Madison Square Garden Entertainment: Waiting For A Better Entry Point

Group 1 - Madison Square Garden Entertainment (MSGE) has a hold rating, with improved demand outlook compared to the start of the year and resolution of the residency issue following Billy Joel's departure [1] - The investment approach focuses on identifying businesses with potential for scaling and unlocking terminal value, emphasizing core economics, competitive moat, unit economics, reinvestment runway, and management quality [1] - The analysis aims to help readers understand the drivers of long-term equity value, highlighting the importance of fundamental research and sectors with strong secular tailwinds [1]