United States

Analyst Research Report Snapshot


News Corp - Overview of Q2 2013 Results




Indigo Equity Research


12 Feb 2013





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Overview - 2013 Q2 Results Investment thesis - Risk of disappointment …… But, in our opinion management are not adapting sufficiently to disruptive media trends and changing industry dynamics. ……. Mr Murdoch manages News Corp as a family business, not in the interests of all shareholders, …….. EPS growth has been driven by Cable Networks; as well as lower taxes & share repurchases. But EPS growth prospects are diminishing as the US cable market matures, raising Cable margins further will be hard (as programming costs rise) and tax rates may increase. Although, the 2013 Publishing spin-off will divest a low growth and low margin business. Since 2011, the share price has almost doubled, mostly due to higher valuation multiples. As fundamentals have not increased correspondingly, there is a risk of disappointment. Strong 2013 Q2 results - 17% underlying EPS growth Q2 results were very strong, with underlying EPS* growth of 17%; broken down by: 5% EBIT growth; ........ BSkyB, provided another 4% to EPS growth. ...... 7% of shares repurchased. ..... net debt is increasing to fund acquisitions and share repurchases. This 10 page report includes: results analysis, investment thesis, recent key events, SWOT analysis …. Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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