Hedgeye CEO Keith McCullough is adding Formula One (FWONK) to the long side of Investing Ideas. Below is a brief note.
No, you didn't get a bunch of Buy Signals from me on green days...
Today is the day you go shopping with plenty of names that our Independent Research analysts like on sale!
One name I have been waiting on, patiently, has been Formula One (FWONK), which is a Liberty Media SPAC name that Communications analyst Andrew Freedman has done the deep work on:
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LONG LIBERTY MEDIA FORMULA ONE (FWONK); 30% UPSIDE F1 is still amid a turnaround after Liberty Media acquired the asset from private equity group CVC Capital and Bernie Ecclestone in 2016 and IPOing under the FWONK ticker in 2018. The previous management's lack of long-term focus left F1 with poorly constructed race agreements and very few sponsors relative to most premier sports brands. Liberty has been working to resolve these issues. In 2020, F1 reached a new Concorde agreement for the 2021-2025 seasons that will improve the economics of a season over time. Liberty has also focused on entering more attractive, long-term race deals like the Vietnam and Miami Grand Prix agreements (neither has ever held a race in F1's 70-year history). |
Buyem on sale,
KM