A Strong Rally but There Remains 14% Upside to News Corporation Shares
Shares in no moat-rated News Corporation have climbed 34% since reaching a Brexit-induced low in late June 2016, narrowing the discount gap to our unchanged USD 17.00 fair value estimate (or AUD 22.00 at the current exchange rate). Some investors may be tempted to take profits at these levels--an entirely understandable sentiment given the volatility of media shares in general, and News shares in particular. However, we highlight that there remains a 14% upside based on our intrinsic assessment....
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