Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We 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 more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 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, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Nine Entertainment Co Holdings / Equity Bottom-Up

<ul><li class="p1">Hype is brewing ahead of a potential relaxation of media ownership laws in Australia, with endless speculations about possible mergers and acquisitions, or M&amp;A.</li><li class="p1">We saw this "movie" back in the mid- 2000s when media laws were last eased.</li><li class="p1">It did not end well for those involved at that time, as structural headwinds decimated traditional media business models and destroyed billions of value.</li><li class="p1">Fast forward a decade, we believe digital disruption has intensified, permanently impairing the ability of television, print and radio to aggregate audience and attract advertising dollars.</li></ul>Analysts: Brian Han &amp; Benjamin Chan

Hype is brewing ahead of a potential relaxation of media ownership laws in Australia, with endless speculations about possible mergers and acquisitions, or M&amp;A.We saw this "movie" back in the mid- 2000s when media laws were last eased.It did not end well for those involved at that time, as structural headwinds decimated traditional media business models and destroyed billions of value.Fast forward a decade, we believe digital disruption has intensified, permanently impairing the ability of television, print and radio to aggregate audience and attract advertising dollars.Analysts: Brian Han &amp; Benjamin Chan

Groundhog Day for Australian Media Sector: Reform to Ignite Urge to Merge.

<ul><li class="p1">An investment in Nine Entertainment requires weighing the strong positioning of its Nine Network division in Australian free-to-air television against the structural challenges facing the industry from proliferating competition for viewers and advertising dollars.</li><li class="p1">We see competitive intensity continuing, preventing any sustained improvement in Nine Network's margins.</li></ul>Analysts: Brian Han &amp; Benjamin Chan

An investment in Nine Entertainment requires weighing the strong positioning of its Nine Network division in Australian free-to-air television against the structural challenges facing the industry from proliferating competition for viewers and advertising dollars.We see competitive intensity continuing, preventing any sustained improvement in Nine Network's margins.Analysts: Brian Han &amp; Benjamin Chan

Financial Strength Arms Nine Entertainment with Ammunition to Combat Structural Headwinds.

Equity Capital Markets

Ten Network Holdings / Equity Capital Markets

<ul><li>The launch of the AUD 154 million capital raising has relegated Ten Network's fiscal 2015 result to being a sideshow.</li><li>While its television ratings are climbing out of the nadir of recent years, and revenue share is growing strongly, the company is still loss-making and the 42% increase in net debt to AUD 131 million in the past six months shows the importance of the capital injection from existing shareholders (AUD 77 million) and Foxtel (AUD 77 million).</li><li>After all, no amount of ratings increase means much in the absence of financial stability.</li><li>This is why we believe the benefits of issuing more than 1.0 billion new shares at AUD 0.15 per share outweigh the cost of doing so.</li></ul>Analyst: Brian Han

The launch of the AUD 154 million capital raising has relegated Ten Network's fiscal 2015 result to being a sideshow.While its television ratings are climbing out of the nadir of recent years, and revenue share is growing strongly, the company is still loss-making and the 42% increase in net debt to AUD 131 million in the past six months shows the importance of the capital injection from existing shareholders (AUD 77 million) and Foxtel (AUD 77 million).After all, no amount of ratings increase means much in the absence of financial stability.This is why we believe the benefits of issuing more than 1.0 billion new shares at AUD 0.15 per share outweigh the cost of doing so.Analyst: Brian Han

Ten Network Launches Capital Raising; Recommend Shareholders Subscribe to Entitlement Offer

Event-Driven

<ul><li>Key hurdles have been cleared for Ten Network Holdings to launch the previously announced AUD 0.15 per share issue to Foxtel (513 million shares equating to 14.2% ownership) and existing shareholders (513 million shares via an entitlement offer).</li><li>While other regulatory approvals are still pending, including the Foreign Investment Review Board, we do not envisage any resistance.</li><li>As a result, Ten Network is closing in on getting AUD 154 million&mdash;a much needed capital injection for a company with a net debt load of AUD 92 million and currently having difficulty covering interest costs from cash flow.</li></ul>Analyst: Brian HanPlease login to read the full report.

