Fox Posted Strong Quarter to Start Fiscal 2019; New Fox Buoyed by Strong Results in Sports and News
Fox reported a strong start to fiscal 2019 as revenue was in line with the Street projection and EBITDA came above the consensus projections. While the results were positive, we note that the New Fox Co represents a minority piece of this quarter’s revenue and earnings, but the growth at the broadcast network and Fox News is a positive sign for the successor firm. We are maintaining our wide moat rating and our $46 fair value estimate. As a reminder, our fair value estimate is based on the Disne...Twenty-First Century Fox is a media and entertainment company with operations in the following segments: Cable Network Programming, which consists of the production and licensing of programming distributed primarily through cable television systems and others; Television, which consists of the broadcasting of network programming and the operation of power broadcast television stations; Filmed Entertainment, which consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing in all formats in all entertainment media worldwide, and the production and licensing of television programming worldwide; and Other, Corporate and Eliminations.
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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