Intrinsic value of News Corp Cl A - NWSA

Previous Close

$16.50

  Intrinsic Value

$7.25

stock screener

  Rating & Target

str. sell

-56%

Previous close

$16.50

 
Intrinsic value

$7.25

 
Up/down potential

-56%

 
Rating

str. sell

We calculate the intrinsic value of NWSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -1.85
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  8,139
  8,522
  8,925
  9,349
  9,796
  10,267
  10,762
  11,283
  11,831
  12,407
  13,013
  13,650
  14,320
  15,023
  15,763
  16,540
  17,357
  18,215
  19,117
  20,064
  21,059
  22,105
  23,203
  24,356
  25,567
  26,840
  28,176
  29,579
  31,053
  32,601
  34,226
Variable operating expenses, $m
 
  8,350
  8,727
  9,124
  9,542
  9,982
  10,444
  10,931
  11,444
  11,982
  12,549
  12,761
  13,387
  14,045
  14,736
  15,463
  16,226
  17,029
  17,872
  18,757
  19,687
  20,665
  21,691
  22,769
  23,902
  25,091
  26,340
  27,652
  29,030
  30,477
  31,996
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  8,754
  8,350
  8,727
  9,124
  9,542
  9,982
  10,444
  10,931
  11,444
  11,982
  12,549
  12,761
  13,387
  14,045
  14,736
  15,463
  16,226
  17,029
  17,872
  18,757
  19,687
  20,665
  21,691
  22,769
  23,902
  25,091
  26,340
  27,652
  29,030
  30,477
  31,996
Operating income, $m
  -615
  171
  198
  225
  254
  285
  317
  351
  387
  425
  464
  889
  933
  979
  1,027
  1,078
  1,131
  1,187
  1,246
  1,307
  1,372
  1,440
  1,512
  1,587
  1,666
  1,749
  1,836
  1,927
  2,023
  2,124
  2,230
EBITDA, $m
  -166
  804
  842
  882
  924
  969
  1,016
  1,065
  1,117
  1,171
  1,228
  1,288
  1,351
  1,418
  1,488
  1,561
  1,638
  1,719
  1,804
  1,894
  1,987
  2,086
  2,190
  2,299
  2,413
  2,533
  2,659
  2,791
  2,931
  3,077
  3,230
Interest expense (income), $m
  0
  10
  16
  22
  28
  35
  43
  51
  59
  67
  76
  86
  96
  106
  117
  129
  141
  154
  167
  181
  196
  212
  228
  245
  263
  282
  302
  323
  345
  368
  392
Earnings before tax, $m
  -615
  162
  182
  204
  226
  250
  275
  301
  328
  357
  388
  804
  837
  873
  910
  949
  990
  1,033
  1,078
  1,126
  1,176
  1,229
  1,284
  1,342
  1,403
  1,467
  1,534
  1,604
  1,678
  1,756
  1,838
Tax expense, $m
  28
  44
  49
  55
  61
  67
  74
  81
  89
  96
  105
  217
  226
  236
  246
  256
  267
  279
  291
  304
  318
  332
  347
  362
  379
  396
  414
  433
  453
  474
  496
Net income, $m
  -738
  118
  133
  149
  165
  182
  200
  220
  240
  261
  283
  587
  611
  637
  664
  693
  723
  754
  787
  822
  859
  897
  937
  980
  1,024
  1,071
  1,120
  1,171
  1,225
  1,282
  1,342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,016
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,552
  13,130
  13,751
  14,405
  15,094
  15,819
  16,582
  17,385
  18,229
  19,117
  20,051
  21,032
  22,064
  23,149
  24,288
  25,486
  26,745
  28,067
  29,456
  30,916
  32,449
  34,060
  35,752
  37,529
  39,395
  41,355
  43,414
  45,577
  47,847
  50,232
  52,737
Adjusted assets (=assets-cash), $m
  12,536
  13,130
  13,751
  14,405
  15,094
  15,819
  16,582
  17,385
  18,229
  19,117
  20,051
  21,032
  22,064
  23,149
  24,288
  25,486
  26,745
  28,067
  29,456
  30,916
  32,449
  34,060
  35,752
  37,529
  39,395
  41,355
  43,414
  45,577
  47,847
  50,232
  52,737
Revenue / Adjusted assets
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
Average production assets, $m
  4,259
  4,457
  4,668
  4,890
  5,123
  5,369
  5,628
  5,901
  6,187
  6,489
  6,806
  7,139
  7,489
  7,857
  8,244
  8,651
  9,078
  9,527
  9,998
  10,494
  11,014
  11,561
  12,135
  12,738
  13,372
  14,037
  14,736
  15,470
  16,241
  17,050
  17,900
Working capital, $m
  1,363
  -579
  -607
  -636
  -666
  -698
  -732
  -767
  -804
  -844
  -885
  -928
  -974
  -1,022
  -1,072
  -1,125
  -1,180
  -1,239
  -1,300
  -1,364
  -1,432
  -1,503
  -1,578
  -1,656
  -1,739
  -1,825
  -1,916
  -2,011
  -2,112
  -2,217
  -2,327
Total debt, $m
  379
  444
  624
  814
  1,013
  1,224
  1,445
  1,678
  1,922
  2,180
  2,451
  2,735
  3,035
  3,349
  3,680
  4,027
  4,392
  4,775
  5,178
  5,602
  6,046
  6,513
  7,004
  7,519
  8,061
  8,629
  9,226
  9,853
  10,512
  11,203
  11,930
Total liabilities, $m
  3,743
  3,808
  3,988
