Beefed-Up Nine Delivers a Good First Serve
Amidst the mess of noise and impact created by the Fairfax merger, we highlight three key points from Nine Entertainment's fiscal 2019 first-half result, all of which support our unchanged AUD 2.00 fair value estimate for the enlarged group.First, earnings guidance for fiscal 2019 is reassuring. The projected 10% minimum uplift in group EBITDA (on a continuing business basis) to AUD 420 million is broadly in line with our expectations, if we exclude likely earnings from the to-be-sold businesse...
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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