Report
Brian Han
EUR 101.80 For Business Accounts Only

Nine Back to Being the One

We lift our fair value estimate on no-moat Nine Entertainment by 7% to AUD 1.50 per share. This follows the group's better-than-expected 51% jump in fiscal 2018 first-half EBITDA to AUD 181 million, the strength of which has led to an increase to our medium-term EBITDA forecasts by around 11%.
The reversal of Nine's fortunes in the space of just 18 months has been remarkable, with EBITDA on track to hit AUD 257 million in fiscal 2018, up from just AUD 202 million in fiscal 2016. A revitalised ma...
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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