Opportunity: March 2026

The Prestigious Brand That Separated from the Field

Introduction 

This month’s Opportunity Report profiles the owner of one of the most prestigious sports franchises in the world. Despite a multidecade legacy, this business has generated rapid growth over these past several years. Coinciding with its rising popularity, global media rights revenues have accelerated, particularly in the U.S. where it was previously dramatically underearning versus its potential. While the share price has raced higher since 2021, the stock has fallen behind the pace of the broader equity market over the past ~6 months, owing to geopolitical disruptions and skepticism over recent deals (M&A and a new U.S. media partner). However, we believe that moving past these short-term concerns, the business’s multiple, durable, and high-margin revenue streams will continue to drive shares higher over time.