Fairfax Media's Subdued First-Half Result Overshadowed by Domain Leaving Home
We maintain our AUD 0.75 fair value estimate on no-moat Fairfax Media following the in-line fiscal 2017 first-half result, which was overshadowed by the firm's potential decision to spin off Domain as a separately listed entity (Fairfax to maintain 60%-70% ownership). This has been a long time coming. Management has been under sustained pressure to liberate the value in the digital property classifieds unit, which has been hidden in Fairfax's labyrinth of structurally challenged newspaper assets...Fairfax Media is engaged in the publishing of news, information and entertainment, advertising sales in print and digital formats, and radio broadcasting. Co.'s segments include: Domain Group, which is engaged in real estate media and services business; Metropolitan Media, which is engaged in metropolitan news, sport, lifestyle and business media; Australian Community Media, which is engaged in newspaper publishing and online for all Australian regional, community and agricultural media; New Zealand Media, which is engaged in newspaper, magazine and general publishing and online for all New Zealand media; and Radio, which is engaged in metropolitan radio networks in Australia.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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