Duyuru • Sep 10
Liberty Sirius XM Holdings Common Stock to Delist from Nasdaq On September 9, 2024 at 4:05 p.m., New York City time (the Split-Off Effective Time"), Liberty Media Corporation (Liberty Media") completed its previously announced split-off (the Split-Off") of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (New Sirius"). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty SiriusXM common stock, par value $0.01 per share, in exchange for 0.8375 of a share of New Sirius common stock, par value $0.001 per share, with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of New Sirius. Liberty Media notified Nasdaq of the completion of the Split-Off and requested that The Liberty SiriusXM Group common stock, which traded under the symbols LSXMA", LSXMB" and LSXMK", be delisted from Nasdaq effective on September 9, 2024 following the Split-Off Effective Time. Liberty Media also requested that Nasdaq file a notification of removal from listing and/or registration of the Liberty SiriusXM common stock on Form 25 under Section 12(b) of the Securities and Exchange Act of 1934, as amended, with the Securities and Exchange Commission. Duyuru • Aug 28
Liberty Media to Delist Common Stock Series A of The Liberty SiriusXM Effective September 09 Liberty Media Corporation announced that, at Liberty Media`s virtual special meeting of its holders of Series A Liberty SiriusXM common stock (`LSXMA`) and Series B Liberty SiriusXM common stock (`LSXMB`) held on August 23, 2024 at 10:15 a.m. M.T., based on preliminary results of such special meeting, the holders of LSXMA and LSXMB approved the previously announced redemptive split-off (the `Split-Off`) of Liberty Sirius XM Holdings Inc. (`New Sirius`), which will be the owner of all of the businesses, assets and liabilities previously attributed to the Liberty SiriusXM Group. Following the Split-Off, New Sirius will combine with Sirius XM Holdings Inc. (`Sirius XM`) to create a new public company which will continue to operate under the Sirius XM name and brand. Assuming the requisite conditions to the Split-Off are satisfied or waived, as applicable, at 4:05 p.m., New York City time, on September 9, 2024, Liberty Media will redeem each outstanding share of Liberty SiriusXM common stock in exchange for a fraction of a share of common stock of New Sirius equal to the exchange ratio (as further described in New Sirius` final prospectus, which was filed with the SEC on July 23, 2024), with cash paid in lieu of any fractional shares. Liberty Media intends to publicly announce the final exchange ratio on or about September 5, 2024 prior to the completion of the Split-Off once the exchange ratio and the underlying calculations are determined by the parties. In connection with the Split-Off, Liberty Media expects that the last day of trading of Liberty SiriusXM common stock will be September 9, 2024. Liberty Media has notified Nasdaq of its intention to voluntarily delist from the Nasdaq Global Select Market and its intention to request that Nasdaq file appropriate forms with the Securities and Exchange Commission on or about September 9, 2024. As a result, Liberty Media expects Liberty SiriusXM common stock will cease to trade following market close on September 9, 2024. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: US$0.92 (vs US$0.51 in 2Q 2023) Second quarter 2024 results: EPS: US$0.92 (up from US$0.51 in 2Q 2023). Revenue: US$2.18b (down 3.2% from 2Q 2023). Net income: US$299.0m (up 80% from 2Q 2023). Profit margin: 14% (up from 7.4% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Price Target Changed • May 15
Price target decreased by 11% to US$38.00 Down from US$42.50, the current price target is an average from 2 analysts. New target price is 55% above last closing price of US$24.57. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$2.35 for next year compared to US$2.54 last year. Reported Earnings • Apr 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$2.54 (down from US$3.94 in FY 2022). Revenue: US$8.95b (flat on FY 2022). Net income: US$829.0m (down 36% from FY 2022). Profit margin: 9.3% (down from 14% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: US$2.54 (vs US$3.94 in FY 2022) Full year 2023 results: EPS: US$2.54 (down from US$3.94 in FY 2022). Revenue: US$8.95b (flat on FY 2022). Net income: US$829.0m (down 36% from FY 2022). Profit margin: 9.3% (down from 14% in FY 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Mar 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.3% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (9.3% net profit margin). Duyuru • Dec 13
