Report
Brian Han
EUR 98.48 For Business Accounts Only

Ranking the Three Networks in No-Moat Television Sector

Nine is our preferred stock in the television sector. Despite rising 22% since the February result, shares remain at a 21% discount to our AUD 1.50 fair value estimate.
Nine has enjoyed a solid start to 2017, especially in February when its All-People rating share jumped to 36.2%, from 33.3% a year ago. While we can fathom the popularity of cricket, the positive reception to "Married at First Sight" shows just how out of touch this author is when it comes to judging television shows. The ratings...
Underlying
Seven West Media

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..

Provider
Morningstar
Morningstar

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.

Analysts
Brian Han

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