Nine's Premium Fades, But Pricing for Fairfax Remains Full

Domain All Grown Up and Ready to Separate From Fairfax

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

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

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Equity Bottom-Up

<p>No-moat-rated <a href="https://www.smartkarma.com/entities/8996" target="_blank" data-smartkarma-citation="entities:8996:1">Fairfax Media Ltd (FXJ AU)</a> is often seen as a potential predator in the domestic media sector, in light of the recent ownership law relaxation. This is not surprising given Fairfax boasts one of the strongest balance sheets in the industry, sitting on wholly-owned entities' net cash of AUD 7 million. That is a sizable war chest with which to make a play for a TV asset, for instance, with the AUD 1 billion-plus value of its 60% shareholding in Domain a source of further ammunition.</p><p>…</p>

No-moat-rated Fairfax Media Ltd (FXJ AU) is often seen as a potential predator in the domestic media sector, in light of the recent ownership law relaxation. This is not surprising given Fairfax boasts one of the strongest balance sheets in the industry, sitting on wholly-owned entities' net cash of AUD 7 million. That is a sizable war chest with which to make a play for a TV asset, for instance, with the AUD 1 billion-plus value of its 60% shareholding in Domain a source of further ammunition.…

Fairfax Media

Downside of Showbiz for Fairfax