Liberty Sirius XM Holdings Inc. entered into definitive agreement to acquire Sirius XM Holdings Inc. (NasdaqGS:SIRI) from The Liberty SiriusXM Group (NasdaqGS:LSXM.K) and others. Liberty Sirius XM Holdings Inc. entered into definitive agreement to acquire Sirius XM Holdings Inc. (NasdaqGS:SIRI) from The Liberty SiriusXM Group (NasdaqGS:LSXM.K) and others on December 12, 2023. The Exchange Ratio will be calculated based on (i) the number of shares of SiriusXM held by Liberty, reduced by a net liabilities share adjustment (the “Net Liabilities Share Adjustment”), divided by (ii) the number of adjusted fully diluted shares of LSXM. In the split-off, holders of each series of LSXM common stock will receive a number of shares of SplitCo stock equal to the Exchange Ratio such that LSXM stockholders receive 1 share of New SiriusXM for each share of SiriusXM previously held at LSXM, adjusted for LSXM net liabilities and existing SiriusXM stockholders (other than Liberty Media) will receive 1:1 shares of SplitCo, which will become New SiriusXM. If the Net Liabilities Share Adjustment and the adjusted fully diluted shares of LSXM were calculated as of June 30, 2024, the Exchange Ratio is estimated to be approximately 8.4 shares in New SiriusXM for each share of LSXM held. As part of the agreement, Liberty Sirius XM Holdings will be combined with SiriusXM to create a new public company (“New SiriusXM”), which will continue to operate under the SiriusXM name and brand. New SiriusXM will have a single outstanding series of common stock and is expected to continue to be traded on the Nasdaq Global Select Market under the ticker symbol “SIRI”. The transaction will result in New SiriusXM being an independent public company, with no majority stockholder, a single class of shares and a board comprising a majority of independent directors. Under the terms of the transaction, Liberty Media Corporation will separate Liberty Sirius XM Holdings (LSXM) by means of a redemptive split-off of a new subsidiary of Liberty (“SplitCo”), which will hold its shares of SiriusXM and approximately $1.7 billion of estimated attributed net liabilities. Liberty Media currently holds 3,205.8 million shares of SiriusXM attributed to LSXM. Pro forma for the transaction, there will be approximately 3,392 million basic shares outstanding of New SiriusXM, of which former LSXM stockholders will own approximately 81% of New SiriusXM, with the SiriusXM minority stockholders owning the remaining 19%. In the event that this Agreement is terminated by SiriusXM (through the Special Committee), then Liberty shall pay to SiriusXM a termination fee of $450 million in cash (the “Termination Fee”).
The transaction is subject to approval by a majority of the aggregate voting power of the shares of Liberty SiriusXM common stock present, whether in-person or by proxy, at a stockholder meeting, the receipt by Liberty Media and New SiriusXM of tax opinions from their respective tax counsel, as well as the receipt of required regulatory approvals, the completion of the Split-Off, any required approvals under applicable U.S. antitrust laws, an effective registration statement on Form S-4 with respect to shares of New Sirius Common Stock to be issued in the Transactions, Nasdaq listing approval of the shares of New Sirius Common Stock to be issued, the Reorganization Agreement shall have been satisfied and the satisfaction of other customary closing conditions. The transaction has been unanimously approved by Liberty’s Board, the SiriusXM Special Committee and SiriusXM’s Board of Directors. The transaction is expected to be completed early in the third quarter of 2024.
