We came across a bullish thesis on Atlanta Braves Holdings, Inc. on Valueinvestorsclub.com by jwilliam903. In this article, we will summarize the bulls’ thesis on BATRK. Atlanta Braves Holdings, Inc.’s share was trading at $39.54 as of December 1st. BATRK’s trailing P/E was 20.27 according to Yahoo Finance.
An investment in Atlanta Braves Holdings, Inc. (BATRK) offers a rare opportunity to own a dual-asset business combining a marquee Major League Baseball franchise with a thriving real estate enterprise. The company’s value is anchored by the Atlanta Braves, a team with a rich history, a loyal fan base, and one of the largest geographic footprints in professional sports. MLB’s growing media deals and international following provide an expanding revenue backdrop, while the Braves’ strong attendance, merchandise, and broadcasting growth underpin predictable cash flows.
Complementing this is The Battery Atlanta, a 3.0MM+ square-foot mixed-use development surrounding Truist Park, which attracts nearly 9 million annual visitors and generates substantial rental, sponsorship, and event-related income. This symbiotic relationship between a monopolistic sports asset and a high-demand real estate development creates a resilient and diversified revenue model that mitigates the cyclicality of sports performance.
The Braves have demonstrated long-term on-field success with 10 World Series appearances and strong ticket pricing potential, while The Battery Atlanta has achieved high occupancy rates, increased foot traffic, and a growing tenant base, including the recent Pennant Park acquisition. Adjusted OIBDA for The Battery has grown at a 34% CAGR since its opening, highlighting the growth runway independent of team performance. A strategic sale of the franchise, leveraging the two-year spin period, could unlock substantial value, with market comparisons suggesting a potential stock price in the mid-$60s versus the current $41, reflecting a significant discount to intrinsic value.
Risks include on-field performance volatility, player salary inflation, and broader economic downturns, though the diversified business model provides strong downside protection. BATRK represents a compelling investment, offering exposure to both a marquee sports franchise and a high-quality real estate asset, with multiple catalysts for value realization.
Previously we covered a bullish thesis on Madison Square Garden Sports Corp. (MSGS) by Boyar Research in October 2024, which highlighted the valuation gap between the Knicks and Rangers versus MSGS’s market value and potential unlock via minority sales or spin-offs. The company’s stock price has appreciated approximately by 8.56% since our coverage. The thesis still stands as the Dolan discount persists. jwilliam903 shares a similar perspective but emphasizes Atlanta Braves Holdings’ dual sports and real estate assets.