443
  -486
  -531
  -578
  -627
  -677
  -730
  -784
  -841
  -900
  -961
  -1,025
Depreciation, amort., depletion, $m
  107
  156
  193
  238
  291
  353
  424
  504
  594
  692
  800
  879
  1,004
  1,138
  1,281
  1,432
  1,590
  1,757
  1,932
  2,114
  2,304
  2,502
  2,709
  2,923
  3,146
  3,377
  3,618
  3,868
  4,128
  4,399
  4,680
Funds from operations, $m
  292
  97
  128
  165
  209
  259
  317
  381
  452
  531
  616
  709
  807
  912
  1,024
  1,141
  1,265
  1,394
  1,530
  1,671
  1,818
  1,971
  2,131
  2,296
  2,469
  2,648
  2,834
  3,027
  3,228
  3,437
  3,655
Change in working capital, $m
  75
  -190
  -234
  -282
  -334
  -388
  -445
  -502
  -560
  -618
  -676
  -732
  -788
  -842
  -894
  -946
  -996
  -1,046
  -1,095
  -1,144
  -1,194
  -1,243
  -1,293
  -1,345
  -1,398
  -1,453
  -1,510
  -1,569
  -1,631
  -1,696
  -1,764
Cash from operations, $m
  217
  288
  362
  448
  543
  647
  761
  883
  1,013
  1,149
  1,292
  1,441
  1,595
  1,754
  1,918
  2,087
  2,261
  2,440
  2,625
  2,815
  3,012
  3,215
  3,424
  3,641
  3,867
  4,100
  4,343
  4,596
  4,859
  5,133
  5,419
Maintenance CAPEX, $m
  0
  -88
  -118
  -155
  -200
  -253
  -315
  -386
  -466
  -556
  -654
  -762
  -879
  -1,004
  -1,138
  -1,281
  -1,432
  -1,590
  -1,757
  -1,932
  -2,114
  -2,304
  -2,502
  -2,709
  -2,923
  -3,146
  -3,377
  -3,618
  -3,868
  -4,128
  -4,399
New CAPEX, $m
  -44
  -506
  -623
  -751
  -889
  -1,033
  -1,184
  -1,337
  -1,492
  -1,646
  -1,799
  -1,949
  -2,096
  -2,240
  -2,381
  -2,518
  -2,652
  -2,785
  -2,916
  -3,046
  -3,177
  -3,309
  -3,443
  -3,580
  -3,721
  -3,867
  -4,019
  -4,177
  -4,342
  -4,515
  -4,697
Cash from investing activities, $m
  -264
  -594
  -741
  -906
  -1,089
  -1,286
  -1,499
  -1,723
  -1,958
  -2,202
  -2,453
  -2,711
  -2,975
  -3,244
  -3,519
  -3,799
  -4,084
  -4,375
  -4,673
  -4,978
  -5,291
  -5,613
  -5,945
  -6,289
  -6,644
  -7,013
  -7,396
  -7,795
  -8,210
  -8,643
  -9,096
Free cash flow, $m
  -47
  -306
  -379
  -459
  -546
  -639
  -738
  -840
  -945
  -1,052
  -1,161
  -1,270
  -1,380
  -1,490
  -1,601
  -1,711
  -1,823
  -1,935
  -2,048
  -2,162
  -2,279
  -2,399
  -2,521
  -2,647
  -2,778
  -2,913
  -3,053
  -3,199
  -3,351
  -3,510
  -3,676
Issuance/(repayment) of debt, $m
  0
  449
  555
  669
  792
  921
  1,054
  1,191
  1,329
  1,466
  1,602
  1,736
  1,867
  1,995
  2,121
  2,243
  2,363
  2,480
  2,597
  2,713
  2,830
  2,947
  3,067
  3,189
  3,315
  3,445
  3,580
  3,720
  3,867
  4,022
  4,184
Issuance/(repurchase) of shares, $m
  -148
  463
  563
  673
  793
  920
  1,054
  1,192
  1,334
  1,477
  1,622
  1,728
  1,873
  2,017
  2,160
  2,303
  2,446
  2,589
  2,733
  2,878
  3,026
  3,176
  3,331
  3,489
  3,652
  3,822
  3,997
  4,180
  4,371
  4,571
  4,780
Cash from financing (excl. dividends), $m  
  -159
  912
  1,118
  1,342
  1,585
  1,841
  2,108
  2,383
  2,663
  2,943
  3,224
  3,464
  3,740
  4,012
  4,281
  4,546
  4,809
  5,069
  5,330
  5,591
  5,856
  6,123
  6,398
  6,678
  6,967
  7,267
  7,577
  7,900
  8,238
  8,593
  8,964
Total cash flow (excl. dividends), $m
  -206
  606
  739
  884
  1,038
  1,201
  1,370
  1,543
  1,717
  1,891
  2,063
  2,194
  2,360
  2,522
  2,680
  2,835
  2,986
  3,135
  3,282
  3,429
  3,577
  3,725
  3,876
  4,031
  4,189
  4,354
  4,524
  4,702
  4,888
  5,083
  5,288
Retained Cash Flow (-), $m
  178
  -463
  -563
  -673
  -793
  -920
  -1,054
  -1,192
  -1,334
  -1,477
  -1,622
  -1,728
  -1,873
  -2,017
  -2,160
  -2,303
  -2,446
  -2,589
  -2,733
  -2,878
  -3,026
  -3,176
  -3,331
  -3,489
  -3,652
  -3,822
  -3,997
  -4,180
  -4,371
  -4,571
  -4,780
Prev. year cash balance distribution, $m
 
