Jewel in Fairfax Media's Crown Loses Shine; Fair Value Estimate Reduced Slightly to AUD 0.75
The weak performance of Domain in fiscal 2017 to-date is a blow to no-moat-rated Fairfax Media's investment case. Revenue growth of just 2% and EBITDA that is tracking below a year ago are hardly the progress report one expects from the jewel in the company's crown.The slowdown is particularly abrupt, given Domain's EBITDA CAGR of 28% over the past four years. It certainly provided a stark reminder of the cyclicality of the property classifieds business (listing volumes to the end of October do...
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.
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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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