merrill lynch - project claret nba 2014

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    I C C

    M 25, 2014

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    C

    BA:

      : / , NBA ,

    (D )

      N 2012

      I (.. NBA C )

      NBA

      H

    C:

     

    D

    2

      L 3 20 100  

      NBA $60 

      2 LMA

      L

      /

      LA N (D / C N / NFL ,).

      N (.. , , .)

     

     J 2013 ?

      , ,

     

    C

    043-004

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    C F D

    A F BA EE '14 E '14

    A.(1)

    + A.(1)

    G A $38.9 $56.6   10%   $62.3 $62.3 62.3

    L C 20.6 24.6   5% 25.8 125.0 125.0

    15.4 21.9   10% 24.1 24.1 24.1

    $74.9 $103.1 $112.2 $211.4 $211.4

    NBA 38.4 50.2   5%   52.7 52.7 112.7

    $113.3 $153.3 $164.9 $264.1 $324.1

    E '12 E '13

    NBA N /C

    . $30

    . A

    N

    $1,250

    10

    C CE '14

    3

     

    : D .

    (1) A 2014 ( ) .

    EBIDA 13.8 18.4 19.3 118.5 178.5 12.2% 12.0% 12.0% 44.9% 55.1%

    : 55.0 74.6

    EBIDA ( ) $68.8 $93.0 $100.0 $199.2   $259.2

    . 60.7% 60.7% 60.7% 75.4%   80.0%

    A

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    (D M)

    D

    $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200

    E    

    '14   $164.9   4.9 6.1 7.3 8.5 9.7 10.9 12.1 13.3

    A. '14 E. L.(1) 264.1   3.7 4.5 5.3 6.0 6.8 7.5 8.3 9.0

    A. '14 N / L(2) 324.1   3.4 4.0 4.6 5.3 5.9 6.5 7.1 7.7

     

    4

     

    : D .(1) E. $100 . ( 5%

    ).

    (2) E. $100 $60 .

    ( 5% ).

        .   . . . . . . . .

    EBIDA 19.3   41.4 51.8 62.1 72.5 82.8 93.2 103.5 113.9

    043-006

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    BA F NBA ($ )

    $400

    $500

    $600

    D

    8

    $0

    $100

    $200

    $300

    1998 2000 2002 2004 2006 2008 2010 2012 2014

    6   043-008

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    A

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    D IL M C

      NBA 5.0 4.6 ,

    D

    . A F 2013 2013 F 500 F (F)

    BA A / DA A C H(1)

    H I(2)

    C(3)

    ( )(4)

    2014 2013 2012

    LA 2 17.2 $ 575 $430 $324 5.6 $64,800 20 2.9

    5.0 M 39 1.6 405 312 268     0.9 $73,200 6 0.8

    4.6 27 2.2 550 525 300     1.3 $76,100 0 2.2

    7

     

    : F .

    : C B C C ( 2011 C).

    (1) 201213 201314 E (://..//////////20132014DA.).

    (2) FFEC CE AD FFEC EAED A/D EDA FA CE F 2013 CA/HDA E.(3) F (://..///).

    (4) A (B), 2 A ( C) (://2..///1.0//E/2013/EACHG.24).

    C

      L.A. .., 17.2 5.6

      N C ,

    C

      C , A A

    , ( ,

    C )

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    F

    U.S. MSA

    Rank MSA

    Population

    (in MM)

    Total

    Teams

    Population Per

    Franchise (PPF)

    (in MM) PPF Rank

    2 Los Angeles (1) 17.2     6 2.9 1

    23 Portland 2.3   1 2.3 2

    24 San Antonio 2.2   1 2.2 3

    25 Sacramento 2.2   1 2.2 4

    26 Orlando 2.2   1 2.2 5

    1 New York 19.0           9 2.1 6

    7 Houston 6.1   3 2.0 7

    3 Chicago 9.5     5 1.9 8

    32 Columbus 1.9   1 1.9 9

    D I D

    8

     

    : C B.

    (1) G A A.

    10 Atlanta 5.4   3 1.8 10

    15 Seattle 3.5   2 1.8 11

    5 Dallas-Fort Worth 6.5   4 1.6 12

    17 San Diego 3.1   2 1.6 13

    8 Philadelphia 6.0   4 1.5 14

    9 Miami 5.7   4 1.4 15

      I , LA ,

    043-011