Global Media Undervalued over 20% based on DCF

Meta Platforms

Market Cap: US$1.6t

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.

Netflix

Market Cap: US$320.8b

Provides entertainment services worldwide.

Spotify Technology

Market Cap: US$101.6b

Provides audio streaming subscription services worldwide.

NetEase

Market Cap: HK$681.1b

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

Nintendo

Market Cap: JP¥8.2t

Develops, manufactures, and sells home entertainment products in Japan, the Americas, Europe, and internationally.

Roblox

Market Cap: US$40.6b

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

Universal Music Group

Market Cap: €34.5b

Operates as a music company worldwide.

Reddit

Market Cap: US$38.4b

Operates a digital community in the United States and internationally.

Roku

Market Cap: US$20.9b

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

Konami Group

Market Cap: JP¥2.5t

Primarily engages in the digital entertainment, arcade, gaming and systems, and sports businesses in Japan, Asia/Oceania countries, the United States, and Europe.

News

Market Cap: US$15.3b

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

Zhejiang Century Huatong GroupLtd

Market Cap: CN¥101.4b

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

Warner Music Group

Market Cap: US$14.8b

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

Tencent Music Entertainment Group

Market Cap: US$13.6b

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$11.9b

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

Bilibili

Market Cap: US$7.6b

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

International Games SystemLtd

Market Cap: NT$209.7b

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

Scout24

Market Cap: €5.1b

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

Sphere Entertainment

Market Cap: US$5.6b

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

Autotrader Group

Market Cap: UK£4.0b

Operates an automotive platform in the United Kingdom.

Kingnet Network

Market Cap: CN¥34.7b

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

CyberAgent

Market Cap: JP¥759.4b

Engages in the internet advertising business in Japan.

SKY Perfect JSAT

Market Cap: JP¥724.5b

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

Rightmove

Market Cap: UK£3.3b

Operates property portal in the United Kingdom and internationally.

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.

Manchester United

Market Cap: US$3.9b

Operates a professional sports team in the United Kingdom.

Fuji Media Holdings

Market Cap: JP¥580.5b

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

Cinemark Holdings

Market Cap: US$3.4b

Engages in the theatrical exhibition business.

SMG Swiss Marketplace Group Holding

Market Cap: CHF 2.7b

Operates as an online marketplace and digital company in Switzerland.

SEEK

Market Cap: AU$4.8b

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

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

Market Cap: Mex$52.7b

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

China South Publishing & Media Group

Market Cap: CN¥18.4b

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

Meitu

Market Cap: HK$18.7b

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.

Toei Company

Market Cap: JP¥361.2b

A content company, engages in the production and distribution of movies, television (TV) shows, and other video products in Japan.

Ströer SE KGaA

Market Cap: €1.9b

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

IMAX

Market Cap: US$2.1b

Operates as a technology platform for entertainment and events in the United States, Canada, Greater China, rest of Asia, Western Europe, Latin America, and internationally.