A Weak Innings from Seven, Follow-On Required on Cost-Out
We cut our fair value estimate on Seven West Media by 3% to AUD 0.68 per share. This follows the no-moat-rated group's weaker-than-expected fiscal 2019 first-half result across the board.Benefits of a 200-basis point lift in TV revenue share to 38.4% during the half were effectively wiped out by the 5% fall in the wider metropolitan TV advertising market. Adjusted for the extra trading week in the prior period, this led to a flat underlying TV EBIT of AUD 142 million, a subdued outcome in the c...
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..
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.
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