Nine Entertainment Co. Holdings Ltd

NEC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.60	Chsh	Xzrvkpwk

Digital and Cost Cuts Drive the Front Nine, Cyclical Tailwinds to Come on the Back Nine

Brian Han

Feb 24, 2021

We lift our fair value estimate on Nine by 13%, or AUD 0.25 per share, to AUD 2.25. AUD 0.06 of the increase is due to Morningstar's recent fair value estimate upgrade on Domain to AUD 3.50 per share (from AUD 3.20) which we incorporate in our Nine intrinsic assessment for its 59.2% shareholding. The balance of the Nine fair value estimate lift reflects an average 12% step up in our underlying EBITDA forecasts.

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