Ten Network's FVE Cut to AUD 0.30; with Going Concern Future in Hands of Lenders
The abrupt unravelling of our thesis on Ten Network has led to a 51% cut to our intrinsic assessment for Ten Network to AUD 0.59 per share as a going concern. Critically, we also now attribute a 50% probability that Ten fails to refinance its current credit facility and falls into administration. Applying this probability to our going-concern assessment leads to a revised fair value estimate of AUD 0.30 per share, with no change to the very high uncertainty rating.The recovery of Ten's televisi...
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