Group 1 - Goldman Sachs downgraded Nine Entertainment's rating from "Buy" to "Neutral" with a target price set at AUD 1.75, citing increased reliance on television business after recent asset divestiture [1] - The downgrade followed Nine Entertainment's FY2025 earnings report, where EBITDA met expectations and net profit exceeded expectations by 11%, with streaming service Stan performing better than anticipated in both profit and user growth [1] - After selling Domain Holdings Group (DHG), Nine Entertainment announced a special dividend of AUD 0.49, reaching the upper limit of the previously announced range of AUD 0.47-0.49, and indicated potential further capital management plans for FY2026 [1] Group 2 - Following the DHG divestiture, 47% of Nine Entertainment's revenue now comes from the television business, up from 33%, increasing exposure in a sector where Goldman Sachs maintains a cautious outlook [2] - Despite a 49% year-to-date increase in stock price, Goldman Sachs' target price suggests a 5% downside from the latest closing price of AUD 1.84 [2] - Concerns were raised regarding the outlook for Nine Entertainment's television business in FY2026, with expectations of flat revenue in Q2 and rising costs, alongside capital expenditure plans exceeding expectations [1][2]
高盛：对疲软电视业务依赖过重 下调澳洲媒体巨头Nine Entertainment评级至“中性”
Zhi Tong Cai Jing·2025-08-28 06:33