21/01/2026 09:40

Portfolio Amendments – Emerging Companies Portfolio

We are reducing exposure in the Emerging Companies Portfolio

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19/11/2025 09:43

Nine Entertainment (NEC) $1.10

NEC held an investor day last week to cover life after the sale of Domain, where Management doubled down on the strategy of extracting more value from its Digital assets - particularly Stan, 9Now, and Digital Publishing (with the AFR a standout performer). The company also highlighted longer-term upside from AI-driven content monetisation and digitisation of archival news assets.

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28/08/2025 18:08

Nine Entertainment Co Ltd (NEC) $1.615

NEC was the second-worst-performing stock on the main board today, closing down 12.2% following yesterday's announcement of its FY results. We felt the sell off was overdone:

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25/06/2025 09:31

Nine Entertainment (NEC) $1.59

US listed CoStar Group (CSGP US) has entered into a binding agreement to buy the remaining 83% of Domain's (DHG) shares it does not already own at $4.43 per share, valuing Domain at an enterprise value of around $3bn.

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25/02/2025 17:18

Nine Entertainment (NEC) $1.69

NEC +3.68%: Reported a softer operational result year-on-year, in-line on revenue but impressing on guidance around cost-control and efficiencies moving forward. 

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12/02/2025 09:27

Nine Entertainment (NEC) $1.465

A week after UBS downgraded Nine Entertainment (NEC) to Neutral from Buy, a positive update from Seven West (SWM) prompted a big re-rate in media stocks, with Nine up +14% yesterday, smashing UBS’s new 12-month target less than a week after they published it.

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29/08/2024 09:41

Nine Entertainment Co Holdings Ltd (NEC) $1.35

NEC shares edged up +0.75% on Wednesday after they reported a ~20% decline in profits courtesy of weakness in advertising, however, there were some green shoots coming through this result as they progressively move towards a digital platform business relative to an older style media business;

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08/05/2024 16:46

Nine Entertainment (NEC) $1.52

NEC +1.33%: the media group presented at the Macquarie Conference today, providing a quarterly update alongside the presentation which was broadly better than feared. The Metro Free To Air (FTA) market has been contracting for several quarters with another 13% fall in Q3, though this was better than the ‘mid-teens decline’ guided by Nine at the half-year update and the company continues to win market share.

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02/05/2024 09:38

Nine Entertainment Co (NEC) $1.475

NEC posted a strong 1H in February, but its marginally disappointing outlook has continued to weigh on the stock over recent months. Once the market puts you in a naughty corner, it's hard to escape! We purchased the stock in late 2022, and while its dividend yield of around 6%, fully franked, has enabled us to be patient towards this turnaround story, it has been a frustrating journey so far.

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22/02/2024 17:15

Nine Entertainment (NEC) $1.68

NEC -8.70%: the media group posted strong 1H numbers today, however, a marginally disappointing outlook weighed on shares. Revenue was a slight beat, however EBITDA was ~4% ahead of expectations at $316m vs $302m. TV, including 9Now, met expectations, Radio was a small miss made up by a small beat in publishing

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