LYV: 2Q'26 Preview - Expensive But Worth It

Research evidence excerpt

LYV: 2Q'26 Preview - Expensive But Worth It

d-party Concerts & Venue Nation - better economics (per Venue Nation economics are inferior for

Ticketmaster. We use '32E AOI (w/ Corp caps, sell-through, etc.) for new builds; 2) new builds in global expansion emerging

allocation) reflecting steady-state ops Ticketmaster - stronger primary market markets, 2) Ticketing - international mix

(build-out of VN, decline of secondary pricing to recapture lost value in secondary, pressure & regulatory scrutiny diluting

ticketing). Our VN/3P/Ticketmaster EV/ and 3) Third-party Concerts unchanged. The primary market pricing, and 3) Third-

AOI multiples are 35x/18x/11x reflecting higher AOI drives an ~8% higher blended party unchanged. The lower AOI drives a

growth + defensibility characteristics. Our AOI multiple of 24.8x, resulting in a $279 ~25% lower blended AOI multiple of 17.3x,

discounted target EVs for are $47bn/$9bn/ upside scenario. resulting in a $119 downside scenario.

$12bn, or $68bn total (23x CY'27E EV/AOI).

After net debt & minorities our $/sh values

are $148/$32/$43 for a total LYV price

target of $222/sh.

Upcoming Catalysts Company Description

• Major artist touring announcements as Concerts is a supply- Live Nation is a leading concert promotor globally, hosting

driven business; >160mm fans annually at its events. LYV contracts with artists

• Venue Nation build plans + new venue openings + acquisitions; to set up tours, incl. venue & ticketing plans. Events take place

• Macroeconomic trends that have implications for fan and/or per both at LYV-owned venues & 3P venues. LYV plans to expand its

cap growth expectations; owned-venues (aka Venue Nation), and brings in Sponsorships to its

• Regulations that could impact the sales processes for promoted events.