Manchester United Ltd. (MANU) vs Madison Square Garden Entertainment Corp. (MSGE)

Manchester United Ltd. and Madison Square Garden Entertainment Corp. are both Entertainment companies. Manchester United Ltd. and Madison Square Garden Entertainment Corp. are of similar size ($3.8B and $3.6B). Manchester United Ltd. 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 11.4%. Madison Square Garden Entertainment Corp. has the higher net margin (6.24% vs −2.70%) and the higher return on invested capital (27.4% vs 1.64%). Across the 19 metrics below, Madison Square Garden Entertainment Corp. leads on 15 and Manchester United Ltd. on 4.

Valuation

Metric MANU MSGE Entertainment median
P/E n/m 56.49 22.03
P/S 3.83 3.54 1.47
P/B 14.55 81.99 2.00
Price to free cash flow n/m 11.62 16.60
EV/EBITDA 13.04 20.19 9.65
EV/Sales 4.85 3.80 1.76
Earnings yield (0.69%) 1.77% (0.67%)
Free cash flow yield (2.78%) 8.61% 3.26%

Profitability

Metric MANU MSGE Entertainment median
Gross margin 100.00% 45.11% 45.02%
Operating margin 3.36% 13.34% 2.30%
Net margin (2.70%) 6.24% 0.00%
Free cash flow margin (10.67%) 30.46% 1.56%
Return on equity (10.11%) 407.54% 0.00%
Return on assets (1.19%) 3.67% 0.00%
Return on invested capital 1.64% 27.44% 0.00%

Growth

Metric MANU MSGE Entertainment median
Revenue growth (TTM) 11.40% 12.52% 5.07%
EPS growth (last fiscal year) 70.93% 79.22% —
Revenue growth, 5-year CAGR 6.09% 66.94% 10.25%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MANU MSGE Entertainment median
Debt to equity 4.20 12.47 0.46
Current ratio 0.37 0.70 0.86
Net debt to EBITDA 2.83 1.39 0.72

Dividend

Metric MANU MSGE Entertainment median
Dividend yield 0.53% — 1.16%
Payout ratio — — 0.00

Size

Metric MANU MSGE Entertainment median
Market cap 3.61b 3.75b 1.87b

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