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World Wrestling Entertainment, Inc.

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WWE’s focus on increasing original content, subscriber growth, rise in TV rights fees and monetization of video content across digital and direct-to-consumer platforms bode well. These have not only aided the stock to outpace the industry in the past six months but also helped continued with sturdy performance. Although earnings fell short of the consensus mark in second-quarter 2018, net revenues surpassed the same after missing in the preceding quarter. Notably, both the top and bottom lines also improved significantly year over year. Management now envisions full year adjusted OIBDA in the band of $160-$170 million. This comprises adjusted OIBDA of $30-$34 million for the third quarter and a robust fourth quarter results. However, we believe that any fall in ticket sales during live events, lower number of live events, rising costs at WWE Network and stiff competition from other entertainment platforms may hurt the profitability.


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