J.P. Morgan is acting as financial advisor and C. Brophy Christensen, Bradley L. Finkelstein and Noah Kornblith of O’Melveny & Myers LLP acted as legal counsels to Liberty Media. Morgan Stanley & Co. LLC is acting as financial advisor and Eric Swedenburg and Johanna Mayer of Simpson Thacher & Bartlett LLP acted as legal counsels to SiriusXM. Solomon Partners Securities, LLC is acting as financial advisor and Michael A. Diz, William D. Regner and Katherine Durnan Taylor of Debevoise & Plimpton LLP acted as legal counsels to the SiriusXM Special Committee. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$0.94 (vs US$0.93 in 3Q 2022) Third quarter 2023 results: EPS: US$0.94 (up from US$0.93 in 3Q 2022). Revenue: US$2.27b (flat on 3Q 2022). Net income: US$307.0m (flat on 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Duyuru • Oct 29
Liberty Media Corporation Announces Retirement of Albert E. Rosenthaler as Chief Corporate Development Officer, Effective January 1, 2024 Liberty Media Corporation announced that after over 20 years, Albert E. Rosenthaler will be retiring from Liberty effective January 1, 2024. Mr. Rosenthaler has served as Chief Corporate Development Officer since 2016. Previously, he was the top tax officer for Liberty Media and its predecessors since joining in 2002. Mr. Rosenthaler will become a Senior Advisor and remain a resource to the Liberty family of companies and its portfolio companies. Price Target Changed • Oct 19
Price target increased by 17% to US$40.67 Up from US$34.75, the current price target is an average from 3 analysts. New target price is 61% above last closing price of US$25.23. Stock is down 38% over the past year. The company is forecast to post earnings per share of US$2.83 for next year compared to US$3.94 last year. Price Target Changed • Sep 07
Price target decreased by 12% to US$33.80 Down from US$38.20, the current price target is an average from 5 analysts. New target price is 43% above last closing price of US$23.65. Stock is down 42% over the past year. The company is forecast to post earnings per share of US$2.27 for next year compared to US$3.94 last year. Price Target Changed • Aug 15
Price target decreased by 12% to US$35.80 Down from US$40.75, the current price target is an average from 5 analysts. New target price is 49% above last closing price of US$24.07. Stock is down 46% over the past year. The company is forecast to post earnings per share of US$2.28 for next year compared to US$3.94 last year. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to US$22.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 26x in the Entertainment industry in the US. Total loss to shareholders of 37% over the past three years. New Risk • Aug 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (9.9% average weekly change). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.51 (vs US$1.36 in 2Q 2022) Second quarter 2023 results: EPS: US$0.51 (down from US$1.36 in 2Q 2022). Revenue: US$2.25b (flat on 2Q 2022). Net income: US$166.0m (down 63% from 2Q 2022). Profit margin: 7.4% (down from 20% in 2Q 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$3.77 to US$3.13 per share. Revenue forecast steady at US$9.01b. Net income forecast to shrink 16% next year vs 8.4% growth forecast for Media industry in the US . Consensus price target down from US$41.25 to US$39.75. Share price was steady at US$28.20 over the past week. Price Target Changed • Jun 03
Price target decreased by 9.7% to US$39.75 Down from US$44.00, the current price target is an average from 4 analysts. New target price is 41% above last closing price of US$28.20. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$3.13 for next year compared to US$3.94 last year. Major Estimate Revision • May 24
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$3.77 to US$3.07 per share. Revenue forecast steady at US$9.02b. Net income forecast to shrink 15% next year vs 8.3% growth forecast for Media industry in the US . Consensus price target of US$41.25 unchanged from last update. Share price was steady at US$28.00 over the past week. Major Estimate Revision • May 12
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$3.05 to US$3.77. Revenue forecast steady at US$9.02b. Net income forecast to shrink 17% next year vs 6.3% growth forecast for Media industry in the US . Consensus price target down from US$44.00 to US$41.25. Share price rose 7.3% to US$28.86 over the past week. Price Target Changed • May 09
Price target decreased by 9.2% to US$42.00 Down from US$46.25, the current price target is an average from 4 analysts. New target price is 45% above last closing price of US$29.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of US$3.05 for next year compared to US$3.94 last year. Reported Earnings • May 08
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$0.56. Revenue: US$2.14b (down 1.9% from 1Q 2022). Net income: US$183.0m (down 37% from 1Q 2022). Profit margin: 8.5% (down from 13% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Media industry in the US. Major Estimate Revision • Mar 24
