Latest news with #NineEntertainment
AU Financial Review
3 days ago
- Business
- AU Financial Review
CoStar sizes up Jason Pellegrino for return as Domain chief executive
Former Domain chief executive Jason Pellegrino is a leading contender to run the real estate listings platform once it is acquired by American property giant CoStar, returning him to a position he left seven months ago. Domain is controlled by Nine Entertainment but has struggled for years against its larger rival, News Corp-backed REA Group. Pellegrino, a former Google executive, ran the business for many of those years and had a tense relationship with senior Nine figures including the then-chief executive, Mike Sneesby, and former chairman Peter Costello.
Yahoo
26-05-2025
- Business
- Yahoo
Calculating The Fair Value Of Nine Entertainment Co. Holdings Limited (ASX:NEC)
Using the 2 Stage Free Cash Flow to Equity, Nine Entertainment Holdings fair value estimate is AU$1.91 With AU$1.58 share price, Nine Entertainment Holdings appears to be trading close to its estimated fair value Our fair value estimate is similar to Nine Entertainment Holdings' analyst price target of AU$1.91 Today we will run through one way of estimating the intrinsic value of Nine Entertainment Co. Holdings Limited (ASX:NEC) by projecting its future cash flows and then discounting them to today's value. We will use the Discounted Cash Flow (DCF) model on this occasion. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine. We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model. We've discovered 1 warning sign about Nine Entertainment Holdings. View them for free. We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (A$, Millions) AU$180.9m AU$207.1m AU$222.9m AU$157.6m AU$149.1m AU$145.1m AU$143.6m AU$143.9m AU$145.4m AU$147.7m Growth Rate Estimate Source Analyst x4 Analyst x4 Analyst x4 Analyst x1 Analyst x1 Est @ -2.69% Est @ -1.00% Est @ 0.19% Est @ 1.02% Est @ 1.60% Present Value (A$, Millions) Discounted @ 7.1% AU$169 AU$181 AU$181 AU$120 AU$106 AU$96.1 AU$88.8 AU$83.1 AU$78.4 AU$74.4 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = AU$1.2b After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.9%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 7.1%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = AU$148m× (1 + 2.9%) ÷ (7.1%– 2.9%) = AU$3.7b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= AU$3.7b÷ ( 1 + 7.1%)10= AU$1.8b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is AU$3.0b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of AU$1.6, the company appears about fair value at a 17% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Nine Entertainment Holdings as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.1%, which is based on a levered beta of 0.960. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. See our latest analysis for Nine Entertainment Holdings Strength Debt is not viewed as a risk. Weakness Earnings declined over the past year. Dividend is low compared to the top 25% of dividend payers in the Media market. Opportunity Annual earnings are forecast to grow faster than the Australian market. Good value based on P/E ratio and estimated fair value. Threat Dividends are not covered by earnings. Annual revenue is forecast to grow slower than the Australian market. Valuation is only one side of the coin in terms of building your investment thesis, and it is only one of many factors that you need to assess for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For Nine Entertainment Holdings, we've put together three pertinent aspects you should consider: Risks: Case in point, we've spotted 1 warning sign for Nine Entertainment Holdings you should be aware of. Future Earnings: How does NEC's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the ASX every day. If you want to find the calculation for other stocks just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The Star
25-05-2025
- The Star
Man hospitalised, two arrested after fight in Melbourne's shopping centre
A photo taken by witnesses at Northland Shopping Centre shows a person wielding a knife lunging at two other people. SYDNEY: One man was hospitalised and two others were arrested after a fight that forced a Melbourne shopping centre into lockdown on Sunday (May 25) afternoon. Police in the Australian state of Victoria said in a statement that emergency services were called to reports of a fight involving around 10 people, some of whom were armed with knives, shortly after 2:30pm at the Northland Shopping Centre, 10 kilometers northeast of central Melbourne. A photo taken by a witness at Northland shows a police officer wrestling a person to the ground. - Photo Credit: Facebook One man, who Ambulance Victoria said was aged in his 20s, was taken to hospital in a serious but stable condition with upper body injuries. Victoria Police said that two males who were arrested at the scene were being interviewed. "The centre was locked down as the incident took place and remains closed while police investigate," the police statement said. "The exact circumstances surrounding the incident are being investigated but it is believed the incident was targeted and parties are believed to be known to each other." Northland Shopping Centre on Sunday. Credit: Wayne Taylor. Footage captured by local television news crews showed a large police and ambulance presence responding to the incident. Nine Entertainment newspapers reported that members of the public took shelter inside stores and that two other people were assessed at the scene by ambulance paramedics but were not taken to hospital. - Xinhua
Epoch Times
20-05-2025
- Epoch Times
Ben Roberts-Smith to Appeal to High Court Over War Crimes Reporting Saga
