Ouch! But still holding..., page-28

I'd like to see the CS report too; meanwhile, some extracts here from The Australian regarding Stan, Fairfax and Nine. The Stan estimates could be on the optimistic side.

[A report by CS analyst Fraser McLeish] placed a bullish $400 million-$600m valuation on…Stan…half-owned by…Nine Entertainment...   McLeish said Stan was worth $400m on a discounted cash flow basis and forecast the business to generate $20m in EBITDA in fiscal year 2019. However, the service needs to sustain rapid subscriber growth rates to hit these numbers, given the analyst has forecast content costs to grow by more than 10 per cent a year.
http://www.theaustralian.com.au/bus...t/news-story/f396e1d537b30677bf89871bfe9d1549
  
“Stan is a strategic asset that we believe would attract multiple buyers at a high valuation if it was ever for sale,” [CS analyst Fraser] McLeish said in a research note...
Fairfax and Nine have told the market that Stan, launched in January 2015, was expected to break-even on a cashflow basis in fiscal year 2018.
http://www.theaustralian.com.au/bus...m/news-story/8960de9fac9bacbfd5d10f01085ea167