Morgan Stanley says investors are undervaluing Nine Entertainment's Stan streaming service, saying others have "missed the accelerating rate of change in the adoption of streaming TV services globally and in Australia." Morgan Stanley believes Stan is currently worth A$700 million, compared to the market consensus of A$300 million - A$400 million. Using Netflix's value per subscriber, Stan could be worth as much as A$2.5 billion. The investment bank, however, says Stan is solely an Australian business and doesn't produce much of its own content, so it doesn't make sense to apply Netflix metrics at the moment. Still, Morgan Stanley believes Stan could be worth as much as A$2 billion in the coming years as the service grows.
Stan, page-9
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