Dividend Suspension a Necessary Cost of Removing Seven West Media's Debt Worries
Shares in no-moat-rated Seven West Media are bouncing back towards our unchanged AUD 0.66 fair value estimate. We view two aspects of Seven's fiscal 2018 first-half result as responsible for rescuing its shares from the recent downward spiral.First, the AUD 15 million in net debt reduction to AUD 711 million during the period may not sound much, but the fall in net debt/EBITDA to 2.3 times is an overwhelming point of relief. With dividends now suspended, management's target of reducing net deb...
Seven West Media has four reportable segments: Television, which is engaged in the production and operation of commercial television programming and stations; Newspapers, which is comprised of the publishers of newspapers and insert magazines in Western Australia, Quokka (weekly classified advertising publication), Colourpress, Digital publishing and West Australian Publishers; Pacific -which is comprised of the publishers of magazines in print and digital editions as well as social and e-commerce business; as well as Other Business and New Ventures, which is made up of equity accounted investees; Radio (radio stations broadcasting in regional areas of Western Australia) and RED Live..
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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