|Over a month ago|
Wanda Sports price target raised to $8 from $7 at Deutsche Bank » 07:1406/1006/10/20
Deutsche Bank analyst…
Deutsche Bank analyst Bryan Kraft raised the firm's price target on Wanda Sports to $8 from $7 and keeps a Buy rating on the shares post the company's Q1 results. The analyst believes Wanda continues to be an attractive investment opportunity despite the near-term disruption from COVID-19. While visibility remains low, football leagues are beginning to come back in Europe and other sporting events will likely begin to slowly return throughout the summer and fall, Kraft tells investors in a research note. The analyst sees an attractive risk/reward profile at current share levels.
Wanda Sports announces voluntary dismissal of class action lawsuit » 09:2505/1905/19/20
Wanda Sports Group…
Wanda Sports Group announced that the consolidated securities class action complaint against the Company, the underwriters in the IPO and certain of its current and former directors has been voluntarily dismissed in its entirety, without prejudice, by the lead plaintiff. As previously disclosed in the Company's SEC filings, the Company, the underwriters in the IPO and certain of the Company's current and former directors were named as defendants in a putative securities class action filed in the U.S. District Court for the District of Oregon: Cherry Fu v. Wanda Sports Group Company Limited et al., Civil Action No. 3:19-cv-1852-BR. The Notice of Dismissal without Prejudice was filed on May 18. The Company and its directors were represented in the matter by the law firm of Simpson Thacher & Bartlett LLP.
|Over a quarter ago|
Wanda Sports not providing FY20 guidance due to COVID-19 » 06:2504/3004/30/20
"Due to the…
"Due to the significant uncertainties relating to scope, duration and impact of COVID-19, we currently are unable to reasonably estimate what our 2020 financial performance will be and, accordingly, are not providing any updated guidance."
Wanda Sports reports Q4 EPS ($2.13), may not compare to consensus (4c) » 06:2304/3004/30/20
Reports Q4 revenue…
Reports Q4 revenue $286.8M, consensus $254.45M. Hengming Yang, CEO of Wanda Sports, commented, "Looking back at 2019, we are pleased to have successfully completed the IPO of the Wanda Sports Group in July. 2019 was a busy year with a set of solid achievements, including the expansion of our Mass Participation business portfolio, the extension of existing rights agreements with long-term partners and our entry into new contracts, the expansion of our position and footprint in China and our increased digital capabilities through iX.co. With respect to 2020, we are proud that we were able to refinance a 364-day term loan facility with a new 364-day term loan facility and enter into a share purchase agreement with Advance to sell The IRONMAN Group, which we believe will unlock significant shareholder value. All the achievements were based on the strength and dedication of our global team and we will continue to work diligently to build out our business, particularly to further capture growth in the Chinese market. However, the rapid spread of COVID-19 has significantly impacted, and is expected to continue to impact, our business as governments, businesses and communities continue to grapple with the toll of the pandemic and the widespread mitigation efforts. We currently are unable to predict the duration and severity of the spread of the coronavirus. Despite the current global uncertainty, however, we are confident in our long-term outlook."
Advance to acquire The IRONMAN Group from Wanda Sports Group » 08:4003/2603/26/20
Advance announced that it…
Advance announced that it has entered into a definitive stock purchase agreement with Wanda Sports Group to acquire The IRONMAN Group in an all-cash transaction. The IRONMAN Group and its portfolio of assets, which includes its flagship IRONMAN and IRONMAN 70.3 triathlons, the Rock 'n' Roll Marathon Series, and the Epic Series of mountain biking races, among other events, makes up the largest mass participation sports platform in the world. Advance is committed to the future of The IRONMAN Group and believes in the long-term strength of its well-recognized brands and the dedication of its athletes, communities, employees and fans. Advance is a private, family-owned business that invests in a broad range of media and technology companies. Orkila Capital will co-invest in The IRONMAN Group and Jesse Du Bey, Managing Partner of Orkila, will rejoin its Board of Directors alongside Advance and Andrew Messick, President and CEO of The IRONMAN Group. Orkila is a growth equity firm focused on investments in the media, entertainment and consumer sectors. Du Bey, previously a Managing Director at Providence Equity Partners, led that firm's 2008 investment in The IRONMAN Group. As part of the transaction, Wanda Sports Group will continue to operate the IRONMAN and IRONMAN 70.3 triathlon series, Rock 'n' Roll Marathon Series and Epic Series of off-road mountain bike races in China under an exclusive license agreement. The transaction has no financing condition and is subject to customary regulatory approvals, with closing anticipated in the second quarter.