  4,178
  4,377
  4,588
  4,809
  5,042
  5,286
  5,544
  5,815
  6,099
  6,399
  6,713
  7,044
  7,391
  7,756
  8,139
  8,542
  8,966
  9,410
  9,877
  10,368
  10,883
  11,425
  11,993
  12,590
  13,217
  13,876
  14,567
  15,294
Total equity, $m
  10,809
  9,322
  9,763
  10,228
  10,717
  11,232
  11,773
  12,343
  12,943
  13,573
  14,236
  14,933
  15,665
  16,435
  17,245
  18,095
  18,989
  19,928
  20,914
  21,950
  23,039
  24,182
  25,384
  26,645
  27,970
  29,362
  30,824
  32,359
  33,972
  35,665
  37,443
Total liabilities and equity, $m
  14,552
  13,130
  13,751
  14,406
  15,094
  15,820
  16,582
  17,385
  18,229
  19,117
  20,051
  21,032
  22,064
  23,148
  24,289
  25,486
  26,745
  28,067
  29,456
  30,916
  32,449
  34,059
  35,752
  37,528
  39,395
  41,355
  43,414
  45,576
  47,848
  50,232
  52,737
Debt-to-equity ratio
  0.035
  0.050
  0.060
  0.080
  0.090
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
Adjusted equity ratio
  0.701
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -738
  118
  133
  149
  165
  182
  200
  220
  240
  261
  283
  587
  611
  637
  664
  693
  723
  754
  787
  822
  859
  897
  937
  980
  1,024
  1,071
  1,120
  1,171
  1,225
  1,282
  1,342
Depreciation, amort., depletion, $m
  449
  633
  645
  657
  670
  684
  698
  713
  729
  746
  764
  399
  418
  439
  461
  483
  507
  532
  559
  586
  615
  646
  678
  712
  747
  784
  823
  864
  907
  953
  1,000
Funds from operations, $m
  588
  751
  778
  806
  835
  866
  899
  933
  969
  1,007
  1,047
  985
  1,030
  1,076
  1,125
  1,176
  1,230
  1,286
  1,346
  1,408
  1,474
  1,543
  1,615
  1,691
  1,771
  1,855
  1,943
  2,035
  2,133
  2,235
  2,342
Change in working capital, $m
  94
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -95
  -100
  -105
  -111
Cash from operations, $m
  494
  777
  805
  834
  865
  898
  932
  968
  1,006
  1,046
  1,088
  1,029
  1,075
  1,124
  1,175
  1,229
  1,285
  1,345
  1,407
  1,473
  1,542
  1,614
  1,690
  1,770
  1,853
  1,941
  2,034
  2,131
  2,233
  2,340
  2,452
Maintenance CAPEX, $m
  0
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -330
  -346
  -363
  -380
  -399
  -418
  -439
  -461
  -483
  -507
  -532
  -559
  -586
  -615
  -646
  -678
  -712
  -747
  -784
  -823
  -864
  -907
  -953
New CAPEX, $m
  -256
  -198
  -211
  -222
  -234
  -246
  -259
  -272
  -287
  -301
  -317
  -333
  -350
  -368
  -387
  -407
  -427
  -449
  -472
  -495
  -520
  -547
  -574
  -603
  -634
  -665
  -699
  -734
  -771
  -809
  -850
Cash from investing activities, $m
  -105
  -436
  -460
  -483
  -507
  -532
  -559
  -586
  -617
  -647
  -680
  -713
  -749
  -786
  -826
  -868
  -910
  -956
  -1,004
  -1,054
  -1,106
  -1,162
  -1,220
  -1,281
  -1,346
  -1,412
  -1,483
  -1,557
  -1,635
  -1,716
  -1,803
Free cash flow, $m
  389
  341
  345
  352
  358
  366
  373
  382
  390
  399
  409
  315
  326
  337
  349
  362
  375
  389
  403
  419
  435
  452
  470
  488
  508
  529
  551
  574
  598
  623
  650
Issuance/(repayment) of debt, $m
  -23
  168
  180
  190
  200
  210
  221
  233
  245
  257
  271
  285
  299
  315
  331
  347
  365
  383
  403
  423
  445
  467
  491
  515
  541
  568
  597
  627
  659
  692
  726
Issuance/(repurchase) of shares, $m
  0
  308
  308
  316
  324
  332
  341
  350
  360
  370
  380
  110
  121
  133
  145
  158
  171
  185
  199
  214
  230
  247
  264
  282
  301
  321
  342
  364
  387
  411
  437
Cash from financing (excl. dividends), $m  
  -65
  476
  488
  506
  524
  542
  562
  583
  605
  627
  651
  395
  420
  448
  476
  505
  536
  568
  602
  637
  675
  714
  755
  797
  842
  889
  939
  991
  1,046
  1,103
  1,163
Total cash flow (excl. dividends), $m
  336
  817
  833
  857
  882
  908
  936
  965
  995
  1,026
  1,059
  710
  747
  785
  825
  867
  911
  957
  1,005
  1,056
  1,110
  1,166
  1,224
  1,286
  1,351
  1,419
  1,490
  1,565
  1,643
  1,726
  1,812
Retained Cash Flow (-), $m
  775
  -426
  -441
  -464
  -489
  -515
  -542
  -570
  -599
  -630
  -663
  -697
  -733
  -770
  -809
  -850
  -894
  -939
  -986
  -1,036
  -1,089
  -1,144
  -1,201
  -1,262
  -1,325
  -1,392
  -1,462
  -1,535
  -1,612
  -1,693
  -1,778
Prev. year cash balance distribution, $m
 
