Recent Data Continues to Suggest Strong Sports Valuations

Research evidence excerpt

Recent Data Continues to Suggest Strong Sports Valuations

Communications

Rogers Communications Inc.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

May 22, 2026

Price: C$50.46 (05/21/2026) Recent Data Continues to Suggest Strong

Price Target: C$60.00 Sports Valuations

BUY (1)

ESG SCORE: 56/100

Vince Valentini, CFA^ THE TD COWEN INSIGHT

416 944 7012

We continue to observe PMV transactions at valuations that significantly exceed Forbes

vince.valentini@tdsecurities.com

estimates, while public market sports comparables are approaching all-time highs. These

Natale Puccia, CFA^ encouraging metrics highlight the persistent and robust demand driving valuations for scarce

416 983 6399 sports assets.

natale.puccia@tdsecurities.com

Carter Sullivan, CPA^ As a result, we remain confident that Rogers will be able to monetize its minority stake in

416 983 3954 its sports holdings at favorable valuations. Recall that at our annual telecommunication

carter.sullivan@tdsecurities.com conference Rogers said that their entire sports asset base is worth more than $25B. We

Key Data believe ongoing conversations with potential new investors is increasing the optimism about

Symbol TSX: RCI.B-T valuations, and Rogers says that $5B to $8B should be achieved on a minority interest sale in

Market Cap C$27.3B early 2027. The process to buy out 25% of MLSE from Kilmer is indicated to be completed by

October.

For additional detail on sports investment and RCI monetization, please see our AoTC report

(LINK), and our follow-up report (LINK).

Impact: Slightly Positive for sports valuations.

PMV Transactions Remain Robust: Figure 1 highlights premiums being paid in private market

sports transactions compared to Forbes valuations. We continue to observe deals consistently