As Investor Exuberance Turns to Despair, We Turn Positive on Nine-Fairfax Combo
We lift our fair value estimate for Nine Entertainment by 18% to AUD 2.00 per share. This follows Fairfax Media shareholders' approval on Nov. 19, 2018 of the proposed scheme to merge with Nine--an event that has prompted the formal publication of our forecasts and intrinsic assessment for the combined entity.The increase in the still no-moat-rated Nine's fair value estimate primarily stems from our AUD 62 million synergy expectation from combining with Fairfax, with the most obvious sources be...
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.
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