A seven-year legal battle between publisher Nine, two of its journalists, and decorated war veteran Ben Roberts-Smith will continue after he said he would be taking the case to the High Court. The Federal Court had earlier upheld a decision that found Roberts-Smith was responsible for the murder of four unarmed civilians in Afghanistan. Roberts-Smith rose to prominence in 2011 after being awarded Australia's highest military honour, the Victoria Cross, for single-handedly taking out machine-gun posts to protect pinned-down colleagues. In 2015, he was appointed deputy general manager of the regional television network Seven Queensland and later, general manager of Seven Brisbane. The Case Against Roberts-Smith But two years later, a newspaper owned by media company Nine Entertainment reported that in 2006, he decided to hunt down and shoot 'enemies' that he presumed had spotted his patrol. That led to two further investigations into his conduct by media outlets. In June 2018, a joint ABC–Fairfax investigation reported an incident in Yemen during which a handcuffed man was kicked off a cliff, then dragged to a creek, and executed on Sept. 11, 2012. Related Stories 1/8/2025 4/11/2025 Then, in June 2023, the ABC reported allegations that Roberts-Smith directed another Special Air Service Regiment (SASR) soldier to kill an elderly imam during an August 2012 operation in Afghanistan. In August 2018, Roberts-Smith commenced defamation proceedings against Nine Entertainment publications and journalists Nick McKenzie and Chris Masters over the initial reporting of his actions. But in 2023, after a lengthy civil trial, Justice Anthony Besanko found the newspapers had successfully proved—to the civil standard of the balance of probabilities—that Roberts-Smith was complicit in the murder of four unarmed civilians while serving in the SAS in Afghanistan, as well as bullying and threatening colleagues and intimidating a woman with whom he was having an affair. Due to the gravity of the allegations, Justice Besanko followed the Australian Army soldiers from the 5th Battalion Royal Australian Regiment at the range in Camp Qargha, Afghanistan. Courtesy Australian Defence Force. The judge also found that the former SASR corporal machine-gunned a man with a prosthetic leg, which he then encouraged soldiers to use as a drinking vessel, and that, on the same day in 2009, he also ordered the execution of an elderly prisoner to 'blood the rookie' during a raid on a compound known as Whiskey 108. Having already stepped down from his role at Seven West Media in 2021, Roberts-Smith then resigned. However, the company's chairman, Kerry Stokes, agreed to pay the costs of the failed action, estimated then at $35 million, in a move that meant the network avoided having to hand over thousands of internal documents about the case. Besanko, describing the move as 'unusual,' ordered that Stokes' private company, Australian Capital Equity (ACE), pay the costs on an indemnity basis. Roberts-Smith appealed to the Full Court of the Federal Court, comprising three judges, in February 2024. The Result More than a year later, they have handed down their decision: the original decision stands. That means Roberts-Smith, who was not present in court to hear the decision, remains liable for costs, which now include those of his failed appeal. He could, however, opt to ask for leave to take the matter to the High Court in a last-ditch attempt to clear his name. Despite the finding of Justice Besanko in a civil court, Roberts-Smith has never been tried over the allegations in a criminal court. In November 2018, the Australian Federal Police (AFP) announced that they 'received a referral to investigate allegations of war crimes committed by Australian soldiers during the Afghanistan conflict,' and in April 2021, confirmed that they were also looking into reports that he had destroyed or hidden evidence relating to the investigation, which lasted five years. However, the Commonwealth Director of Public Prosecutions (CDPP) later decided that the original AFP investigation could not support a prosecution because it would depend in part on information received from the Brereton inquiry. That was an investigation by the Inspector General of the Defence Force into the conduct of Australian forces in Afghanistan between 2005 and 2016. But because the Inspector-General can use special coercive powers to question serving members of the ADF, the testimony obtained would be inadmissible in a civilian court. 1st Battalion, the Royal Australian Regiment (1 RAR) personnel in Kabul as part of Task Group Afghanistan's Force Protection Element (FPE). Courtesy Australian Defence Force. Their mission was to protect Australian and Coalition forces as they train, advise and assist the Afghan security forces. FPE 14 operated from the Hamid Karzai International Airport. Note: It is not implied that any of the soldiers pictured were involved in war crimes. Photo courtesy Australian Defence Force. A total of 39 soldiers were implicated in the Brereton report, but Roberts-Smith is the only one to have been named, due to the Inspector General's decision to take the unusual step of making him the subject of what was termed an 'exceptional' referral to the AFP before having concluded the inquiry. The CDPP's decision not to prosecute led to the establishment of a new joint task force, with personnel from the Office of the Special Investigator and a new team of AFP investigators to examine the allegations, but to date, no charges have been laid, and In June 2023, Roberts-Smith was asked by reporters at Perth airport whether he would be apologising to the families of the victims affected by his actions in Afghanistan. He replied, 'We haven't done anything wrong, so we won't be making any apologies,' and called Justice Besanko's finding that he had probably committed war crimes 'a terrible result and obviously the incorrect result.'
