A Good First Half Showing by Nine Entertainment Amidst Multiple Headwinds
We maintain our AUD 1.50 fair value estimate on no-moat Nine Entertainment, and the stock is attractive, trading at a 31% discount to our intrinsic assessment. This follows a comforting fiscal 2017 first-half result. Granted, normalised EBITDA fell 6% year on year to AUD 119.7 million, while underlying NPAT declined 4% to AUD 75.0 million. However, this was a relatively resilient outcome, given the revenue-sucking impact of Rio Olympics on Seven and the weak metropolitan television advertising m...Nine Entertainment Co. Holdings is engaged in the television broadcasting and program production and digital, internet, subscription television, and other media sectors. Co. manages its business based on two reportable segments: television, which includes free to air television activities; and digital, which includes its Nine Digital Pty Limited subsidiary and other digital activities.
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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