Major Estimate Revision • May 18
Consensus estimates of losses per share improve by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$774.9m to US$787.1m. EPS estimate increased from -US$0.229 per share to -US$0.204 per share. Entertainment industry in the US expected to see average net income growth of 19% next year. Consensus price target of US$59.80 unchanged from last update. Share price was steady at US$50.40 over the past week. Reported Earnings • May 12
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: US$0.63 loss per share (improved from US$0.66 loss in 1Q 2025). Revenue: US$72.0m (up 53% from 1Q 2025). Net loss: US$40.5m (loss narrowed 2.2% from 1Q 2025). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Live News • May 11
Atlanta Braves Holdings Beats Revenue Estimates With 53% Growth and Higher Activity at The Battery Atlanta Braves Holdings reported Q1 2026 revenue of US$72 million, a 53% increase that came in about 9% above estimates, with baseball operations up 60% and mixed-use development revenue up 41%.
The Battery Atlanta attracted about 1.4 million visitors in the quarter, supported by five regular season home games and nearly 50,000 square feet of new or extended tenant leases.
The company reported a loss of US$0.63 per share, which was smaller than the expected US$0.83 loss, alongside improved adjusted OIBDA, reduced operating and net losses, higher cash and lower debt, while insiders sold roughly US$3.2 million of stock.
The combination of stronger-than-expected revenue, improving loss metrics and higher activity at The Battery Atlanta points to a business model that is leaning more on both baseball and real estate-related income streams.
Insider selling and continued losses, even with better cash and debt positions, highlight that you still need to weigh execution and profitability risk against the apparent momentum in operations and development activity. Announcement • Apr 15
Atlanta Braves Holdings, Inc. to Report Q1, 2026 Results on May 11, 2026 Atlanta Braves Holdings, Inc. announced that they will report Q1, 2026 results Pre-Market on May 11, 2026 Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 65% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -US$0.17 to -US$0.28 per share. Revenue forecast unchanged at US$774.9m. Entertainment industry in the US expected to see average net income growth of 21% next year. Consensus price target up from US$58.60 to US$59.80. Share price rose 2.8% to US$43.90 over the past week. Announcement • Apr 03
Atlanta Braves Holdings, Inc., Annual General Meeting, May 20, 2026 Atlanta Braves Holdings, Inc., Annual General Meeting, May 20, 2026. Reported Earnings • Feb 26
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: US$0.37 loss per share (improved from US$0.50 loss in FY 2024). Revenue: US$732.5m (up 11% from FY 2024). Net loss: US$23.4m (loss narrowed 25% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 35%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Feb 26
Forecast to breakeven in 2027 The 4 analysts covering Atlanta Braves Holdings expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 52% to 2026. The company is expected to make a profit of US$2.00m in 2027. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Announcement • Feb 25
Atlanta Braves Holdings, Inc. Announces Launch of Exclusive Braves Television Network: BravesVision Atlanta Braves Holdings, Inc. announced the launch of BravesVision, a multimedia platform owned and operated by the organization that will become the official local television home of the Braves beginning with the 2026 baseball season. BravesVision will usher in a new era of broadcasting, where the Braves organization will have full oversight of the production, sales, marketing, and distribution of its telecasts. BravesVision will produce more than 140 games, as well as extensive pre-game and post-game programming, throughout the 2026 regular season and give fans across the organization's six state territory multiple options to watch Braves games without blackouts, including: Video Service Provider: Through a direct-to-distributor model, the Braves will partner with cable, satellite, and streaming services to provide BravesVision to their customers. The Braves will provide an update on availability and channel locations as distributor deals are finalized. Streaming: BravesVision will be available on Major League Baseball's streaming platform - Braves.TV. With a subscription, all regular season non-national exclusive Braves games will be available to fans everywhere and without blackouts. Fans will have the additional option to purchase an out-of-market package to view every MLB team. Over the Air: For the second consecutive season, the Braves will partner with Gray Media to simulcast a select number of regular season games over-the-air (OTA) for free in Atlanta and across the Southeast through Gray's network of broadcast stations. The BravesVision OTA games will be announced prior to Opening Day. For a list of Gray Media stations in Braves Country, visit braves.com/watch.BravesVision will further expand the organization's robust multimedia platform, which includes the largest radio affiliate network in Major League Baseball, groundbreaking short-form video content, award-winning in-game products, and more than eight million followers across various social platforms. Fans simply need to visit Braves.TV to create a free account. In addition to the local BravesVision telecasts, the team will appear in nationally televised games with MLB's exclusive broadcast partners - FOX/FS1, ESPN, TBS, NBC/Peacock and Apple TV+. Recent Insider Transactions Derivative • Feb 20