South Wales Guardian
16-05-2025
- Politics
- South Wales Guardian
Decorated Australian veteran loses defamation appeal over Afghanistan killings
Meanwhile a veterans' advocate called on prosecutors to speed up their investigations of war crime allegations in Afghanistan that have left innocent soldiers under a cloud of suspicion. Three court judges unanimously rejected his appeal of a judge's ruling in 2023 that Mr Roberts-Smith was not defamed by newspaper articles published in 2018 that accused him of a range of war crimes. Justice Anthony Besanko had ruled that the accusations were substantially true to a civil standard and Mr Roberts-Smith was responsible for four of the six unlawful deaths of non-combatants he had been accused of. Mr Roberts-Smith later said he would immediately seek to appeal the decision in the High Court, his final appeal option. 'I continue to maintain my innocence and deny these egregious, spiteful allegations,' he said in a statement. 'Sunlight is said to be the best disinfectant, and I believe one day soon the truth will prevail,' he added. Tory Maguire, an executive of Nine Entertainment that published the articles Mr Roberts-Smith claimed were untrue, welcomed the ruling as an 'emphatic win'. 'Today is also a great day for investigative journalism and underscores why it remains highly valued by the Australian people,' Ms Maguire said. The marathon 110-day trial is estimated to have cost 25 million Australian dollars (£12 million) in legal fees that Mr Roberts-Smith will likely be liable to pay. Mr Roberts-Smith has been financially supported by Australian billionaire Kerry Stokes whose media business Seven West Media is a rival of Nine Entertainment. Reporter Nick McKenzie, who was personally sued, said Mr Roberts-Smith must be held accountable before the criminal justice system. He has never faced criminal charges, which must be proven to the higher standard of beyond reasonable doubt. Only one Australian veteran of the Afghanistan campaign has been charged with a war crime, former Special Air Service Regiment soldier Oliver Schulz. Schulz has been charged with murdering an unarmed Afghan, Dad Mohammad, in May 2012 by shooting him three times as the alleged victim, aged in his mid-20s, lay on his back in long grass in Uruzgan province. Schulz was charged in March 2023. He has pleaded not guilty but has yet to stand trial. Schulz is currently taking part in a committal hearing that will decide whether prosecutors have sufficient evidence to warrant a jury trial. An Australian military report released in 2020 found evidence that Australian troops unlawfully killed 39 Afghan prisoners and civilians. The report recommended 19 current and former soldiers face criminal investigation. It is not clear whether Mr Roberts-Smith was one of them. Police are working with the Office of the Special Investigator, an Australian investigation agency established in 2021, to build cases against elite SAS and Commando Regiments troops who served in Afghanistan between 2005 and 2016. The Australian Special Air Service Association, which advocates for veterans, has called for the government to establish a time limit for the Office of the Special Investigator rather than allow the allegations to drag on for decades. 'The whole process of dealing with these allegations needs to be completed at best speed,' the association's chairman Martin Hamilton-Smith said. The single criminal charge laid so far suggested that evidence behind many allegations was not credible, he said. Defence minister Richard Marles, who is acting prime minister in Anthony Albanese's absence, did not immediately respond on Friday to a request for comment. Rights activists have noted that the only Australian to be jailed in relation to war crimes in Afghanistan is whistleblower David McBride. The former army lawyer was sentenced a year ago to almost six years in prison for leaking to the media classified information that exposed allegations of Australian war crimes. Mr Roberts-Smith, 46, is a former SAS corporal who was awarded the Victoria Cross and Medal for Gallantry for his service in Afghanistan. Around 39,000 Australians soldiers served in Afghanistan and 41 were killed. His SAS colleagues are among those calling for him to become the first of Australia's Victoria Cross winners to be stripped of the highest award for gallantry in battle.
