Licence Fee Cut Fails to Mask Seven Media's Weak Fiscal 2017 Result
No-moat-rated Seven West Media's claim that its fiscal 2017 EBIT decline of 18% met management's 20% fall guidance was cute. Excluding the AUD 35 million from the TV licence fee cut, a government largesse bestowed after guidance was given, the fall in EBIT to AUD 226 million was 29%. This was shy of our below-consensus forecast of a 25% decline, driven by a disappointing TV result, compounded by continuing challenges besetting the print operations.However, we retain our AUD 0.73 fair value esti...
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..
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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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