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Published: Dec. 22, 2023, 5:53 p.m.

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Kevin Mak, CFA, Founder of Creek Drive Capital and Teacher at Stanford University of a course called, Financial Trading Strategy, discusses his thesis on Sphere Entertainment Co. (NYSE: SPHR).

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Link to Kevin\'s $SPHR thesis: https://drive.google.com/file/d/1_jGx22O8NWRlb8zZZmuqMwfa-Ae3Y55o/view

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Twitter: https://twitter.com/KevinLMak

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Chapters:

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[0:00] Introduction + Episode sponsor: Alphasense

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[1:17] Sphere Entertainment Co. $SPHR and why it\'s interesting to Kevin

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[3:36] Kevin\'s views on $MSGN and why that\'s relevant for $SPHR

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[8:56] How Kevin values $SPHR

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[15:20] More important from a revenue perspective: Residencies or Daily Airing of "Postcards"

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[17:13] Sustainability of the movies at $SPHR / how much better is $SPHR than a quality IMAX?

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[26:35] $SPHR customer demand

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[29:10] $SPHR music residency economics / logistics / creating the buzz

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[38:30] $SPHR customer draw as technology improves

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[40:52] Outside revenue streams (ad revenue on outside of the Sphere) / cost to create an ad for the Sphere (Billboard comp) + economics of the Sphere

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[47:51] Main difference between Kevin\'s $SPHR analysis and sell-side analyst targets

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[49:58] Corporate governance and naming rights

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[52:39] Capex

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[56:04] Valuing the franchise model and pushback on multiple Sphere\'s - how do you find the right markets for Sphere + why did London turn down the Sphere

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[1:03:25] Convertible debt / $SPHR valuation

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[1:08:12] $SPHR final thoughts

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Today\'s episode is sponsored by: Alphasense

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This episode is brought to you by AlphaSense, the AI platform behind the world\'s biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.

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