Report
Brian Han
EUR 101.80 For Business Accounts Only

Media Reform at Full Tilt; Now for the Circus

As flagged in our report "Gambling on Licence Fee Cuts for Free-to-Air Broadcasters," published on May 2, the Federal government plans to abolish television licence fees and curb betting advertisements on television screens. The net impact is positive for free-to-air broadcasters, as we estimate fiscal 2018 EBITDA uplift of 10% for Nine Network, 8% for Seven West Media, and a three-fold-plus increase for Ten Network given the marginal estimated profit.
However, we are maintaining our fair value ...
Underlying
Nine Entertainment Co. Holdings Limited

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Brian Han

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