Formula One: Tracking the Next Big Opportunity

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Formula One: Tracking the Next Big Opportunity

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Formula One

Tracking the Next Big Opportunity

Maintain Rating: BUY | PO: 105.00 USD | Price: 90.99 USD

Long term potential at MotoGP 19 May 2026

MotoGP presents a compelling growth opportunity as FWONK applies a proven Formula Equity

One playbook to its second global motorsports asset. The business model, driven by

Brent Navon, CFA

media rights, race promotion, sponsorship, and live events, closely mirrors F1, with Research Analyst

significant headroom for revenue and adjusted OIBDA expansion as it scales. We expect BofAS +1 646 855 3827

this to materialize over time, with near-term investment preceding a more visible brent.navon@bofa.com

profitability inflection. Notably, MotoGP is commercially farther along relative to when Jessica Reif Ehrlich

F1 was acquired by Liberty, implying a more targeted investment cycle vs. F1’s early ResearchBofAS Analyst

buildout. All said, FWONK retains strategic optionality across MotoGP (including targeted +1 646 855 2921

demographic expansion, sponsorship, race calendar optimization), and we believe it is jessica.reif@bofa.com

prudent for FWONK to take a more deliberate approach on how best to scale the PeterResearchHendersonAnalyst

MotoGP asset. Nonetheless, given Liberty’s success in transforming F1 into a global BofAS

+1 646 855 4564

sport, we believe this provides strong validation for the strategy and supports our peter2.henderson@bofa.com

positive view on MotoGP’s long-term potential. David Plaus

Research Analyst

Beyond the track: Sponsorship monetization potential BofAS+1 646 855 1572

We see significant potential to grow MotoGP’s sponsorship business, especially when david.plaus@bofa.com

compared to other sports properties and Formula One.