Portfolio Amendments – Emerging Companies Portfolio
We are reducing exposure in the Emerging Companies Portfolio
Nine Entertainment (NEC)
NEC $0.86
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 0.86
- Change
- ▲ 0.03 (2.99)
- Bid / Ask
- 0.86 - 0.86
- Volume
- 10,346,947
- Turnover
- 8,848,601
- Open
- 0.85
- Day Range
- 0.82 - 0.87
- VWAP
- 0.86
- Prev Close
- 0.84
- Last Trade
- 10/11 4:13pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Communication Services
- Shares Issued
- 1,585,762,123
- NTA/Share
- -0.11
- Last Dividend
- 0.03
- Dividend Ex Date
- 10 SEP 2026
- Dividend Pay Date
- 22 OCT 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 2,198.97
- EBITDA
- -391.72
- Profit
- 511.29
- Earnings Per Share (EPS)
- 0.32
- Dividend Per Share (DPS)
- 0.58
- Yield %
- 10.56
- Market Cap
- 1,363.76
- Price to Earnings Ratio (P/E)
- -4.02
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- —
- EBITDA
- —
- Profit
- 120.62
- Earnings Per Share (EPS)
- 0.08
- Dividend Per Share (DPS)
- 0.08
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 2 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 1.08 Fair value 1.57 One-star price 2.27
Morningstar Quantitative Rating as of 2 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 1.57
- Price / Fair Value
- 0.44
- Valuation
- Undervalued
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 2 NOV 2026. The slider runs from the five-star price (1.08) to the one-star price (2.27).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 0.71 |
| Price - 12 month high | 1.23 |
| Price - 12 month low | 0.61 |
| Pricing date | 2 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 4.90 |
| Market capitalization | 1,125.89 |
| 12 Month High price date | 3 FEB 2026 |
| 12 Month Low price date | 15 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 6.60 |
| Price - 1 Day % Change | 2.16% |
| Price - 13 week price percent change | -26.04% |
| Price - 26 week price percent change | -24.06% |
| Price - 5 Day % Change | 5.97% |
| Price - 52 week price percent change | -38.79% |
| Price - YTD price percent change | -36.04% |
| Price % Change Month To Date | 3.65% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.214 |
| EPS excluding extraordinary items - trailing 12 month | -0.214 |
| EPS Normalized - most recent fiscal year | 0.089 |
| Revenue/share - most recent fiscal year | 1.379 |
| Revenue/share - trailing 12 month | 1.379 |
| Book value per share - most recent fiscal year | 0.746 |
| Book value per share - most recent half-year | 0.746 |
| Book value (tangible) per share - most recent fiscal year | -0.109 |
| Book value (tangible) per share - most recent half-year | -0.109 |
| Cash per share - most recent fiscal year | 0.058 |
| Cash per share - most recent half-year | 0.058 |
| Cash Flow per share - most recent fiscal year | 0.102 |
| Cash Flow per share - trailing 12 month | 0.102 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.075 |
| EBITD per share - trailing 12 month | -0.246 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.214 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.214 |
| EPS including extraordinary items - most recent fiscal year | 0.323 |
| EPS including extraordinary items - trailing 12 month | 0.323 |
| Free Cash Flow per share - trailing 12 month | 0.022 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | 7.98 |
| Price to sales - most recent fiscal year | 0.51 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 31.82 |
| Price to Cash Flow per share - trailing 12 month | 6.98 |
| Price to Book - most recent fiscal year | 0.95 |
| P/E excluding extraordinary items high, trailing 12 months | 18.48 |
| P/E excluding extraordinary items low, trailing 12 months | 12.61 |
| Net Debt, LFI | 115.12 |
| Net Debt, LFY | 1,577.38 |
| Dividend Yield - 5 Year Average | 6.07% |
| Dividend Yield - indicated annual dividend divided by closing price | 11.19% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 10.56% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 35.58 |
| LT debt/equity - most recent fiscal year | 129.19% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 141.12% |
| LT debt/equity - most recent half-year | 14.41% |
| Total debt/total equity - most recent half-year | 16.60% |
