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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14/02/2024 09:14

Seven West Media (SWM) $0.245

The media group reported 1H numbers yesterday that were weaker than expected, dragging down the sector including Nine Entertainment (NEC) which we hold in the Emerging Companies Portfolio. The sector has been facing headwinds from a falling free-to-air (FTA) ad market, though SWM also saw a slight drop in market share in the period. Total revenue for the half was $775m, down 5%, but earnings (EBITDA) dropped 40% for the half and missed expectations by around 3%.

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24/08/2023 17:07

Nine Entertainment (NEC) $2.04

NEC +0.49%: FY23 results showed the headwinds being faced by traditional media sources, however, the numbers weren’t as bad as feared. Revenue was largely in line while EBITDA fell 16% to $591.2m, a small miss to expectations.

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19/07/2023 09:19

Nine Entertainment (NEC) $2.07

Monthly media data for June was released this week, showing a continuation of the decline in ad spending, largely across the board. TV ad bookings fell -15.7% yoy in the month which compares to Nine’s guidance for around a 15% decline at an update in May.

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06/06/2023 09:35

Nine Entertainment Co (NEC) $1.975

At the recent Macquarie Conference NEC provided earnings guidance for the first time which fell short of expectations but the stock remains anchored to the $2 area i.e. there’s plenty of bad news built into the share price.

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03/05/2023 16:49

Nine Entertainment (NEC) $2.03

NEC flat: one of many to present at the Macquarie Conference today, providing EBITDA guidance for the first time which fell short of expectations. The company said the advertising market declined 15% in the 3rd quarter, but they managed to pick up more than 2.5% in market share.

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23/02/2023 16:50

Nine Entertainment (NEC) $2.00

NEC -2.91%: the media group struggled today despite a decent 1H, weighed on by non-committal guidance at the result. Revenue of $1.4b was in line with consensus, as was NPAT at $189.5m with the result driven by market share gains in free-to-air and a beat by streaming platform Stan while radio was in line and 9Now missed slightly.

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21/12/2022 09:29

Nine Entertainment (NEC) $1.86

The downgrade by Domain Holdings (DHG)  yesterday on the back of weaker listing volumes created some wider peripheral damage, with REA Group (REA) and Nine (NEC) also feeling the repercussions. In terms of NEC which we own in our Emerging Companies Portfolio, they own 60% of DHG and are directly impacted. DHG made up ~14% of NEC’s earnings...

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16/11/2022 09:29

Nine Entertainment (NEC) $2.13

We added the media group to the portfolio last week as part of a broad suite of changes. The company runs across 4 segments: Broadcasting, Digital & Publishing, Stan & Domain. Its ~54% interest in Domain (DHG) is worth ~$1b, or ~30% of the group’s value.  Digital & Publishing make up ~20% of revenue and had a standout 1Q on the back...

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09/11/2022 10:31

Emerging Companies Portfolio – Amendment (s)

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