buy - broker sais $19

CSFB says PBL's (PBL.AU) market-leading Nine TV
network might be worth A$2.7 billion-A$4.1 billion based on FY05 ebitda multiples of
10-15X. Tips flat FY05 earnings for network, first time since 2001 economic downturn.
Says PBL "remains our preferred pick in the domestic media space in spite of our
small profit downgrade," notes "press conjecture" about potential deals
for PBL if media laws change. Keeps at Outperform, target price A$19.00 vs latest down 3
cents at A$14.81.