Added to YB: 2026-08-26
Pitch date: 2026-08-24
NEC.AX [bullish]
Nine Entertainment Co. Holdings Limited
-29.76%
current return
Author Info
No bio for this author
Company Info
Nine Entertainment Co. Holdings Limited engages in the broadcasting and program production on free to air television, broadcast video on demand, and subscription video on demand in Australia.
Market Cap
AUD 1.5B
Pitch Price
AUD 0.93
Price Target
N/A
Dividend
7.77%
EV/EBITDA
10.19
P/E
-4.57
EV/Sales
1.42
Sector
Media
Category
value
Yet Another 2 Interesting Opportunities - Nine Entertainment Co. Holdings Limited
NEC.AX: Sum-of-parts mispricing: NEC priced at 10x NTM P/E like a dying media business, but hidden asset Stan (Australia's 4th-largest streamer, H1'26 revenue +15%, EBITDA +24% YoY) alone worth ~AUD1,600–3,700mn vs current EV of AUD1,644mn — Netflix multiples imply Stan covers the entire EV at the low end. TV decline (-14% YoY) masks Stan's growth (group rev -5%). ~14% FCF yield on EV, ~9% over AU 10y. Catalysts: proven capital allocators (sold Domain at 60% premium, returned via special dividend) and WIN Group creeping to 27% economic/23% voting stake pointing to potential takeover. Risk: secular TV decline persists and hidden value stays unrecognized.
Read full article (2 min)