Man Utd Share PriceFriday 24 May 2013
Manchester United shares have fallen over 5% since Sir Alex Ferguson announced his retirement. They are still trading on over 25x next year's earnings, which some would say is justified given the earnings visibility. Current year EV/EBITDA is over 20x, which even the bulls would admit is harder to justify, given that the balance sheet debt has been reduced by massive levels of sponsor payments in advance in addition to the natural season ticket "float".
This is a much higher quality...
Sir Alex Ferguson - A Financial PerspectiveFriday 10 May 2013
Manchester United shares floated on the London Stock Exchange in May 1991 when the company had a market capitalisation of £47m. Today their value (quoted in New York) is nearer £2bn - Apple may have grown nearly twice as fast, but few others can match this record.
How much of this is down to Alex Ferguson? He has clearly has been the most successful club manager ever, and he has certainly been a brilliant steward of Manchester United’s resources, of late often constrained by the Glazer’s...
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