Global Media Undervalued over 20% based on DCF

Spotify Technology

Market Cap: US$106.9b

Provides audio streaming subscription services worldwide.

NetEase

Market Cap: HK$579.1b

Engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally.

Roblox

Market Cap: US$34.5b

Operates an immersive platform for connection and communication in the United States and internationally.

Fox

Market Cap: US$25.4b

Operates as a news, sports, and entertainment company in the United States.

NAVER

Market Cap: ₩30.4t

Provides online search portal and information services in South Korea and internationally.

Roku

Market Cap: US$18.5b

Operates a TV streaming platform in the United States and internationally.

Warner Music Group

Market Cap: US$18.1b

Operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally.

Zhejiang Century Huatong GroupLtd

Market Cap: CN¥105.1b

Engages in the auto parts, Internet games, and artificial intelligence cloud data businesses in China and internationally.

News

Market Cap: US$14.8b

A media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses.

Tencent Music Entertainment Group

Market Cap: US$13.9b

Operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in the People’s Republic of China.

Kakao

Market Cap: ₩18.4t

Operates mobile and online platforms in South Korea.

New York Times

Market Cap: US$12.1b

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide.

Focus Media Information Technology

Market Cap: CN¥79.6b

Focus Media Information Technology Co., Ltd.

NEXON

Market Cap: JP¥1.8t

Engages in the production, development, and distribution of video games and mobile games in Japan and internationally.

KRAFTON

Market Cap: ₩11.9t

Engages in the software development and related ancillary businesses in Asia, Korea, the United States, Europe, and internationally.

SKY Perfect JSAT

Market Cap: JP¥1.2t

Provides satellite-based multichannel pay TV and satellite communications services primarily in Asia.

Bilibili

Market Cap: US$7.2b

Provides online entertainment services for the young generations in the People’s Republic of China.

International Games SystemLtd

Market Cap: NT$210.8b

Plans, designs, researches, develops, manufactures, markets, services, and licenses arcade, online, and mobile games in Taiwan, the United Kingdom, Curacao, and Malta.

CTS Eventim KGaA

Market Cap: €5.4b

Operates in the leisure events market in Germany, Italy, Switzerland, the United States, Austria, the United Kingdom, Spain, Netherlands, Finland, France, Denmark, Sweden, Norway, Chile, Brazil, and internationally.

Eutelsat Communications

Market Cap: €4.5b

Operates telecommunication satellites.

Kingnet Network

Market Cap: CN¥34.9b

Engages in the development, operation, and distribution of mobile and operations in China and internationally.

Autotrader Group

Market Cap: UK£3.7b

Operates an automotive platform in the United Kingdom.

Sphere Entertainment

Market Cap: US$4.6b

Operates as a live entertainment and media company in the United States.

Banijay Group

Market Cap: €3.7b

Engages in the content production, distribution, online sports betting, and gaming businesses in the United States, Europe, and internationally.

G-bits Network Technology (Xiamen)

Market Cap: CN¥25.5b

G-bits Network Technology (Xiamen) Co., Ltd.

SMG Swiss Marketplace Group Holding

Market Cap: CHF 2.8b

Operates as an online marketplace and digital company in Switzerland.

Fuji Media Holdings

Market Cap: JP¥552.8b

Through its subsidiaries, engages in the broadcasting activities in Japan.

Manchester United

Market Cap: US$3.4b

Operates a professional sports team in the United Kingdom.

SEEK

Market Cap: AU$4.5b

Provides online employment marketplace services in Australia, New Zealand, Southeast Asia, Hong Kong, the United Kingdom, Europe, and internationally.

Cinemark Holdings

Market Cap: US$3.1b

Engages in the theatrical exhibition business.

Megacable Holdings S. A. B. de C. V

Market Cap: Mex$50.9b

Engages in the installation, operation, and maintenance of cable television, internet, and telephone signal distribution systems.

China South Publishing & Media Group

Market Cap: CN¥19.9b

Engages in the publishing, printing, distribution, media, and financing businesses in China.

Meitu

Market Cap: HK$20.4b

An investment holding company, engages in the development and provision of products that streamline the production of photo, video, and design with other AI-powered products in Mainland China and internationally.

MFE-Mediaforeurope

Market Cap: €2.2b

Operates in the television industry in Italy and Spain.

Ströer SE KGaA

Market Cap: €2.1b

Provides out-of-home (OOH) media and digital out-of-home advertising services in Germany and internationally.

Zhejiang Daily Digital Culture GroupLtd

Market Cap: CN¥16.3b

Operates as an internet digital cultural company in China and internationally.