Key hurdles have been cleared for Ten Network Holdings to launch the previously announced AUD 0.15 per share issue to Foxtel (513 million shares equating to 14.2% ownership) and existing shareholders (513 million shares via an entitlement offer).While other regulatory approvals are still pending, including the Foreign Investment Review Board, we do not envisage any resistance.As a result, Ten Network is closing in on getting AUD 154 million&mdash;a much needed capital injection for a company with a net debt load of AUD 92 million and currently having difficulty covering interest costs from cash flow.Analyst: Brian HanPlease login to read the full report.

ACCC Waves Foxtel Through to Ten Network's Henhouse; Now for the Money

<ul><li>We are not surprised by Seven West Media's decision to institute an AUD 75 million on-market buyback program, given the discount its shares are trading at relative to our fair value estimate.</li><li>It is a classic case of positive signalling to the market which has marked down the company's stock price by more than 40% this year, on concerns ranging from structural pressures facing its media assets, to doubt about the balance sheet if the current earnings volatility persists.</li></ul>Analyst: Brian HanFull report below the fold....

We are not surprised by Seven West Media's decision to institute an AUD 75 million on-market buyback program, given the discount its shares are trading at relative to our fair value estimate.It is a classic case of positive signalling to the market which has marked down the company's stock price by more than 40% this year, on concerns ranging from structural pressures facing its media assets, to doubt about the balance sheet if the current earnings volatility persists.Analyst: Brian HanFull report below the fold....

Seven West Media Provides 75 Million Reasons Why its Shares are Cheap

Australia

Nine Entertainment Company Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, broadcast news and current affairs, sporting events, comedy, entertainment, and lifestyle programs. Nine Entertainment serves customers throughout Australia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nine Entertainment Co Holdings (NEC AU)

Groundhog Day for Australian Media Sector: Reform to Ignite Urge to Merge.

Hype is brewing ahead of a potential relaxation of media ownership laws in Australia, with endless speculations about possible mergers and...

Morningstar, Inc.

Financial Strength Arms Nine Entertainment with Ammunition to Combat Structural Headwinds.

An investment in Nine Entertainment requires weighing the strong positioning of its Nine Network division in Australian free-to-air television...

Morningstar, Inc.

ACCC Waves Foxtel Through to Ten Network's Henhouse; Now for the Money

Key hurdles have been cleared for Ten Network Holdings to launch the previously announced AUD 0.15 per share issue to Foxtel (513 million shares...

Morningstar, Inc.

Seven West Media Provides 75 Million Reasons Why its Shares are Cheap

We are not surprised by Seven West Media's decision to institute an AUD 75 million on-market buyback program, given the discount its shares are...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groundhog Day for Australian Media Sector: Reform to Ignite Urge to Merge.

Hype is brewing ahead of a potential relaxation of media ownership laws in Australia, with endless speculations about possible mergers and...

Morningstar, Inc.

Financial Strength Arms Nine Entertainment with Ammunition to Combat Structural Headwinds.

An investment in Nine Entertainment requires weighing the strong positioning of its Nine Network division in Australian free-to-air television...

Morningstar, Inc.

Ten Network Launches Capital Raising; Recommend Shareholders Subscribe to Entitlement Offer

The launch of the AUD 154 million capital raising has relegated Ten Network's fiscal 2015 result to being a sideshow. While its television ratings...

Morningstar, Inc.

ACCC Waves Foxtel Through to Ten Network's Henhouse; Now for the Money

Key hurdles have been cleared for Ten Network Holdings to launch the previously announced AUD 0.15 per share issue to Foxtel (513 million shares...

Morningstar, Inc.

Seven West Media Provides 75 Million Reasons Why its Shares are Cheap

We are not surprised by Seven West Media's decision to institute an AUD 75 million on-market buyback program, given the discount its shares are...

Morningstar, Inc.