Liberty Formula One initiated with an Underweight at Wells Fargo
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 24 2025
0mins
Should l Buy FWONA?
Wells Fargo's Rating: Wells Fargo has given Liberty Formula One an Underweight rating with a price target of $83, citing concerns over underwhelming TV rights deals and potential increases in Concorde payments.
Market Implications: The firm suggests that if its estimates are accurate, the company's valuation multiple may decrease, indicating that media and Concorde renewals could negatively impact the stock.
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Analyst Views on FWONA
Wall Street analysts forecast FWONA stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 76.020
Low
107.00
Averages
108.33
High
110.00
Current: 76.020
Low
107.00
Averages
108.33
High
110.00
About FWONA
Formula One Group (Formula One) is a tracking stock of Liberty Media Corporation (Liberty Media), which is based in the United States. Formula One consists of Liberty Media's interest in Formula 1 and Quint and other minority investments. The Series A and Series C Liberty Formula One common stock trade on the Nasdaq Global Select Market under the stock symbols FWONA and FWONK, respectively. The Series B Liberty Formula One common stock is quoted on the OTC Markets under the symbol FWONB.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Product Innovation: As part of the agreement, Fanatec will design the next generation of F1 licensed sim racing hardware, including steering wheels and limited-edition products that replicate the innovative designs and technology of F1, enhancing user experience and driving sales growth.
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See More
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- Bahrain Grand Prix Update: The Bahrain Grand Prix will not take place in April, as confirmed by F1's official statement.
- Impact on Racing Calendar: This decision affects the Formula 1 racing schedule and may lead to adjustments in the season's events.
See More
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- Cancellation Risk: Heightened security risks in the Middle East are likely to lead to the cancellation of F1 races in Bahrain and Saudi Arabia, particularly as the Bahrain International Circuit is just 22 km from a U.S. naval facility recently targeted by Iranian missiles and drones.
- Safety Considerations: Event organizers must assess the untenable safety risks for spectators and racing teams given the ongoing missile and drone attacks from Tehran, which could render the events unsafe under current conditions.
- Insurance Coverage: Should the events be canceled, organizers typically insure these events for up to $100 million, but the tight F1 schedule makes rescheduling unlikely, increasing potential financial losses.
- Audience Impact: Each event typically draws over 100,000 spectators, and the cancellation would not only affect the live audience experience but could also negatively impact F1's brand image and future market appeal.
See More
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- Brand Exposure Strategy: BYD's success in the electric vehicle market has allowed it to surpass Tesla, and it now plans to enhance global brand awareness by participating in Formula 1 racing, particularly in the U.S. and other countries.
- Event Expansion Opportunity: The return of F1 racing in Asia, especially with the Shanghai event, presents BYD with a prime opportunity to increase its influence in the Asian market.
- Investment Challenges: While BYD aims to acquire an existing team or create a new one, the substantial cost of $450 million for a team, along with operational expenses, poses significant challenges that could impact its investment decisions.
- Potential Acquisition Target: BYD may consider acquiring a minority stake in the Alpine team, which is not currently for sale, but opportunities for minority investments could still attract BYD's interest.
See More
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- Market Transformation: F1's exclusive streaming deal with Apple replaces ESPN, expected to generate around $150 million annually for Apple, while potentially impacting F1's US audience as viewers must pay $12.99 monthly for Apple TV.
- Audience Growth Potential: F1's US viewership surged from 554,000 in 2018 to 1.3 million in 2025, a 135% increase, although still below NASCAR's 2.7 million, F1's audience is more affluent and diverse, appealing to advertisers.
- Content Collaboration Innovation: Apple's deal with Netflix allows the “Drive to Survive” series to stream on both platforms simultaneously, a first in Netflix's history, which could attract more viewers to F1 and enhance brand visibility.
- Strategic Risks and Opportunities: F1's CEO noted that Apple's multi-platform ecosystem will provide fans with more ways to engage with the sport, although the shift to digital may lose traditional TV viewers, it also offers F1 a more flexible content distribution strategy.
See More
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- Betting Partnership: Formula 1 has announced a multi-year deal with Super Group's Betway to become the sport's first official betting operator starting in the 2026 season, covering Europe, the Middle East, Africa, Canada, and Mexico, marking a significant innovation in the F1 betting market.
- Market Value Decline: Since the onset of the Iran war, Formula 1 has seen a $1.9 billion reduction in market value, reflecting concerns over the safety of races in the Middle East, which could impact F1's overall business performance and future investments.
- Season Uncertainty: The 2026 season is set to kick off this weekend in Melbourne with 24 races planned, yet uncertainty looms over the upcoming races in Bahrain and Saudi Arabia due to escalating regional conflicts, potentially affecting fan engagement and attendance.
- Stock Price Drop: Formula 1 (FWONA) shares have fallen over 13% year-to-date, indicating market concerns regarding its future performance, particularly in light of the uncertain geopolitical landscape that may undermine investor confidence.
See More
