Part 1. First Installment of Two-Part Discussion of Value Drivers for No-Moat Seven Group; WesTrac
Our unchanged AUD 7.50 per share fair value estimate for no-moat Seven Group rests on two key value pillars. These include the wholly-owned WesTrac...
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Fairfax – New Offer for New Media
The TPG Consortium (collectively TPG Group, Ontario Teacher’s Pension Plan Board [& affiliates]) has issued a revised indicative proposal for...
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Media Reform at Full Tilt; Now for the Circus
The Federal government plans to abolish television licence fees and curb betting advertisements on television screens. The net impact is positive...
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Ranking the Three Networks in No-Moat Television Sector
Nine Entertainment Co Holdings Ltd (NEC AU) is our preferred stock in the television sector. Despite rising 22% since the February result, shares...
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Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring
Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...
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