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Live Nation Entertainment Inc LYV

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Stock XNYS Rating as of
$96.59 +0.21 (0.22%)
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As of Delayed Price Closed
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Company Report

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Live Nation Earnings: Business Looks Strong While Department of Justice Investigation Looms

Matthew Dolgin

Live Nation’s first-quarter results were excellent, with sales up more than 20% year over year and adjusted operating income up 15%. Concerts and sponsorship were the strongest segments, and the firm’s bookings and commitments bode very well for the full year. Perhaps as important as the results, however, is the potential US Department of Justice lawsuit that would allege antitrust violations. Management addressed the DOJ investigation at the outset of its earnings call and said that it is set to begin discussions with senior DOJ leadership. This regulatory risk is a factor in our High Morningstar Uncertainty Rating for Live Nation, but we are not accounting for an outcome in our fair value estimate, which remains $105.

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Price vs Fair Value

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LYV is trading at a 542% premium.
Price
$96.59
Fair Value
$352.00
Uncertainty
High
1-Star Price
$853.53
5-Star Price
$27.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Ticketmaster holds a dominant position in the ticketing space that it reinforces with relatively high levels reinvestment in technology.

Bears

The concerts business is dependent on artists who now generate more income from concerts than recording. As a result, artists have even more impetus to push back on pricing, limiting margin expansion.

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Trading Information

Previous Close Price
$96.38
Day Range
$95.47–96.74
52-Week Range
$76.48–107.24
Bid/Ask
$95.96 / $96.98
Market Cap
$22.36 Bil
Volume/Avg
1.5 Mil / 2.3 Mil

Key Statistics

Price/Earnings (Normalized)
49.04
Price/Sales
0.95
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Live Nation is the largest live entertainment firm in the world, operating in 49 countries at the end of 2023 through its concert and ticketing platforms. Via either owning, operating, or holding exclusive booking rights, Live Nation controls or influences 373 venues, including the House of Blues. Live Nation also owns one of the largest ticketing services, Ticketmaster, which sold over 620 million tickets for over 10,000 clients in 2023. Live Nation also includes an artist management agency. This large live entertainment footprint helped Live Nation become one of the largest advertising and sponsorship platforms aimed at music fans.
Sector
Communication Services
Industry
Entertainment
Stock Style Box
Mid Core
Total Number of Employees
14,700
Website
https://www.livenationentertainment.com

Competitors

Valuation

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Metric
LYV
CMCSA
DIS
Price/Earnings (Normalized)
 49.049.6024.15
Price/Book Value
 —1.871.90
Price/Sales
 0.951.322.13
Price/Cash Flow
 16.575.8213.67
Price/Earnings
LYV
CMCSA
DIS

Financial Strength

Metric
LYV
CMCSA
DIS
Quick Ratio
 0.780.490.57
Current Ratio
 0.920.590.75
Interest Coverage
 2.725.992.64
Quick Ratio
LYV
CMCSA
DIS

Profitability

Metric
LYV
CMCSA
DIS
Return on Assets (Normalized)
 4.24%6.32%4.53%
Return on Equity (Normalized)
 —19.98%9.22%
Return on Invested Capital (Normalized)
 9.38%10.60%6.24%
Return on Assets
LYV
CMCSA
DIS
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