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$3.89 to US$3.20. Revenue forecast unchanged from US$9.01b at last update. Net income forecast to shrink 26% next year vs 8.1% decline forecast for Media industry in the US. Consensus price target down from US$52.00 to US$46.25. Share price was steady at US$25.75 over the past week. Price Target Changed • Mar 10
Price target decreased by 9.6% to US$52.00 Down from US$57.50, the current price target is an average from 4 analysts. New target price is 81% above last closing price of US$28.73. Stock is down 36% over the past year. The company is forecast to post earnings per share of US$3.89 for next year compared to US$3.94 last year. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$9.23b to US$9.01b. EPS estimate rose from US$3.31 to US$3.89. Net income forecast to grow 8.3% next year vs 7.6% growth forecast for Media industry in the US. Consensus price target down from US$57.50 to US$52.00. Share price fell 2.6% to US$31.19 over the past week. Price Target Changed • Mar 03
Price target decreased by 10% to US$52.00 Down from US$58.00, the current price target is an average from 4 analysts. New target price is 65% above last closing price of US$31.60. Stock is down 35% over the past year. The company is forecast to post earnings per share of US$3.77 for next year compared to US$1.79 last year. Price Target Changed • Jan 04
Price target decreased to US$57.50 Down from US$62.00, the current price target is an average from 4 analysts. New target price is 43% above last closing price of US$40.14. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$3.74 for next year compared to US$1.79 last year. Price Target Changed • Nov 17
Price target decreased to US$56.80 Down from US$62.00, the current price target is an average from 5 analysts. New target price is 31% above last closing price of US$43.37. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$3.74 for next year compared to US$1.79 last year. Price Target Changed • Nov 07
Price target decreased to US$58.67 Down from US$65.33, the current price target is an average from 3 analysts. New target price is 41% above last closing price of US$41.65. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$3.64 for next year compared to US$1.79 last year. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from US$3.16 to US$3.74. Revenue forecast steady at US$9.07b. Net income forecast to grow 16% next year vs 2.8% growth forecast for Media industry in the US. Consensus price target down from US$65.50 to US$63.25. Share price rose 8.8% to US$44.56 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: US$1.36 (up from US$1.01 in 2Q 2021). Revenue: US$2.25b (up 4.4% from 2Q 2021). Net income: US$447.0m (up 33% from 2Q 2021). Profit margin: 20% (up from 16% in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 4.0%, compared to a 2.4% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target increased to US$65.25 Up from US$57.67, the current price target is an average from 7 analysts. New target price is 56% above last closing price of US$41.83. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of US$2.88 for next year compared to US$1.79 last year. Price Target Changed • Apr 21
Price target increased to US$65.25 Up from US$57.67, the current price target is an average from 7 analysts. New target price is 47% above last closing price of US$44.43. Stock is down 3.4% over the past year. The company is forecast to post earnings per share of US$2.88 for next year compared to US$1.79 last year. Reported Earnings • Feb 26
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: US$1.81 (up from US$2.24 loss in FY 2020). Revenue: US$8.70b (up 8.2% from FY 2020). Net income: US$599.0m (up US$1.35b from FY 2020). Profit margin: 6.9% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.9%, compared to a 6.5% growth forecast for the industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 17
Price target increased to US$64.33 Up from US$57.00, the current price target is an average from 6 analysts. New target price is 16% above last closing price of US$55.36. Stock is up 29% over the past year. The company is forecast to post earnings per share of US$2.86 next year compared to a net loss per share of US$2.24 last year. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS US$1.03 (vs US$0.035 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$2.20b (up 8.5% from 3Q 2020). Net income: US$342.0m (up US$330.0m from 3Q 2020). Profit margin: 16% (up from 0.6% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS US$1.00 (vs US$0.27 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$2.16b (up 15% from 2Q 2020). Net income: US$337.0m (up US$425.0m from 2Q 2020). Profit margin: 16% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. 