FWONK: Sponsorships - Raising Estimates - Atop the Podium and the K-Shaped Economy

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FWONK: Sponsorships - Raising Estimates - Atop the Podium and the K-Shaped Economy

Media, Entertainment & Telecom

Live Entertainment - Market Overweight

LIBERTY FORMULA ONE SERIES C (FWONK) June 9, 2026

FWONK: Sponsorships - Raising Estimates - Atop the Rating:

Podium and the K-Shaped Economy Outperform

Price:

$86.87

The Wolfe Byte Price Target:

Cons. under-estimates F1 sponsorship revenue growth for 2026 and beyond. We $121

Prior: $120raise already above consensus sponsorship sales forecasts, seeing lots of gas left % Upside:

in the tank for growth and upside to what's priced in by FWONK's 21x '27 FCF. 39.3%

Reit Outperform, PT $121. View FWONK Model

View Comp Table

Comping strength with strength: Partly due to the reportedly ~$100M/yr. deal with Company Information

LVMH, F1’s sponsorship revenue growth boomed to +32% y/y in '25. However, excl. 52-Week Range $81 - $108

$19,479 Cap. (MM)the LVMH deal, we est. F1 still added nearly $150M of revenue (+24% growth) Market $27,036 Enterprise Value (MM)

from new or stepped up sponsorship deals in '25. Despite F1 adding just as many Shares Out. (MM) 224.2

new sponsors in '26 as it did in '25 (excl. LVMH) and renewing more sponsors in '26 Avg. Value Traded (MM) $185.13

SI% of Float 3.8%

than '25, cons. assumes only 8% sponsorship growth in '26. We believe strength in

'25 (excl. LVMH) continues into 2026 based on the robust sponsorship pipeline, and Price Performance

that F1 sponsorship revenue grows +15% in '26 (vs. +12% prev.) YTD LTM

FWONK (8)% (7)%

Long-term growth remains underappreciated: Through 2029, we believe cons. is S&P 500 8% 25%

under-modeling F1 sponsorship growth by ~4pts per year, which translates to ~1pt 115

slower total F1 revenue growth (sponsorship is ~25% of F1 revenue). Upside to cons. 110