Executive VP exercised options and sold US$889k worth of stock On the 13th of February, Jill Robinson exercised 60k options at a strike price of around US$27.18 and sold these shares for an average price of US$42.00 per share. This trade did not impact their existing holding. Since March 2025, Jill's direct individual holding has increased from 56.05k shares to 79.46k. Company insiders have collectively sold US$8.8m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Feb 04
Executive VP exercised options and sold US$256k worth of stock On the 2nd of February, Jill Robinson exercised 20k options at a strike price of around US$27.18 and sold these shares for an average price of US$40.00 per share. This trade did not impact their existing holding. Since March 2025, Jill's direct individual holding has increased from 56.05k shares to 79.46k. Company insiders have collectively sold US$7.9m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 22
Atlanta Braves Holdings, Inc. to Report Q4, 2025 Results on Feb 25, 2026 Atlanta Braves Holdings, Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 25, 2026 Recent Insider Transactions Derivative • Dec 16
Executive VP exercised options and sold US$295k worth of stock On the 12th of December, Gregory Heller exercised options to acquire 7k shares at no cost and sold these for an average price of US$39.71 per share. This trade did not impact their existing holding. Since March 2025, Gregory's direct individual holding has increased from 14.88k shares to 22.50k. Company insiders have collectively sold US$7.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 03
Executive VP exercised options and sold US$246k worth of stock On the 1st of December, Jill Robinson exercised 20k options at a strike price of around US$27.18 and sold these shares for an average price of US$39.46 per share. This trade did not impact their existing holding. Since December 2024, Jill has owned 68.76k shares directly. Company insiders have collectively sold US$7.7m more than they bought, via options and on-market transactions in the last 12 months. Breakeven Date Change • Nov 24
Forecast to breakeven in 2027 The 5 analysts covering Atlanta Braves Holdings expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 23% per year to 2026. The company is expected to make a profit of US$2.00m in 2027. Average annual earnings growth of 35% is required to achieve expected profit on schedule. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 97% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 97% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable next year (US$28m net loss next year). Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.48 (up from US$0.16 in 3Q 2024). Revenue: US$311.5m (up 7.2% from 3Q 2024). Net income: US$30.0m (up 199% from 3Q 2024). Profit margin: 9.6% (up from 3.4% in 3Q 2024). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 120%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Oct 09
Atlanta Braves Holdings, Inc. to Report Q3, 2025 Results on Nov 05, 2025 Atlanta Braves Holdings, Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 05, 2025 Recent Insider Transactions Derivative • Oct 05
Executive VP exercised options and sold US$276k worth of stock On the 1st of October, Jill Robinson exercised 20k options at a strike price of around US$27.18 and sold these shares for an average price of US$41.00 per share. This trade did not impact their existing holding. Since December 2024, Jill has owned 68.76k shares directly. Company insiders have collectively sold US$7.4m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 20
Executive VP exercised options and sold US$666k worth of stock On the 15th of August, Jill Robinson exercised 40k options at a strike price of around US$27.18 and sold these shares for an average price of US$43.82 per share. This trade did not impact their existing holding. Since September 2024, Jill has owned 56.05k shares directly. Company insiders have collectively sold US$6.2m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 08
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$111m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$111m). Currently unprofitable and not forecast to become profitable next year (US$29m net loss next year). Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.47 (in line with 2Q 2024). Revenue: US$312.4m (up 11% from 2Q 2024). Net income: US$29.5m (up 1.3% from 2Q 2024). Profit margin: 9.4% (in line with 2Q 2024). Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jul 23
