Summary

• You are paying Angel Studios, which will double its revenues in the next 3 years to just one time its 2026 revenues.
• A ~1 forward P/S ratio looks like a bargain compared to the industry, where forward P/S is at least double and the growth is less than half.
• I rate Angel Studios a 'Buy' even at current levels, reflecting a significant growth trajectory and a track record of formidable execution.
• The "hit-driven" nature of entertainment normally limits multiples, but Angel Studios' "Pay-It-Forward" model and engaged audience base provide unusual revenue visibility and stability.

Investment Thesis

I initiate coverage on Angel Studios (ANGX) with a Buy rating. The entertainment industry has historically destroyed an enormous amount of capital. Every traditional studio carries the structural risk that a single mega-flop can wipe

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