Kayo’ed by Pay TV and U.K. but News Remains Okay
We maintain our USD 15.30 fair value estimate (AUD 21.50), albeit we trim our near-term EBITDA forecasts by 2% on average. Shares in no-moat-rated News currently trade at a 16% discount to our intrinsic assessment. We see this gap closing as the market becomes more comfortable with the potential of the digital-centric divisions (digital real estate, books) to hold the fort, while the structurally-challenged divisions (news and information, subscription video services) transition to more digital-...News is a media and information services company. The company comprises businesses across a range of media, including news and information services, subscription video services in Australia, book publishing and digital real estate services, that are distributed under brands, including The Wall Street Journal, Dow Jones, The Australian, Herald Sun, The Sun, The Times, HarperCollins Publishers, Foxtel, FOX SPORTS Australia, realestate.com.au, realtor.com?, talkSPORT and others. The company distributes its content to consumers across platforms consisting of print and television, as well as digital platforms including websites, applications for mobile devices and tablets, social media and e-book devices.
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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