Atlanta Braves Holdings, Inc. to Report Q2, 2025 Results on Aug 07, 2025 Atlanta Braves Holdings, Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Recent Insider Transactions Derivative • Jun 15
Executive Vice President-Business exercised options and sold US$633k worth of stock On the 11th of June, Derek Schiller exercised 40k options at a strike price of around US$27.18 and sold these shares for an average price of US$43.00 per share. This trade did not impact their existing holding. Since September 2024, Derek's direct individual holding has increased from 314.25k shares to 332.74k. Company insiders have collectively sold US$4.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • May 16
Executive VP exercised options and sold US$352k worth of stock On the 12th of May, Gregory Heller exercised 25k options at a strike price of around US$27.18 and sold these shares for an average price of US$41.25 per share. This trade did not impact their existing holding. Since September 2024, Gregory's direct individual holding has increased from 2.17k shares to 14.88k. Company insiders have collectively sold US$3.7m more than they bought, via options and on-market transactions in the last 12 months. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable next year (US$33m net loss next year). Reported Earnings • May 13
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: US$0.66 loss per share (improved from US$0.83 loss in 1Q 2024). Revenue: US$47.2m (up 27% from 1Q 2024). Net loss: US$41.4m (loss narrowed 19% from 1Q 2024). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Apr 26
Atlanta Braves Holdings, Inc., Annual General Meeting, Jun 10, 2025 Atlanta Braves Holdings, Inc., Annual General Meeting, Jun 10, 2025. Announcement • Apr 18
Atlanta Braves Holdings, Inc. to Report Q1, 2025 Results on May 12, 2025 Atlanta Braves Holdings, Inc. announced that they will report Q1, 2025 results at 9:30 AM, US Eastern Standard Time on May 12, 2025 Recent Insider Transactions Derivative • Mar 06
Executive VP exercised options and sold US$346k worth of stock On the 3rd of March, Greg Heller exercised 25k options at a strike price of around US$27.18 and sold these shares for an average price of US$41.00 per share. This trade did not impact their existing holding. Since September 2024, Greg's direct individual holding has increased from 2.17k shares to 14.88k. Company insiders have collectively sold US$4.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: US$0.50 loss per share (improved from US$2.03 loss in FY 2023). Revenue: US$662.7m (up 3.4% from FY 2023). Net loss: US$31.3m (loss narrowed 75% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 45%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jan 28
Atlanta Braves Holdings, Inc. to Report Q4, 2024 Results on Feb 26, 2025 Atlanta Braves Holdings, Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025 Breakeven Date Change • Dec 31
No longer forecast to breakeven The 4 analysts covering Atlanta Braves Holdings no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$26.0m in 2026. New consensus forecast suggests the company will make a loss of US$34.0m in 2026. Recent Insider Transactions Derivative • Dec 15
President exercised options and sold US$805k worth of stock On the 12th of December, Terence McGuirk exercised options to acquire 20k shares at no cost and sold these for an average price of US$39.93 per share. This trade did not impact their existing holding. For the year to December 2023, Terence's total compensation was 12% salary and 88% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Terence has owned 465.47k shares directly. Company insiders have collectively sold US$3.9m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 08
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.16 (up from US$0.098 loss in 3Q 2023). Revenue: US$290.7m (up 6.9% from 3Q 2023). Net income: US$10.0m (up US$16.1m from 3Q 2023). Profit margin: 3.4% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 59%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 25
Atlanta Braves Holdings, Inc. Announces Resignation of Gregory B. Maffei as Chief Executive Officer, Effective August 31, 2024 On August 21, 2024, Gregory B. Maffei notified Atlanta Braves Holdings, Inc. of his resignation as Chief Executive Officer, effective August 31, 2024. The execution of the Malone Voting Agreement constitutes a Change in Control of the Company as defined in Mr. Maffei’s Executive Employment Agreement, dated effective as of December 13, 2019, by and between Mr. Maffei and Liberty Media Corporation (“ Liberty Media”), and Mr. Maffei’s separation from employment with the Company is for “Good Reason” within the meaning of his Executive Employment Agreement. As part of that transition, all current officers of the Company (with limited exceptions), including Mr. Maffei, Brian J. Wendling, Principal Financial Officer and Chief Accounting Officer of the Company, and Renee L. Wilm, Chief Legal Officer and Chief Administrative Officer of the Company, will step down from their officer positions, effective August 31, 2024. Also effective August 31, 2024, certain members of the Company’s operating team will assume these roles, with additional information to be announced in a separate Current Report on Form 8-K to be filed at a later date. Announcement • Aug 24
