Live Nation Earnings: Strong Demand for Live Events and More Sponsorships Drive Growth

Demand for live events further strengthened during the third quarter and drove impressive top-line growth and margin expansion for Live Nation Entertainment. Tickets sold year to date for Live Nation shows already exceed the full-year count for 2022. On the ad or sponsorship front, the firm has already received full commitments for 2023, with various multiyear agreements, including the recently announced deal with Mastercard, paving the way for ad revenue growth in 2024 and beyond. We are maintaining our $105 fair value estimate. The shares of narrow-moat Live Nation remain attractive, in our view.