Weak TV Signals Lead to a Cut in Seven West Media's FVE to AUD 0.66 per Share
We cut our fair value estimate for Seven West Media to AUD 0.66 per share, from AUD 0.73. The downgrade reflects a more pessimistic view of the free-to-air TV advertising market, with the impact to be exacerbated by a likely step-up in competition from what is already a fierce TV ratings battleground.We forecast the metropolitan free-to-air TV advertising market to decline by a CAGR of 0.3% over the next five years, down from our previous expectation of 0.4% average annual growth. Relentless st...
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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