Deustche Bank rates NEC as Buy
Wednesday, April 6, 2016 - 13:49
Nine Entertainment's trading update was subdued, signalling TV revenue was down 11% in the third quarter. The company is guiding to a revenue share of around 37% for FY16 versus a prior target of 38%.
The FTA TV market is expected to show a decline in the low single digits. Deutsche Bank believes the revenue weakness is largely company specific. A Buy rating is maintained, predicated on an improving TV revenue share in FY17. Target is lowered to $1.75 from $1.95.
Target price is $1.75 Current Price is $1.16 Difference: $0.59
If NEC meets the Deutsche Bank target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $1.46, suggesting upside of 31.3%(ex-dividends)
The company's fiscal year ends in June.
-FNArena
Market sentiment: 0.3
Companies: NINE ENTERTAINMENT CO. HOLDINGS LIMITED
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