Mike Arnold
Value, growth at reasonable price, long only, tech

Live Nation: Monetizing The Ecosystem, Generating Copious Free Cash Flow

Executive summary:

  • Live Nation (NYSE:LYV) reports solid full-year 2013 results, and provides bullish guidance for 2014.
  • Free cash flow ("FCF") generation continues at fast pace, indicating significant operating leverage in the business.
  • Roll out of Ticket Master+ allows Live Nation to capture the secondary ticket market.

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Shares of Live Nation have gone on an incredible run since the start of 2013, appreciating some 140% over that time frame. After the full-year 2013 earnings report and conference call after the market close on February 24, 2014, I think shares are still undervalued given the growth and margin expansion opportunities before Live Nation.

(click to enlarge)

The Live Nation Ecosystem

Live Nation is made up of three principal businesses,...

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