Mystery of What Was Under Fairfax Media's Bonnet; FVE Back to AUD 0.75 Intrinsic Assessment
We cut our Fairfax Media fair value estimate back to our unchanged stand-alone intrinsic assessment of AUD 0.75 per share. It follows the decision by the TPG Consortium to withdraw its AUD 1.20 all-cash proposal to acquire no-moat-rated Fairfax--an overture we had previously assigned a 50% probability of proceeding to a firm offer, but has now turned into an anti-climatic snub. The second private equity suitor, Hellman & Friedman, has also abandoned its AUD 1.225 to 1.250 per share indicativ...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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