Liberty Media
How to value a holding company by summing its stakes at a discount to net asset value based on control and liquidity.
- Rating
- Price target
- USD 43.00
- Published
- March 4, 2015
- Length
- 11 pages
- Sector
- Media holding company
- Market
- US
What the analyst argued
Deutsche Bank initiated Liberty Media at Hold with a $43 target, valuing it as a net asset value of its holdings: Sirius XM (80% of NAV), the Atlanta Braves, Live Nation and smaller stakes, each discounted 5-20% depending on control and strategic fit. The 7% upside came from narrowing the NAV discount to 7.5% from an estimated 12% and from targets on Time Warner and Viacom. Lacking a catalyst for the discount to close, the analysts stayed neutral while noting Liberty's history of value creation through capital allocation and tax structuring.
Lead analysts: Bryan Kraft, Clay Griffin, Sunny Kwak.
Inside the report
- 01Investment Thesis
- 02Outlook
- 03Valuation
- 04Risks
- 05Liberty Media: A tax-efficient, media focused investment vehicle
- 06How Will the SIRI Stake Ultimately be Rationalized?
- 07Net Asset Value
- 08Income Statement
- 09Balance Sheet
- 10Statement of Cash Flows
- Sum-of-the-parts
Includes a multi-year earnings model with the income statement, balance sheet, and cash flow forecasts the valuation is built on.
Read the report
11 pages
Tap the cover to open the PDF.Published by Deutsche Bank on March 4, 2015 and hosted here for educational use; the report and everything in it belongs to Deutsche Bank. The rating, estimates, and price target are the analysts’ view on that date, more than a decade ago, and are not a recommendation today. Copy first uploaded October 5, 2026.
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