Reducing Sina’s FVE to $131 Due to Lower Non-Weibo Margin Estimates
We have reduced narrow-moat Sina’s fair value estimate to $131 from $136, predominantly due to the reduction in the operating margin assumptions of the non-Weibo business. We think Sina is undervalued, as the market currently values Sina at only 56% of the company's net asset value (the sum of its 45.6% stake in Weibo and net cash excluding Weibo). Other than the holding-company discount and concerns over corporate governance, the loss-making non-Weibo business is a drag on the value of Sina as ...Sina is an online media company serving China and the global Chinese communities. Co.'s digital media network includes SINA.com (It offers professional content on each of its region specific websites), SINA.com (It provides information and entertainment content from SINA portal customized for WAP users) and Weibo (It is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information). Co. offers an array of services including mobile value added services, online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise services.
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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.