Wanda Sports to sell The IRONMAN Group to Advance for $730M » 08:0403/2603/26/20
Wanda Sports announced…
Wanda Sports announced that it has entered into a definitive stock purchase agreement with Advance, a private, family-owned business, to sell The IRONMAN Group in an all cash transaction at an enterprise value of $730M. The IRONMAN Group is comprised of a global portfolio of mass participation sports events, across triathlon, running, trail running, cycling and mountain biking. As part of the agreement, Wanda Sports Group will continue to operate IRONMAN and IRONMAN 70.3 triathlon series, Rock 'n' Roll Marathon Series and Epic Series off-road mountain bike series races of The IRONMAN Group in China under an exclusive license agreement. Based in New York, Advance owns, operates and invests in companies spanning media, entertainment, technology, communications and education. Subsequent to the sale, Wanda Sports Group will continue to operate three business segments - Mass Participation, Spectator Sports, and Digital, Production, Sports Solutions. For its international Mass Participation business, the Company, through Infront, will continue to organize, operate and license a broad portfolio of mass participation sports events for amateur athletes, with the focus on running, hiking, road cycling, fitness competitions, and obstacle course racing. In China, the Company has a combination of an existing portfolio of city marathons, such as the Chengdu Marathon and Shenyang International Marathon, and races and events that the Company has rights to under the exclusive license agreement with The IRONMAN Group. The sale is subject to customary conditions, including regulatory approval, and is expected to close in the second quarter of 2020. The Company intends to use the net proceeds from the sale to repay the principal amount of $230M and related interest and fees outstanding under the Credit Suisse facility and the $50M outstanding under a promissory note issued to Wanda Sports & Media Holding Co. Limited. As to the balance of the proceeds, the Company intends to use all or a substantial portion of them to fund dividends or share buy-backs, subject to shareholder approval.
Wanda Sports confirms preliminary discussions on potential IRONMAN sale » 09:0402/1902/19/20
The company said,…
The company said, "While it is the policy of Wanda Sports Group Company not to comment on rumors in the marketplace or in media reports, in response to recent media speculation and noting recent appreciation in the price of its American Depositary Shares, the Company confirmed today that it is engaging in preliminary discussions concerning a potential sale of The IRONMAN Group."
Wanda Sports mulls selling Ironman triathlon business, Bloomberg reports » 17:0502/1802/18/20
Wanda Sports is…
Wanda Sports is contemplating selling the Ironman triathlon business it purchased in 2015, Liana Baker, Vinicy Chan and Dong Cao of Bloomberg reported, citing to people familiar with the matter. The company is working with an adviser and has held discussions with some private-equity buyers. Wanda Sports is reportedly hoping to receive $1B for the triathlon business. Reference Link
Wanda Sport shares offer 'attractive value,' says Deutsche Bank » 08:4812/2312/23/19
Deutsche Bank analyst…
Deutsche Bank analyst Bryan Kraft believes shares of Wanda Sports offer "attractive value" at current valuation levels. He keeps a Buy rating on the name but lowered his price target for the shares to $10 from $11.
Wanda Sports downgraded to Hold from Buy at Loop Capital » 07:5912/1212/12/19
Loop Capital analyst…
Loop Capital analyst Allan Gould downgraded Wanda Sports to Hold from Buy with a price target of $4, down from $7. The analyst notes that the company's Q4 EBITDA could miss guidance amid continued softness in North American running events and he is also concerned about its ability to refinance its 11.5% bridge loan. In spite of the attractive profile for GARP investors, Gould says he would only reconsider his stance if Wanda Sports can lower its cost of capital and successfully reposition its Rock'n'Roll brand while growing its sponsorship base.