World Wrestling Entertainment, Inc. (WWE)

Industry: Entertainment Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
STRZ	29	Starz Entertainmen	1,872	-	-	0.58	0.60	-	7.96
AGAE	30	Allied Gaming & En	1,853	-	-	-	-	-	-
002739.SZ	31	Wanda Film Holding	1,746	-	-	46.58	46.58	27.00	-
352820.KS	32	HYBE Co., Ltd.	1,667	237.79	250.82	36.82	29.37	51.45	54.53
BATRK	33	Atlanta Braves Hol	1,497	-	-	73.22	73.22	21.73	192.04
079160.KS	34	CJ CGV Co., Ltd.	1,463	-	-	11.63	8.19	438.81	55.84
000156.SZ	35	Wasu Media Holding	1,342	28.01	30.57	12.99	14.84	96.33	30.27
WWE	36	World Wrestling En	1,338	49.94	39.36	25.10	21.54	24.46	27.11
0680.HK	37	Nan Hai Corporatio	1,323	-	-	6.18	3.37	10.21	10.21
DEEZR.PA	38	Deezer S.A.	1,245	-	-	-	-	-	-
BOWL	39	Bowlero Corp.	1,233	-	-	8.29	5.50	-	23.72
A3M.MC	40	Atresmedia Corpora	1,123	10.14	10.19	6.58	6.71	7.19	7.94
AENT	41	Alliance Entertain	1,088	17.70	17.70	10.18	10.18	9.94	11.13
LLYVA	42	Liberty Live Group	1,085	-	-	-	-	15.49	68.90
SPHR	43	Sphere Entertainme	1,065	-	-	5.63	5.63	-	-
HLEE.SW	44	Highlight Event an	1,049	-	-	3.82	1.18	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.70	17.70	7.43	6.17	15.49	23.72
Full Range Median Multiple	22.85	24.13	9.23	7.45	21.73	26.99
Industry Multiple	73.41	77.32	18.54	17.11	75.35	46.25
Market Implied Multiple	46.34	36.52	23.31	20.00	22.72	25.17
Company (WWE) Multiple	49.94	39.36	25.10	21.54	24.46	27.11
(*) Net Income / EBITDA / Revenue	169	215	340	397	349	315
Winsorized Enterprise Value	N/A	N/A	2,530	2,448	5,410	7,474
Full Range Median Enterprise Value	N/A	N/A	3,143	2,955	7,587	8,507
(-) Net Debt	97	97	97	97	97	97
Winsorized Equity Value	2,993	3,797	2,433	2,351	5,313	7,377
Full Range Median Equity Value	3,864	5,179	3,046	2,858	7,490	8,410
(/) Shares Outstanding	78	78	78	78	78	78
Winsorized Fair Value	$38.44	$48.77	$31.25	$30.19	$68.23	$94.75
Full Range Median Fair Value	$49.63	$66.51	$39.12	$36.71	$96.19	$108.01
Current Price	$100.65	$100.65	$100.65	$100.65	$100.65	$100.65
Upside / Downside	-61.81%	-51.55%	-68.95%	-70.01%	-32.21%	-5.86%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$26.91	$34.14	$21.88	$21.13	$47.76	$66.33
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy