Friday 7: BP Gets Its Close-Up - The Wall Street Journal

The Liberty Empire

Five Liberty companies have issued nine different stocks. Some reflect operating businesses like QVC, and the rest track other companies like Charter Communications, Sirius XM, and TripAdvisor.

LIBERTY SIRIUSXM $36

34

32

30 MJ JA S

28 2016

Company LIBERTY MEDIA

Liberty SiriusXM* Liberty Media* Liberty Braves*

LIBERTY

LIBERTY

LIBERTY

LIBERTY

LIBERTY

LIBERTY

MEDIA

$30 BRAVES

$18 INTERACTIVE/ $32 VENTURES $45 GLOBAL

$55 LILAC

25

QVC

16

28

40 35

45

20

14

24 20

30 25

35

MJ JA S

MJ JA S

15

12

16

20

25

2016

2016

2014 '15 '16

2014 '15 '16

2014 '15 '16

2016

Tracking Ticker Stock

Recent Price

YTD Change

Ent. Value/Cash Flow 2016E 2017E

Key Assets

LSXMK

Y

LMCK

Y

BATRK

Y

$32.92 28.12 16.87

9.6% 54.9 -4.4

14.2

13.0

N/A

N/A

N/A

N/A

65% stake in Sirius XM (SIRI) Formula One racing, 34% stake in Live Nation (LYV) Atlanta Braves baseball team, real estate

LIBERTY INTERACTIVE

Liberty Interactive/QVC QVCA

Y

Liberty Ventures

LVNTA

Y

19.84 39.42

-27.4 -3.3

8.9

8.3

N/A

N/A

QVC shopping business, 38% stake in HSN Stakes in Liberty Broadband,Charter Communications

LIBERTY GLOBAL Liberty Global

Liberty LiLAC

LBTYK

Y

LILAK

Y

32.82 28.24

-11.2 -34.4

9.6

9.0

8.1

7.2

European cable-TV assets (Germany, UK, Netherlands) Latin American cable TV, telecom

STAND-ALONE

Liberty Broadband

LBRDK

N

Liberty TripAdvisor

LTRPA

N

*YTD change since spinoff 4/18/16. N/A=Not applicable

71.81 21.69

38.5 -28.5

10.4

9.3

21.6

17.0

17% stake in Charter Communications (CHTR) 22% stake in TripAdvisor (TRIP)

LIBERTY

LIBERTY

$55 BROADBAND $80 TRIPADVISOR $40

45

70

35

30

60

35

25

50

20

25 2015 '16

40

15

2015 '16

Comment

Trades at a 13% discount to value of Sirius stake Stock rallies sharply on hopes for Formula One Should benefit from new stadium opening in `17

Stock looks cheap after swoon on weak June sales Trades at estimated 15% discount to sum of parts

Improving story. Might be target for Vodafone Recent deal gives it exposure to 20 countries

Stock at 10% discount to Charter stake value Stock likely would get boost if TripAdvisor is sold

Sources: Thomson Reuters; Bloomberg; Macquarie Research

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