Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Twenty-First Century Fox completed the distribution of all shares of Fox Corp. (tickers FOXA and FOX) to 21CF shareholders on March 19. The assets remaining at 21CF will trade under the TFCFA and TFCF tickers until the acquisition of the firm by Walt Disney on March 20. As a result, we are removing our fair value estimate for 21CF as the company will shortly cease to exist.
The upcoming situation will see the mega-merger of Twenty-First Century Fox, Inc.'s (FOXA) entertainment assets with The Walt Disney Co. (DIS), resulting in a powerhouse of content creation and distribution. Alongside this, and prompted by a bevy of international regulatory conditions, FOXA must Spinoff its Sports & News segment into Fox Corp. (FOX), which we believe is a takeover target in the long-term for any larger media company looking for more broadcasting exposure. The Major Post-Situati...
Fox posted a strong fiscal 2019 second quarter as revenue was in line with the Street projection and EBITDA came above the consensus estimate. While the results were once again positive, this may the last quarter for the combined firm. The soon-to-be-spun-off New Fox Corp. represents a minority piece of this quarter’s revenue and earnings, but the revenue growth at the broadcast network and Fox News is a positive sign for the successor firm. We are maintaining our wide moat rating but are rais...
Fox posted a strong fiscal 2019 second quarter as revenue was in line with the Street projection and EBITDA came above the consensus estimate. While the results were once again positive, this may the last quarter for the combined firm. The soon-to-be-spun-off New Fox Corp. represents a minority piece of this quarter’s revenue and earnings, but the revenue growth at the broadcast network and Fox News is a positive sign for the successor firm. We are maintaining our wide moat rating but are rais...
Fox posted a strong fiscal 2019 second quarter as revenue was in line with the Street projection and EBITDA came above the consensus estimate. While the results were once again positive, this may the last quarter for the combined firm. The soon-to-be-spun-off New Fox Corp. represents a minority piece of this quarter’s revenue and earnings, but the revenue growth at the broadcast network and Fox News is a positive sign for the successor firm. We are maintaining our wide moat rating but are rais...
The constantly evolving media ecosystem has put tremendous pressure on the traditional pay-television bundle model as people find new ways to consume content. Three years ago, we offered the view that the traditional pay-television bundle was broken but not dead. Since then, there have been a number of new entrants that use the Internet to distribute pay television, so-called over-the-top services. However, the pace of change within the pay-television delivery marketplace remains frustratingly s...
The constantly evolving media ecosystem has put tremendous pressure on the traditional pay-television bundle model as people find new ways to consume content. Three years ago, we offered the view that the traditional pay-television bundle was broken but not dead. Since then, there have been a number of new entrants that use the Internet to distribute pay television, so-called over-the-top services. However, the pace of change within the pay-television delivery marketplace remains frustratingly s...
The constantly evolving media ecosystem has put tremendous pressure on the traditional pay-television bundle model as people find new ways to consume content. Three years ago, we offered the view that the traditional pay-television bundle was broken but not dead. Since then, there have been a number of new entrants that use the Internet to distribute pay television, so-called over-the-top services. However, the pace of change within the pay-television delivery marketplace remains frustratingly s...
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 Dis...
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 Dis...
Fox announced on Sept. 26 that it will sell its 39% share in Sky to Comcast under the cable company's GBX 1,728 tender offer for Sky shares. The tender will move Comcast's stake in the company to well over the 50% goal and will likely force other shareholders to sell as well. Disney will use the additional proceeds from the sale to lower the debt load needed to acquire the Fox assets. Disney is in the process of closing its acquisition of the Fox assets which would have included the 39% stake in...
Fox announced on Sept. 26 that it will sell its 39% share in Sky to Comcast under the cable company's GBX 1,728 tender offer for Sky shares. The tender will move Comcast's stake in the company to well over the 50% goal and will likely force other shareholders to sell as well. Disney will use the additional proceeds from the sale to lower the debt load needed to acquire the Fox assets. Disney is in the process of closing its acquisition of the Fox assets which would have included the 39% stake in...
The bidding war for Sky is nearing an end. With neither Comcast nor Fox making an offer labeled as final, the U.K. Takeover Panel exercised its rights to take the bidding to a final auction. The auction was held Sept. 22, with Comcast bidding GBX 1,728 per share, 10% more than Fox’s GBX 1,567 offer. Both offers were significantly higher than their previous bids of GBX 1,476 and GBX 1,400, respectively. The offers are great for Sky shareholders, but we believe Comcast will struggle to generate ...
The bidding war for Sky is nearing an end. With neither Comcast or Fox making an offer labeled as final, the U.K. Takeover Panel exercised its rights to take the bidding to a final auction. The auction was held on Saturday Sept. 22, with Comcast bidding GBX 1728 per share, 10% more than Fox’s GBX 1567 offer. Both offers were significantly higher than their previous bids of GBX 1476 and GBX 1400, respectively. The offers are great for Sky shareholders, but we believe Comcast will struggle to ge...
OTT pay TV platforms such as Sling and YouTube TV continue to gain momentum as both subscribers and viewing time have grown rapidly over the last year. As we previously discussed, the subscriber growth of the new OTT pay TV distributors has helped to offset many of the subs losses at the traditional distributors, helping to stabilize the overall pay TV market. Households with an OTT pay TV subscription are also much larger consumers of all OTT video than households without a subscription accordi...
OTT pay TV platforms such as Sling and YouTube TV continue to gain momentum as both subscribers and viewing time have grown rapidly over the last year. As we previously discussed, the subscriber growth of the new OTT pay TV distributors has helped to offset many of the subs losses at the traditional distributors, helping to stabilize the overall pay TV market. Households with an OTT pay TV subscription are also much larger consumers of all OTT video than households without a subscription accordi...
Since we believe that the deal to sell many of Fox’s assets to Disney will be completed, our investment thesis will focus on the successor firm, New Fox Co. Other sections, including moat rating and valuation, will be based on the current firm.After completing the sale to Disney, the Murdoch clan will be overseeing a much smaller media firm, albeit one that still owns some major brands. New Fox will consist of the Fox network, 28 local TV stations, Fox News Group, and Fox Sports. The new firm ...
Fox reported a strong end to fiscal 2018 as fourth-quarter revenue came above the Street projection and EBITDA was in line with the consensus projections. On the last scheduled quarterly conference call as Twenty-First Century Fox, management began to try to shift investors' focus towards New Fox Co and its large bet on news and live sports, as the deal with Disney is expected to close in the first half of 2019. One of the key drivers for the successor firm will be the NFL, which management expe...
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