Formula One Group: moving up a gear

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Formula One Group: moving up a gear

2 February 2024

Now in its 73rd year, Formula One is one of the best-established sports events in the world.

The business has a long list of superlatives, such as the size of its audience:

  • Across a season, 1.5bn people around the world watch the races.
  • Individual races can attract over 100m viewers.
  • Race tracks can attract over half a million attendees.

However, the underlying business is little-understood.

With a market cap of USD 18bn and a listing on Nasdaq, the world's premier stock exchange for growth companies, Formula One Group is a liquid, easy-to-access investment.

A year ago, the sovereign wealth fund of Saudi Arabia reportedly weighed a bid for Formula One Group at "well over USD 20bn". Why is the stock currently trading below the price even a potential buyer would be happy to pay? And why were the Saudis so keen on the business? What does all of this tell us about the stock's potential going forward?

Today's report gives you an outlook on the three factors that could propel the stock of Formula One Group over the coming 12-24 months.

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