Recent Wins See Nine Entertainment Shares Approaching Our AUD 1.50 FVE
Shares in no-moat Nine Entertainment have surged more than 30% to date in 2017, and are just 6% shy of our fair value estimate of AUD 1.50. Ten Network's recent demise into administration has reinforced our investment thesis on Nine, while the government's television licence relief for fiscal 2017 has triggered one of the upside risks we had previously highlighted.However, this is no time for complacency, and we make no changes to our intrinsic assessment.
Our long-term midcycle forecasts for N...
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.
We have operations in 27 countries.
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