Tuning Into Seven News?
Shares in no-moat Seven West Media are trading 40% above our AUD 0.70 fair value estimate, the steepest premium to intrinsic assessment in our domestic media sector coverage. This is despite six consecutive years' of earnings decline (EBIT CAGR of minus 11%, EPS CAGR of minus 16%), and DPS falling from AUD 0.25 in fiscal 2012 to zero in fiscal 2018.The abrupt turn in investor sentiment appears to be driven by: (1) the prospect of earnings recovery in fiscal 2019; and (2) potential corporate act...
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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