Global Media Undervalued over 20% based on DCF

Meta Platforms

Market Cap: US$1.5t

Engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses in the United States, Canada, Europe, Asia-Pacific, and internationally.

Tencent Holdings

Market Cap: HK$4.6t

An investment holding company, provides value-added services, marketing services, fintech, and business services in Mainland China and internationally.

Spotify Technology

Market Cap: US$99.5b

Provides audio streaming subscription services worldwide.

NetEase

Market Cap: HK$565.8b

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

Roblox

Market Cap: US$40.8b

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

EchoStar

Market Cap: US$36.0b

Provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the Middle East.

Fox

Market Cap: US$24.0b

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

Zhejiang Century Huatong GroupLtd

Market Cap: CN¥128.6b

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

Roku

Market Cap: US$14.5b

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

Warner Music Group

Market Cap: US$14.1b

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

News

Market Cap: US$14.1b

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.

New York Times

Market Cap: US$13.9b

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

Focus Media Information Technology

Market Cap: CN¥93.6b

Focus Media Information Technology Co., Ltd.

Bilibili

Market Cap: US$9.6b

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

HYBE

Market Cap: ₩11.2t

Engages in the music production, publishing, and artist development and management businesses.

KRAFTON

Market Cap: ₩10.4t

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

International Games SystemLtd

Market Cap: NT$217.6b

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: €5.1b

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.

Scout24

Market Cap: €4.7b

Operates ImmoScout24, a digital marketplace for the residential and commercial real estate sectors in Germany and internationally.

Autotrader Group

Market Cap: UK£3.9b

Operates an automotive platform in the United Kingdom.

Rightmove

Market Cap: UK£3.3b

Operates property portal in the United Kingdom and internationally.

Sphere Entertainment

Market Cap: US$4.4b

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

Banijay Group

Market Cap: €3.6b

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

Fuji Media Holdings

Market Cap: JP¥624.4b

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

G-bits Network Technology (Xiamen)

Market Cap: CN¥26.7b

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

XD

Market Cap: HK$30.5b

An investment holding company, develops, publishes, operates, and distributes mobile and web games in Mainland China and internationally.

SEEK

Market Cap: AU$5.4b

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

SMG Swiss Marketplace Group Holding

Market Cap: CHF 2.8b

Operates as an online marketplace and digital company in Switzerland.

Cinemark Holdings

Market Cap: US$3.5b

Engages in the theatrical exhibition business.

China Ruyi Holdings

Market Cap: HK$26.4b

An investment holding company, engages in content production and online streaming business in the People's Republic of Mainland China, Hong Kong, Europe, and internationally.

CarGurus

Market Cap: US$3.4b

Operates an online automotive platform for buying and selling vehicles in the United States and internationally.

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

Market Cap: Mex$52.6b

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

Manchester United

Market Cap: US$3.0b

Operates a professional sports team in the United Kingdom.

China South Publishing & Media Group

Market Cap: CN¥20.0b

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

JOYY

Market Cap: US$2.9b

Engages in the provision of social product matrix and communication technology.