NINE ENTERTAINMENT CO. HOLDINGS LIMITED (NEC)
Share Price Analysis and Chart

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NEC

NEC - NINE ENTERTAINMENT CO. HOLDINGS LIMITED

FNArena Sector : Print, Radio & TV
Year End: June
GICS Industry Group : Media
Debt/EBITDA: 2.34
Index: ASX200 | ASX300 | ALL-ORDS

Nine Entertaiment is an Australian media company with holdings in radio, television, newspapers and digital media. Nine listed in 2013 and merged with Fairfax Media in 2018.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.455

05 May
2025

-0.025

OPEN

$1.48

-1.69%

HIGH

$1.50

3,890,158

LOW

$1.45

TARGET
$1.817 24.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A1N . GTN . NWS . SKT . SWM . SXL .
FNARENA'S MARKET CONSENSUS FORECASTS
NEC: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 6.9 9.7 xxx
DPS (cps) xxx 8.5 6.5 xxx
EPS Growth xxx - 36.9% 40.7% xxx
DPS Growth xxx - 22.7% - 23.5% xxx
PE Ratio xxx N/A 15.1 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx 123.7% 67.2% xxx

Dividend yield today if purchased 3 years ago: 3.47%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.74

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/09 - ex-div 4.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx6.9
DPS All xxxxxxxxxxxxxxx8.5
Sales/Revenue xxxxxxxxxxxxxxx2,619.4 M
Book Value Per Share xxxxxxxxxxxxxxx100.3
Net Operating Cash Flow xxxxxxxxxxxxxxx293.4 M
Net Profit Margin xxxxxxxxxxxxxxx4.23 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx6.78 %
Return on Invested Capital xxxxxxxxxxxxxxx4.36 %
Return on Assets xxxxxxxxxxxxxxx2.77 %
Return on Equity xxxxxxxxxxxxxxx6.78 %
Return on Total Capital xxxxxxxxxxxxxxx10.58 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx109.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx139 M
Long Term Debt xxxxxxxxxxxxxxx940 M
Total Debt xxxxxxxxxxxxxxx1,079 M
Goodwill - Gross xxxxxxxxxxxxxxx2,590 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx93 M
Price To Book Value xxxxxxxxxxxxxxx1.40

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx137.0 M
Capex % of Sales xxxxxxxxxxxxxxx5.23 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,298 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx17 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx33 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

26/02/2025

1

Overweight

$2.00

37.46%

Nine Entertainment delivered first half results that beat estimates. Morgan Stanley believes the more positive start to the second half supports an optimistic view and Overweight rating.

The broker points out this is a "classic cyclical media stock", awaiting an advertising recovery. EBITDA estimates for FY25-27are lifted 3-4%.

Morgan Stanley does add that stocks that appear cheap on an SoTP basis rarely outperform unless there is positive earnings momentum. The target is $2. Industry View: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY25 EPS of 10.50 cents.
Morgan Stanley forecasts a full year FY26 EPS of 12.60 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

04/03/2025

1

Buy

$1.80

23.71%

Nine Entertainment 's 1H25 results were slightly mixed, with revenue down -2% but earnings (EBITDA) and net profit after tax ahead by 2% and 3% versus Goldman Sachs' estimates. No update was provided on the CoStar/Domain ((DHG)) proposal, though management re-affirmed Domain’s strategic importance.

The analyst expects stronger 2H25 total TV revenue, forecasting growth of 5%, supported by timing benefits in 3Q25 and potential Federal Election and rate cut impacts. Cost reductions remain a focus, with a new -$100m target by FY27, building on the -$50m FY25 savings plan.

Metro Media earnings (EBITDA) is expected to decline in 2H25 due to ad-market seasonality and investment, while Nine Audio ad revenue is forecast to fall slightly. The company is reviewing its asset portfolio but sees digital video as a key growth area.

The broker raises FY25-27 earnings (EBITDA) estimates by 7% to 9%, increasing the 12-month target price to $1.80 from $1.65. Buy rating maintained.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 7.00 cents and EPS of 10.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 9.00 cents and EPS of 12.00 cents.
Access Extra Coverage Research History >

NEC STOCK CHART

FNArena News on NEC

1
Australian Broker Call *Extra* Edition – Apr 27, 2025

Apr 28 2025 - Daily Market Reports
2
Next Week At A Glance – 7-11 Apr 2025

Apr 04 2025 - Weekly Reports
3
Next Week At A Glance – 31 Mar – 4 April, 2025

Mar 28 2025 - Weekly Reports
4
Next Week At A Glance 24-28 Mar 2025

Mar 21 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Mar 04, 2025

Mar 04 2025 - Daily Market Reports

Latest Print, Radio & TV News

1
Cash Flows Boost News Corp’s Outlook

Feb 14 2025 - Australia
2
FNArena Book Review: The Men Who Killed The News

Jan 21 2025 - Book Reviews
3
Content Investment Key To Nine Entertainment

Aug 30 2021 - Australia
4
Heightened Interest In News Corp Buybacks

Aug 09 2021 - Australia
5
Nine Entertainment’s Digital Deal Welcomed

Jun 02 2021 - Australia
6
Radio Recovery Lights Up Southern Cross Media

Mar 04 2021 - Australia
7
The Short Report – 09 Jul 2020

Jul 09 2020 - Weekly Reports
8
Radio Advertising Market Pivotal For HT&E

Aug 16 2019 - Small Caps
9
Domain Is The Prize In Nine-Fairfax Merger

Jul 27 2018 - Australia
10
Domain The Main Game For Fairfax

Jul 04 2017 - Australia