Boyar Research's Jon Boyar on 2026's Forgotten 40 $UBER $BATRA
Speakers
Jonathan Boyar
— Principal, Boyar Value Group
Andrew Walker
— Host, Yet Another Value Blog
Summary
Jon Boyar of Boyar Research discusses the annual Forgotten 40 list, highlighting 2025 themes in SMID caps and financials before diving into Atlanta Braves, MSGS, Uber, and UniFirst. The conversation focuses on M&A, deregulation, sports-team scarcity, tax incentives, autonomous-vehicle risk, and activist-driven value unlocking. Host Andrew Walker also states he is long Warner Bros. Discovery amid a takeout bidding war.
- Boyar Research's Forgotten 40 emphasizes SMID-cap M&A and an overweight to financials.
- Atlanta Braves thesis centers on real estate, tax-law disadvantage, and potential Malone sale.
- MSGS value case hinges on Knicks and Rangers valuation plus a potential split.
- Uber is framed as an autonomous-vehicle beneficiary with hybrid fleet opportunities.
- UniFirst is presented as an activist and M&A situation with Cintas bids.
- Host Andrew Walker says he is long WBD amid a takeout bidding war.
- Risks discussed include MLB media rights, work stoppage, AV disruption, and bad acquisitions.
Ideas
SMID M&A wave aids small caps
Boyar sees 2025 as potentially the year for SMID-cap stocks because a pickup in M&A should be a major catalyst for the group, with roughly 10-11 Forgotten 40 names under $10 billion. The list is overweight SMID relative to the S&P 500, and these smaller, liquid names offer value plus potential catalysts.
Financials cheap on deregulation and M&A
Boyar is significantly overweight financials versus the S&P 500 because financials are cheap and the deregulatory environment is not fully appreciated. He expects deregulation to drive M&A, especially among regional banks, and likes diversified financial exposure including insurance.
Regional banks gain from deregulation, M&A
Regional banks are a specific beneficiary of the more favorable deregulatory environment and likely M&A wave. Boyar has multiple regional banks in the Forgotten 40 because the group is cheap and deal activity could unlock value.
Insurance cheap; portfolios add value
Insurance companies remain inexpensive and provide diversified financial exposure. Some, such as Markel and Loews, are quasi-financials with investment portfolios or ventures that add asset value on top of the insurance business.
Braves cheap with likely sale catalyst
Atlanta Braves owns the team plus valuable real estate around the park. Malone is simplifying his empire, recently bought Braves stock, and is tax-averse; a tax-law change prevents public companies from deducting top-five employee pay above $1 million, putting public sports teams at a disadvantage versus private competitors. Boyar thinks Malone will sell sooner rather than later, and using conservative real-estate and team valuations gets $60 per share versus about $40, with limited downside. Risks include MLB media-rights reset, a work stoppage, and Malone's sale timing or incentives.
Sports teams are billionaire collectibles
Boyar is long professional sports as publicly traded collectibles: scarce teams with billionaire-ego demand, prestige, and portfolio diversification value. He believes team values hold or rise even if media-rights economics are uncertain, and eventually these assets get sold.
WBD takeout bidding war upside
Walker says he is quite long Warner Bros. Discovery because of the bidding war. He notes the standalone value is around $12 per share, while offers have been for cash at much higher levels, including around $27 plus a Netflix spin-off and perhaps $30 from Paramount, so the takeout process could deliver substantial upside.
MSGS split could unlock team value
Madison Square Garden Sports owns the Knicks and Rangers, but the combined enterprise value is only about $6 billion versus the Lakers' $10 billion sale, so the market gives little credit for the Rangers. Boyar wrote a public letter urging a split into two public companies; he sees potential value from family and liquidity dynamics after Charles Dolan's death, Abu Dhabi relationships, and NBA expansion fees flowing to the Knicks. He views it as another scarce sports collectible.
Uber is AV beneficiary, not victim
Uber is still misunderstood and should be a beneficiary rather than a victim of autonomous vehicles. Waymo's costly vehicles cannot satisfy peak demand and likely need a hybrid model with Uber; the main risk is if a single AV winner creates its own app, but Boyar expects a fragmented AV market. Uber also benefits from global scale, ride-sharing plus delivery, and Dara's turnaround from cash-burning to profitable cash generation. At about 20 times earnings or cash flow, he values it near $132 per share and sees it as a long-term compounder; risks include a bad acquisition such as Expedia.
UniFirst likely sold above $300
UniFirst is a family-controlled uniform rental company that Cintas has tried to buy four times. Activist Engine Capital has pushed for a sale; a founder's grandson nominated to the board was defeated, showing family dissension. Cintas recently bid $275 per share while the stock traded around $160 and now trades around $200; Boyar thinks synergies are enormous, Cintas would pay well over $300, and the company is so mismanaged that even its best-case turnaround does not reach $275 soon. He expects the board to eventually sell above $300.
Up Next
This Yet Another Value Podcast video, published January 13, 2026, features Jonathan Boyar, Andrew Walker discussing SMMD, XLF, KRE, KIE, BATRA, Professional sports teams, WBD, MSGS, UBER, UNF. 10 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jonathan Boyar, Andrew Walker · Tickers: SMMD, XLF, KRE, KIE, BATRA, Professional sports teams, WBD, MSGS, UBER, UNF