It's been two years since we published our last in depth look at Madison Square Garden (MSG). Since becoming a separately publicly traded stock, MSG has underperformed the S&P 500 by about 10 percentage points (as of this writing). We'll go over why we think the company is still undervalued and why that underperformance should turn into outperformance.
Madison Square Garden, despite reporting results using only two operating segments, is really best thought of as composed of three distinct assets - its sports teams, its entertainment unit and assets related to its NYC real estate.
