02:00 AM EST, 11/07/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target price using a forward TEV/EBITDA of 25.2x, vs. the three-year historical average of 28.8x and the five-year average of 32.5x. FWON.K is a tracking stock with a controlling interest held by Liberty Media, which may be viewed as a governance risk for public shareholders. Our target price takes into account the risks tied to the FIA, the race promoters, the teams, advertising sponsors, and the growing fan base. Offsetting these risks are diversified revenue streams, long-term contracts, a growing global fan base, a strong brand moat, and Liberty's proven track record. Operating results are seasonal, with the strongest periods ending in Q3. For 9M ended September 30, FWON.K posted $2,873M revenue, up from $2,486M a year ago, and operating income of $371M, compared to $264M. As of September 30, 2025, FWON.K had total debt outstanding of $5.2B and $1.3B cash. We like that the share price has a beta of 0.73, which is below the broader equity market. We lift our 2025 EPS by $0.25 to $2.00.