Strength of Seven West Media's TV asset is dimmed by print media exposure.
We cut our fair value estimate for no-moat Seven West Media by 14% to AUD 0.73 per share, on a reappraisal of the group's sustainable earnings power.In the near term, we see risks to management's guidance of 20% decline in fiscal 2017 EBIT, as the implied second-half EBIT falling just 6% appears optimistic. The metropolitan TV advertising market to-date is tracking in line with our forecast of 5% contraction in fiscal 2017 and Seven's 39.9% ratings share is moderating towards our midcycle 37.5%...
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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