Atlanta Braves Holdings, Inc. Announces Executive Changes, Effective August 31, 2024 On August 21, 2024, Gregory B. Maffei notified Atlanta Braves Holdings, Inc. of his resignation as President, Chairman of the Board and a director of the Company effective August 31, 2024. The execution of the Malone Voting Agreement constitutes a Change in Control of the Company as defined in Mr. Maffei’s Executive Employment Agreement, dated effective as of December 13, 2019, by and between Mr. Maffei and Liberty Media Corporation (“ Liberty Media”), and Mr. Maffei’s separation from employment with the Company is for “Good Reason” within the meaning of his Executive Employment Agreement. In addition, the Company and Liberty Media intend to begin transitioning various general and administrative services currently provided by Liberty Media to the Company under the Services Agreement, dated as of July 18, 2023, by and between Liberty Media and the Company (the “ ABH Services Agreement”) to the management of the Company, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. As part of that transition, all current officers of the Company (with limited exceptions), including Mr. Maffei, Brian J. Wendling, Principal Financial Officer and Chief Accounting Officer of the Company, and Renee L. Wilm, Chief Legal Officer and Chief Administrative Officer of the Company, will step down from their officer positions, effective August 31, 2024. Also effective August 31, 2024, certain members of the Company’s operating team will assume these roles, with additional information to be announced in a separate Current Report on Form 8-K to be filed at a later date. Major Estimate Revision • Aug 15
Consensus EPS estimates upgraded to US$0.47 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -US$0.625 to -US$0.47 per share. Revenue forecast steady at US$691.5m. Entertainment industry in the US expected to see average net income growth of 52% next year. Consensus price target up from US$52.50 to US$53.75. Share price was steady at US$42.28 over the past week. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.47 (up from US$0.47 loss in 2Q 2023). Revenue: US$282.9m (up 4.7% from 2Q 2023). Net income: US$29.1m (up US$58.0m from 2Q 2023). Profit margin: 10% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Jul 12
Atlanta Braves Holdings, Inc. to Report Q2, 2024 Results on Aug 08, 2024 Atlanta Braves Holdings, Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 08, 2024 New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$66m net loss next year). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • May 09
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: US$0.83 loss per share (improved from US$1.09 loss in 1Q 2023). Revenue: US$37.1m (up 20% from 1Q 2023). Net loss: US$51.3m (loss narrowed 12% from 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Apr 28
Atlanta Braves Holdings, Inc., Annual General Meeting, Jun 10, 2024 Atlanta Braves Holdings, Inc., Annual General Meeting, Jun 10, 2024, at 08:30 Mountain Standard Time. Agenda: To consider a proposal (which we refer to as the director election proposal ) to elect Brian M. Deevy to continue serving as a Class I member of our Board until the 2027 annual meeting of stockholders or his earlier resignation or removal; to consider a proposal (which we refer to as the auditors ratification proposal ) to ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2024 and to consider other matters. Announcement • Apr 11
Atlanta Braves Holdings, Inc. to Report Q1, 2024 Results on May 08, 2024 Atlanta Braves Holdings, Inc. announced that they will report Q1, 2024 results Pre-Market on May 08, 2024 Recent Insider Transactions Derivative • Mar 29
CEO, President & Chairman of the Board exercised options and sold US$1.7m worth of stock On the 27th of March, Gregory Maffei exercised 148.88k options at around US$23.51, then sold 117k of the shares acquired at an average of US$38.27 per share and kept the remainder. Since September 2023, Gregory's direct individual holding has increased from 1.24m shares to 1.26m. Company insiders have collectively sold US$999k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$42m net loss next year). Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Feb 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$2.03 loss per share (further deteriorated from US$0.65 loss in FY 2022). Revenue: US$640.7m (up 8.9% from FY 2022). Net loss: US$125.3m (loss widened 267% from FY 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Nov 08
Atlanta Braves Holdings, Inc. has filed a Follow-on Equity Offering. Atlanta Braves Holdings, Inc. has filed a Follow-on Equity Offering.
