Atlanta Braves Holdings, Inc. (BATRA) vs Madison Square Garden Entertainment Corp. (MSGE)

Atlanta Braves Holdings, Inc. and Madison Square Garden Entertainment Corp. are both Entertainment companies. Atlanta Braves Holdings, Inc. and Madison Square Garden Entertainment Corp. are of similar size ($3.8B and $3.5B). Atlanta Braves Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Madison Square Garden Entertainment Corp. trades at 56.5×. Madison Square Garden Entertainment Corp. grew revenue faster over the last twelve months: 12.5% against 6.77%. Madison Square Garden Entertainment Corp. has the higher net margin (6.24% vs −8.56%) and the higher return on invested capital (27.4% vs −3.57%). Across the 18 metrics below, Madison Square Garden Entertainment Corp. leads on 16 and Atlanta Braves Holdings, Inc. on 2.

Valuation

Metric BATRA MSGE Entertainment median
P/E n/m 56.49 22.03
P/S 5.05 3.54 1.47
P/B 7.19 81.99 2.00
Price to free cash flow n/m 11.62 16.60
EV/EBITDA 405.76 20.19 9.65
EV/Sales 6.00 3.80 1.76
Earnings yield (1.69%) 1.77% (0.67%)
Free cash flow yield (2.51%) 8.61% 3.26%

Profitability

Metric BATRA MSGE Entertainment median
Gross margin 24.90% 45.11% 45.02%
Operating margin (9.42%) 13.34% 2.30%
Net margin (8.56%) 6.24% 0.00%
Free cash flow margin (12.65%) 30.46% 1.56%
Return on equity (12.09%) 407.54% 0.00%
Return on assets (3.75%) 3.67% 0.00%
Return on invested capital (3.57%) 27.44% 0.00%

Growth

Metric BATRA MSGE Entertainment median
Revenue growth (TTM) 6.77% 12.52% 5.07%
EPS growth (last fiscal year) 26.00% 79.22% —
Revenue growth, 5-year CAGR — 66.94% 10.25%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BATRA MSGE Entertainment median
Debt to equity 1.69 12.47 0.46
Current ratio 0.49 0.70 0.86
Net debt to EBITDA 11.68 1.39 0.72

Dividend

Metric BATRA MSGE Entertainment median
Dividend yield — — 1.16%
Payout ratio — — 0.00

Size

Metric BATRA MSGE Entertainment median
Market cap 3.47b 3.75b 1.87b

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