U.S. Media Undervalued over 20% based on DCF

Alphabet

Market Cap: US$4.2t

Offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America.

Meta Platforms

Market Cap: US$1.4t

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.

Spotify Technology

Market Cap: US$109.7b

Provides audio streaming subscription services worldwide.

Warner Bros. Discovery

Market Cap: US$71.7b

Operates as a media and entertainment company worldwide.

Omnicom Group

Market Cap: US$24.0b

Offers advertising, marketing, and corporate communications services.

Roku

Market Cap: US$23.4b

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

Warner Music Group

Market Cap: US$14.2b

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

Paramount Skydance

Market Cap: US$11.6b

Operates as a media and entertainment company worldwide.

Sirius XM Holdings

Market Cap: US$9.7b

Operates as an audio entertainment company in North America.

Trade Desk

Market Cap: US$6.2b

Operates as a technology company in the United States and internationally.

NIQ Global Intelligence

Market Cap: US$5.5b

A consumer intelligence company, provides software applications and analytics solutions in the United States, Poland, Belgium, Mexico, Indonesia, and internationally.

Manchester United

Market Cap: US$4.1b

Operates a professional sports team in the United Kingdom.

IMAX

Market Cap: US$2.9b

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.

John Wiley & Sons

Market Cap: US$2.6b

A publisher, provides authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning in the United States, the United Kingdom, Germany, and internationally.

AMC Entertainment Holdings

Market Cap: US$2.3b

Engages in the theatrical exhibition business in the United States and internationally.

DoubleVerify Holdings

Market Cap: US$2.1b

Provides media effectiveness platforms in the United States.

Newsmax

Market Cap: US$1.4b

Through its subsidiaries, operates as a television broadcaster and multi-platform content publisher in the United States.

Clear Channel Outdoor Holdings

Market Cap: US$1.2b

Operates as an out-of-home advertising company in the United States and Singapore.

Hello Group

Market Cap: US$849.5m

Provides mobile-based social and entertainment services in the People’s Republic of China and internationally.

MediaAlpha

Market Cap: US$792.8m

Through its subsidiaries, operates an insurance customer acquisition platform in the United States.

PubMatic

Market Cap: US$747.7m

A technology company, engages in the provision of a cloud infrastructure platform that enables real time programmatic advertising transactions for digital content creators, advertisers, agencies, agency trading desks, and demand side platforms worldwide.

Reservoir Media

Market Cap: US$652.1m

Operates as a music publishing company.

DHI Group

Market Cap: US$173.7m

Provides data, insights, and employment connections through specialized services for technology professionals and other select online communities in the United States.

Centaur Media

Market Cap: US$56.1m

Engages in the provision of business information, learning, and specialist consultancy to professional and commercial markets in the United Kingdom, rest of Europe, North America, and internationally.

Snail

Market Cap: US$25.5m

Develops and publishes interactive digital entertainment worldwide.

Mills Music Trust

Market Cap: US$7.1m

Mills Music Trust holds the right to receive payment of a deferred contingent purchase price obligation relating to music and lyric copyright catalogue payable in the United States.