With the launch of WWE Network in February 2014 and the subsequent crossing of the 1.3 million subscriber mark in March 2015, World Wrestling Entertainment (NYSE:WWE) is now at a tipping point. If WWE successfully grows the subscriber base for WWE Network and leverages on the growth opportunities embedded within international markets, it should experience significant top line and bottom line expansion. I arrive at a target price of $21.70 for WWE by applying a 15 times EV/OBIDA multiple to my estimated OBIDA of $104 million and adding net cash of $89 million. My target price implies a 28% upside from WWE's closing share price of $16.93 as of July 18, 2015. Read more