Back in Red as Ten Gets a Big Bash From Weak Revenue Market; FVE Down to AUD 1.20 per Share
We cut our fair value estimate for no-moat Ten Network by 20% to AUD 1.20, given the likely return to a loss-making position in fiscal 2017. This is disappointing, as the firm just turned EBITDA-positive in fiscal 2016 after two years of red link.We are supportive of management's concerted investments in content, which have led to material improvements in ratings and television revenue market share (24%, up from 21% three years ago). Unfortunately, this is being overwhelmed by the weak televisi...
Tenneco designs, manufactures and sells products and services for light vehicle, commercial truck, off-highway, industrial and aftermarket customers. As a parts supplier, the company produces individual component parts for vehicles as well as groups of components that are combined as modules or systems within vehicles. These parts, modules, and systems are sold to the light vehicle and commercial truck manufacturers as well as aftermarket customers, including independent warehouse distributors, distributors, engine rebuilders, retail parts stores, mass merchants, and service chains. The company operates in four segments, consisting of the following: Clean Air, Powertrain, Motorparts, and Ride Performance.
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.
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