Wanda Sports Group: Not As Chinese As It Seems [Seeking Alpha]
Wanda Sports Group Company Limited (WSG)
Last wanda sports group company limited earnings: 11/18 12:55 am
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Source: Seeking Alpha
Wanda Sports Group: Not As Chinese As It Seems Summary Despite the Wanda association, which implies aggressive capital allocation and Chinese corporate governance, WSG is actually the combination of 2 high quality businesses: Ironman and the Swiss Infront. The World Triathlon Association (Ironman) is benefitting from tremendous growth in endurance sports. While hard to model, a valuation at a mid-single digit FCF multiple for a growing business is compelling. Wanda Sports Group ( having initiated coverage Wanda Sports Group is a spin-off of the overleveraged Dalian Wanda. The Wanda name might be a liability as it is associated with poor capital allocation and an addiction to debt. However, as I will point out below, the underlying businesses appear to be well managed, have western management teams and are worth substantially more than implied by the currently depressed share price. Business Participation Sports / World Endurance Holdings / Ironman In 2015, Dalian Wanda bought the Worl
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