  1,238
  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
 
  1,381
  176
  210
  245
  281
  317
  351
  384
  414
  442
  466
  487
  505
  520
  531
  540
  546
  549
  551
  551
  549
  546
  542
  537
  532
  527
  522
  517
  512
  508
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
 
  1,324
  162
  183
  202
  218
  230
  237
  240
  238
  231
  221
  208
  192
  175
  156
  137
  119
  101
  85
  70
  57
  45
  36
  27
  21
  15
  11
  8
  6
  4
Current shareholders' claim on cash, %
  100
  84.1
  71.9
  62.2
  54.5
  48.2
  43.1
  38.8
  35.2
  32.2
  29.5
  27.3
  25.4
  23.7
  22.2
  20.8
  19.6
  18.6
  17.6
  16.7
  15.9
  15.1
  14.5
  13.8
  13.2
  12.7
  12.2
  11.7
  11.2
  10.8
  10.4

The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. The Company operates in two segments, which include MSG Entertainment and MSG Sports. The MSG Sports segment includes the Company's professional sports franchises, which include the New York Knicks (the Knicks) of the National Basketball Association (the NBA), the New York Rangers (the Rangers) of the National Hockey League (the NHL), the New York Liberty (the Liberty) of the Women's National Basketball Association (the WNBA), the Hartford Wolf Pack of the American Hockey League (the AHL), which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team. The MSG Entertainment segment includes the Company's live entertainment events. The Company presents or hosts live entertainment events, including concerts, family shows, performing arts and special events.

FINANCIAL RATIOS  of  Madison Square Garden (MSG)

Valuation Ratios
P/E Ratio -68.4
Price to Sales 3.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 28.8
Growth Rates
Sales Growth Rate 18.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.9%
Cap. Spend. - 3 Yr. Gr. Rate -32.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 4.4%
Total Debt to Equity 4.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. -3.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin -4.6%
Oper. Margin - 3 Yr. Avg. -3.3%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. -5.6%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. -5.4%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 0%

MSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSG stock intrinsic value calculation we used $1318 million for the last fiscal year's total revenue generated by Madison Square Garden. The default revenue input number comes from 2017 income statement of Madison Square Garden. 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 MSG stock valuation model: a) initial revenue growth rate of 34.6% 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 MSG is calculated based on our internal credit rating of Madison Square Garden, 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 Madison Square Garden.
    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 MSG stock the variable cost ratio is equal to 101%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for MSG 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 Madison Square Garden.

Corporate tax rate of 27% is the nominal tax rate for Madison Square Garden. 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 MSG 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 MSG are equal to 111%.

Life of production assets of 16.7 years is the average useful life of capital assets used in Madison Square Garden 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 MSG is equal to -41.7%. 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 - $2408 million for Madison Square Garden - 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 23.808 million for Madison Square Garden 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 Madison Square Garden at the current share price and the inputted number of shares is $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MANU Manchester Uni 21.00 36.63  str.buy
LYV Live Nation En 43.70 32.94  sell

COMPANY NEWS

▶ Celebrate Billy Joels 100th Lifetime Performance at MSG   [Jan-20-18 01:53PM  GlobeNewswire]
▶ 2018 GRAMMY Song Of The Year Nominees   [Nov-28-17 03:24PM  CBSTV Videos]
▶ 17 Highest Paid CEOs in the World in 2017   [Nov-24-17 09:51AM  Insider Monkey]
▶ Harlem Globetrotters honor America's heroes   [Nov-22-17 08:32AM  Fox Business Videos]
▶ Speculation Swirls Around MSG, Jim Dolan's Media Empire   [Nov-18-17 09:00AM  TheStreet.com]
▶ Should Madison Square Garden Sell the Knicks?   [Nov-15-17 10:13PM  TheStreet.com]
▶ Former Madison Square Garden boss ousted after clash with Irving Azoff   [05:19PM  American City Business Journals]
▶ [$$] Madison Square Garden Seeks Buyer for WNBA Team New York Liberty   [Nov-14-17 09:59AM  The Wall Street Journal]
▶ James Dolan named interim CEO of Madison Square Garden   [Nov-13-17 05:50PM  American City Business Journals]
▶ [$$] Madison Square Garden CEO David O'Connor Steps Down   [02:58PM  The Wall Street Journal]
▶ The Madison Square Garden Co. posts 1Q loss   [Nov-03-17 07:39AM  Associated Press]
▶ A Statement From The Madison Square Garden Company   [Nov-01-17 05:17PM  GlobeNewswire]
▶ MSG Networks Deleveraging Is Working   [Oct-11-17 10:10AM  Benzinga]
▶ How the Knicks Are Making a Winner Out of Dolan   [Sep-07-17 03:40PM  Bloomberg Video]
▶ The Madison Square Garden Co. posts 4Q loss   [Aug-17-17 11:02PM  Associated Press]
▶ Why Mario Gabelli Is Optimistic about Multimedia Stocks   [Jul-26-17 09:11AM  Market Realist]
▶ 6 Things You Didn't Know About Shake Shack Inc.   [Jul-02-17 05:31PM  Motley Fool]
▶ Financials, food, housing & more in the trader blitz   [Jun-28-17 01:54PM  CNBC Videos]
Financial statements of MSG
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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