LLYVK
Liberty Live Group
$98.25
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 159656.1% above fair value
You pay
$98.25
Bear
$0.05
Fair
$0.06
Bull
$0.07
Bear
$0.05
-99.9%
$0.00 × 12x P/E
Fair
$0.06
-99.9%
$0.00 × 15x P/E
Bull
$0.07
-99.9%
$0.00 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
23963.4x
Summary
Applying a 15x P/E to adjusted EPS of $0.00, the base-case value is $0.06 per share.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples