高盛唱多Liberty Formula One(FWONA.US):增长+降债 60亿股东回报蓄势待发

智通财经
Jul 23, 2025

智通财经APP获悉,高盛近日恢复对Liberty Formula One(FWONA.US)的覆盖,给予“买入”评级,并将目标价定为120美元。该投行认为,公司未来几年在盈利增长和股东回报方面具备显著优势。

报告指出,随着全球体育赛事关注度持续升温及赞助协议条款优化,Liberty Formula One旗下的F1和MotoGP两大赛事业务将同步受益。特别是在2026年与参赛车队新商业协议生效后,公司利润率有望实现进一步提升。

高盛强调,得益于超预期的赞助收入增长和有效的成本管控,其对F1业务的营收及盈利预测均高于市场普遍预期。虽然新收购的MotoGP赛事因业务整合短期内增速放缓,但长期来看将复制F1的成功发展路径。

财务方面,高盛特别指出公司资产负债表持续改善,预计到2028年债务水平将大幅降低,从而为股东创造逾60亿美元的回报空间——这一规模相当于当前市值的四分之一。

尽管该股目前估值倍数高于同业,但高盛认为考虑到公司在体育传媒领域的长期布局及强劲现金流潜力,现有溢价具有合理性。如果Liberty Formula One能如期实现增长目标、明确MotoGP发展战略并启动股东回报计划,股价有望迎来价值重估。

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