Domain All Grown Up and Ready to Separate From Fairfax

Mystery of What Was Under Fairfax Media's Bonnet; FVE Back to AUD 0.75 Intrinsic Assessment

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<p>We raise our fair value estimate for <a href="https://www.smartkarma.com/entities/8996" target="_blank" data-smartkarma-citation="entities:8996:1">Fairfax Media Ltd (FXJ AU)</a> by 8%, or AUD 0.05 per share, to AUD 0.70, following the no-moat rated group's first post-<a href="https://www.smartkarma.com/entities/26033" target="_blank" data-smartkarma-citation="entities:26033:1">Domain Holdings Australia Ltd (DHG AU)</a> split result.</p><p>AUD 0.03 of the lift stems from an upgrade to our earnings estimates, reflecting better-than-expected progress on two cost fronts. First, the 15% year-on-year lift in first-half metropolitan publishing EBIT to AUD 28 million was eye-catching, with aggressive expense management more than…</p>

We raise our fair value estimate for Fairfax Media Ltd (FXJ AU) by 8%, or AUD 0.05 per share, to AUD 0.70, following the no-moat rated group's first post-Domain Holdings Australia Ltd (DHG AU) split result.AUD 0.03 of the lift stems from an upgrade to our earnings estimates, reflecting better-than-expected progress on two cost fronts. First, the 15% year-on-year lift in first-half metropolitan publishing EBIT to AUD 28 million was eye-catching, with aggressive expense management more than…

As Fairfax Media Steps Up Cost-Out, We Step Up FVE to AUD 0.70