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Fox Given a "Buy" Rating Thanks to Sports Betting Boost

Written by:
Aaron Goldstein
Published on:
Oct/09/2020

Fox Corp is an under-the-radar play on US sports betting, the headline reads for Wayne Duggan's report at Yahoo Finance!


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Bank of America analyst Jessica Reif Ehrlich reiterated her Buy rating for Fox and raised her price target from $33 to $39.

Her expectations, courtesy of Yahoo Finance:

First, she is expecting advertising trends to rebound in coming quarters. Second, Fox has a healthy balance sheet with opportunities for share repurchases. And finally, she said Fox has exposure to “high-growth hidden assets.”

Sports gambling, she notes, simply enhances what is already a solid brand with a healthy balance sheet.  It is but a small, albeit powerful, part of Fox Corp's overall portfolio.

The sector is nearly failproof in the US as more states look to legalize the activity.  The likes of Draftkings and FanDuel continue to enjoy a banner year despite a pandemic that shut down sports over a prolonged period of time.

The focal point of Fox Corp's sports betting efforts in the States will be its Fox Bet brand.  We will see its signage plastered across stadiums and arenas (more so once college basketball gets underway) during F1 Sports broadcasts. 

Fox Bet evolved from a partnership with the Stars Group, owner of PokerStars.  In May 2019, Fox took a 4.99% stake in The Stars Group. Fox also has the option to acquire 50% of Stars' U.S. business within the next 10 years and the right to acquire an 18.5% stake in FanDuel Group in 2021.  It owns a 2.6% stake in Flutter Entertainment, the parent company of FanDuel and Paddy Power.

"Fox's hidden assets collectively represent $13/s in our analysis (vs. $7/s prev.)—reflecting an accelerated consumer shift to digital (e.g. streaming and real estate) and robust consumer appetite for online gambling," Ehrlich wrote in a note.

- Aaron Goldstein, Gambling911.com

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