Security Name: Series C common stock
Security Type: Common Stock
Securities Offered: 1,811,066 Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: US$0.10 loss per share (improved from US$0.41 loss in 3Q 2022). Revenue: US$271.8m (up 7.9% from 3Q 2022). Net loss: US$6.05m (loss narrowed 73% from 3Q 2022). Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Entertainment industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
Atlanta Braves Holdings, Inc. Announces the Retirement of Albert E. Rosenthaler as Chief Corporate Development Officer, Effective January 1, 2024 On October 20, 2023, Albert E. Rosenthaler notified Atlanta Braves Holdings, Inc. (the Company) of hisintention to retire from his position as Chief Corporate Development Officer of the Company, effective January1, 2024. Announcement • Oct 07
Atlanta Braves Holdings, Inc. to Report Q3, 2023 Results on Nov 03, 2023 Atlanta Braves Holdings, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 03, 2023 Price Target Changed • Aug 20
Price target increased by 8.3% to US$52.00 Up from US$48.00, the current price target is an average from 3 analysts. New target price is 41% above last closing price of US$36.96. Stock is up 32% over the past year. The company is forecast to post a net loss per share of US$1.13 next year compared to a net loss per share of US$0.64 last year. New Risk • Aug 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • Aug 06
Second quarter 2023 earnings released Second quarter 2023 results: US$0.47 loss per share. Revenue: US$270.1m (up 7.9% from 2Q 2022). Net loss: US$28.9m (down 145% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jul 12
The Liberty Braves Group to Report Q2, 2023 Results on Aug 04, 2023 The Liberty Braves Group announced that they will report Q2, 2023 results Pre-Market on Aug 04, 2023 Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 88% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.26 to -US$0.49 per share. Revenue forecast unchanged at US$631.2m. Entertainment industry in the US expected to see average net income growth of 28% next year. Consensus price target broadly unchanged at US$48.00. Share price was steady at US$36.75 over the past week. Major Estimate Revision • May 11
Consensus EPS estimates fall by 1,200%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$620.6m to US$629.7m. Forecast EPS reduced from -US$0.02 to -US$0.26 per share. Entertainment industry in the US expected to see average net income growth of 32% next year. Consensus price target up from US$43.75 to US$47.75. Share price was steady at US$38.54 over the past week. Price Target Changed • Apr 24
Price target increased by 17% to US$43.75 Up from US$37.33, the current price target is an average from 4 analysts. New target price is 16% above last closing price of US$37.61. Stock is up 44% over the past year. The company is forecast to post a net loss per share of US$0.11 next year compared to a net loss per share of US$0.66 last year. Major Estimate Revision • Mar 24
Consensus EPS estimates fall from profit to US$0.11 loss The consensus outlook for fiscal year 2023 has been updated. Expected to report loss instead of -US$0.11 instead of US$0.095 per share profit previously forecast. Revenue forecast unchanged at US$615.4m Entertainment industry in the US expected to see average net income growth of 21% next year. Consensus price target up from US$37.33 to US$38.33. Share price was steady at US$32.48 over the past week. Price Target Changed • Mar 23
Price target increased by 7.2% to US$38.33 Up from US$35.75, the current price target is an average from 3 analysts. New target price is 19% above last closing price of US$32.27. Stock is up 19% over the past year. The company is forecast to post earnings per share of US$0.08 next year compared to a net loss per share of US$0.21 last year. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 87% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$612.0m to US$599.8m. EPS estimate also fell from US$0.61 per share to US$0.08 per share. Net income forecast to shrink 72% next year vs 13% growth forecast for Entertainment industry in the US . Consensus price target broadly unchanged at US$35.75. Share price was steady at US$31.00 over the past week. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 65% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$594.8m to US$612.0m. EPS estimate increased from US$0.31 to US$0.51 per share. Net income forecast to shrink 22% next year vs 10% growth forecast for Entertainment industry in the US . Consensus price target broadly unchanged at US$35.75. Share price fell 2.9% to US$27.13 over the past week. Breakeven Date Change • May 11
Forecast to breakeven in 2022 The 3 analysts covering Liberty Braves Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$3.00m in 2022. Price Target Changed • Jan 27
Price target increased to US$35.00 Up from US$32.67, the current price target is an average from 2 analysts. New target price is 36% above last closing price of US$25.71. Stock is down 3.5% over the past year. The company is forecast to post a net loss per share of US$0.26 next year compared to a net loss per share of US$1.53 last year. Major Estimate Revision • Jan 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses forecast to reduce from -US$0.33 to -US$0.26 per share. Revenue forecast steady at US$497.0m. Entertainment industry in the US expected to see average net income growth of 23% next year. Consensus price target of US$34.67 unchanged from last update. Share price was steady at US$28.10 over the past week. 