| Free Cash Flow - trailing 12 month | 35.58 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 2,198.97 |
| Revenue - trailing 12 month | 2,198.97 |
| EBITD - most recent fiscal year | -391.72 |
| EBITD - trailing 12 month | -391.72 |
| Earnings before taxes - most recent fiscal year | -480.45 |
| Earnings before taxes - trailing 12 month | -480.45 |
| Net Income available to common - most recent fiscal year | 511.29 |
| Net Income available to common - trailing 12 months | 511.29 |
| Earnings before taxes Normalized - most recent fiscal year | -21.76 |
| Net Income Available to Common, Normalized - most recent fiscal year | 142.36 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.09 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -15.41% |
| Net Profit Margin % - trailing 12 month | -15.41% |
| Operating margin - 1st historical fiscal year | -19.95% |
| Operating margin - trailing 12 month | -19.95% |
| Pretax margin - trailing 12 month | -21.85% |
| Pretax margin - 1st historical fiscal year | -21.85% |
| Operating Margin - 5 year average | 5.70% |
| Pretax Margin - 5 year average | 3.91% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 7.82% |
| Free Operating Cash Flow/Revenue, TTM | 1.62% |
| Net Profit Margin - 5 year average | 2.73% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | -9.68% |
| Return on average assets - trailing 12 month | -9.68% |
| Return on average equity - most recent fiscal year | -23.09% |
| Return on average equity - trailing 12 month | -23.09% |
| Return on average assets - 5 year average | 3.12% |
| Return on average equity - 5 year average | 6.93% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | -1.16% |
| EPS growth rate, 5 year | 26.25% |
| Growth rate% - dividend, 3 year | -13.21% |
| Revenue/share (5 yr growth) | 0.17% |
| Growth rate% - Revenue, 3 year | -6.55% |
| Growth rate% - EPS, 3 year | 42.86% |
| Book value per share growth rate, 5 year | -6.86% |
| Capital Spending growth rate, 5 year | 6.20% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
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.
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:
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.
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.
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.
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;
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.
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.
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
Action
Updated
20/01/2026
23:18
NEC
Updated 20/01/2026 23:18
MM is selling NEC in the Emerging Companies Portfolio, taking profit around $1.13
Updated
19/11/2025
09:54
NEC
Updated 19/11/2025 09:54
MM has moved to a neutral stance on NEC ~$1.10
Updated
28/08/2025
18:20
NEC
Updated 28/08/2025 18:20
MM is long and cautiously bullish NEC
Updated
26/06/2025
10:07
NEC
Updated 26/06/2025 10:07
MM remains positive on NEC pending the DHG sale
Updated
26/02/2025
08:12
NEC
Updated 26/02/2025 08:12
MM remains long and bullish NEC
Updated
12/02/2025
09:47
NEC
Updated 12/02/2025 09:47
MM remains cautiously bullish & long NEC
Updated
29/08/2024
11:54
NEC
Updated 29/08/2024 11:54
MM is cautiously bullish NEC
Updated
08/05/2024
16:54
NEC
Updated 08/05/2024 16:54
MM is bullish and long NEC in the Emerging Companies Portfolio
Updated
02/05/2024
14:21
NEC
Updated 02/05/2024 14:21
MM remains patiently long NEC in the Emerging Companies Portfolio
Updated
27/02/2024
11:12
NEC
Updated 27/02/2024 11:12
MM remains long and bullish NEC
Business Summary
Nine Entertainment is the largest media conglomerate in Australia. It operates Nine Network, a free-to-air TV network across five capital cities, as well as in some regional areas. It owns 9Now, a leading broadcast video-on-demand business. Its publishing business is the second-largest newspaper group in Australia with key mastheads such as Australian Financial Review, Sydney Morning Herald, and The Age. Nine also operates a leading domestic-owned subscription video-on-demand business in Australia called Stan, and a talk-based radio network. In March 2026, Nine completed the purchase of outdoor advertising entity QMS Media for AUD 850 million.
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