Seven West Media's Puzzling Strategic Mindset; Fair Value Estimate Cut to AUD 0.90 per Share
We have cut our fair value estimate for no-moat Seven West Media by 10% to AUD 0.90 per share, following a re-evaluation of management's strategic direction.The downgrade is not due to the recent softening tone on the fiscal 2017 earnings guidance (towards the low end of the 15%-20% EBIT decline range)--a refinement of trivial consequence. It is rather the decision to exit the subscription video on demand joint venture (Presto), while further lifting exposure to the print sector (Sunday Times, ...
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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