Liberty Braves: Growing Monopoly With Unappreciated Catalyst

Chris Colvin of Breach Inlet Capital presented his investment thesis on Liberty Braves (US: BATRA, BATRB, BATRK) at Best Ideas 2023.

Thesis summary:

Liberty Braves is a tracking stock that represents Liberty Media’s ownership in Atlanta Braves Holdings. Holdings consists of the Atlanta Braves baseball team and the real estate surrounding the Braves ballpark (Battery Atlanta).

The Braves is an attractive and unique asset because it is a monopoly with high barriers to entry, recession-resilient, and has multiple secular growth tailwinds.

Liberty Braves trades at a material discount to comparable private market transactions. However, Liberty Media recently announced plans to split off Liberty Braves into a standalone public company to be renamed Atlanta Braves Holdings. This split-off should immediately help close the valuation discount, and the company should then be taken private in 6-24 months at a premium.

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About the instructor:

Chris Colvin, CFA, is the Founder of Breach Inlet Capital. Prior to Breach Inlet, he was the Portfolio Manager at Freeman Group (a family office), where he launched and managed a concentrated public markets portfolio. He also led diligence and was a board member for private equity investments. Before Freeman, he was a Senior Analyst at Highland Capital Management, where he managed a portfolio of distressed credits and a long/short equity fund. He began his career as an investment banking analyst at Stephens, where he also helped evaluate private equity investments. He graduated from Wake Forest University with a BS in Business.