Finding Stan and Digital on Nine Entertainment's Blurry Television Screen
At current levels (fiscal 2018 P/E of 7.2 times, enterprise value/EBITDA of 4.6 times), we believe the market is aware of all the negatives facing no-moat-rated Nine Entertainment. The metropolitan television advertising market is weak (September quarter down 4%), Nine's share of the revenue market remains under pressure (likely to be 35.0% in fiscal 2017 versus 37.0% in fiscal 2016), and the structural pressures facing the industry are persistent.However, we maintain our DCF-derived AUD 1.50 f...
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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