  1,913
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,303
  392
  393
  393
  394
  394
  395
  395
  396
  397
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,208
  359
  342
  324
  305
  286
  267
  247
  227
  208
  6
  6
  6
  5
  5
  4
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.3
  92.9
  89.7
  86.6
  83.8
  81.0
  78.4
  76.0
  73.7
  71.4
  70.8
  70.2
  69.5
  68.9
  68.2
  67.5
  66.8
  66.0
  65.3
  64.5
  63.8
  63.0
  62.2
  61.5
  60.7
  59.9
  59.2
  58.4
  57.6
  56.8

News Corporation is a global diversified media and information services company focused on creating and distributing content to consumers and businesses throughout the world. The Company's operations are organized into five segments: News and Information Services; Book Publishing; Digital Real Estate Services; Cable Network Programming, and Other. The Company's News and Information Services segment consists primarily of Dow Jones, News Corp Australia (which includes News Limited and its subsidiaries), News UK, the New York Post and News America Marketing. Its Book Publishing segment consists of HarperCollins Publishers (together with its subsidiaries and affiliates, HarperCollins), which is a consumer book publisher. Its Digital Real Estate Services segment consists of its interest in REA Group Limited (REA Group), and its interest in Move, Inc. (Move). The Company's Cable Network Programming segment consists of FOX SPORTS Australia, a sports programming provider in Australia. _tck('aft');

FINANCIAL RATIOS  of  News Corp Cl A (NWSA)

Valuation Ratios
P/E Ratio -13
Price to Sales 1.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 40.3
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 2.6%
Total Debt to Equity 3.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.9%
Ret/ On Assets - 3 Yr. Avg. -1.6%
Return On Total Capital -6.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2%
Return On Equity -6.6%
Return On Equity - 3 Yr. Avg. -2.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 44.4%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin -2%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin -7.6%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. 0.4%
Net Profit Margin -9.1%
Net Profit Margin - 3 Yr. Avg. -2.9%
Effective Tax Rate -4.6%
Eff/ Tax Rate - 3 Yr. Avg. -0.3%
Payout Ratio -20.6%

NWSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NWSA stock intrinsic value calculation we used $8139 million for the last fiscal year's total revenue generated by News Corp Cl A. The default revenue input number comes from 2017 income statement of News Corp Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NWSA stock valuation model: a) initial revenue growth rate of 4.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NWSA is calculated based on our internal credit rating of News Corp Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of News Corp Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NWSA stock the variable cost ratio is equal to 98.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NWSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for News Corp Cl A.

Corporate tax rate of 27% is the nominal tax rate for News Corp Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NWSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NWSA are equal to 52.3%.

Life of production assets of 17.9 years is the average useful life of capital assets used in News Corp Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NWSA is equal to -6.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10809 million for News Corp Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 590.993 million for News Corp Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of News Corp Cl A at the current share price and the inputted number of shares is $9.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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BKS Barnes&Noble 4.70 5.25  sell
AMZN Amazon.com 1,500.00 956.41  hold
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TRNC tronc 19.73 5.35  str.sell

COMPANY NEWS

▶ Is Salt Lake City the 'Next Denver'?   [Feb-23-18 09:00AM  PR Newswire]
▶ [$$] Fox Offers to Insulate Sky News to Mollify British Regulators   [Feb-12-18 05:03PM  The Wall Street Journal]
▶ [$$] News Corp Revenue Boosted by Digital Real Estate Unit   [01:15AM  The Wall Street Journal]
▶ [$$] News Corp Revenue Boosted by Digital Real Estate Unit   [Feb-08-18 09:04PM  The Wall Street Journal]
▶ News Corp. reports 2Q loss   [04:31PM  Associated Press]
▶ News Corp. Wants to Turn Facebook Into Cable Television   [Jan-31-18 09:45AM  Motley Fool]
▶ Can Comcast Maintain a Strong Capital Return Policy in 2017?   [Jan-23-18 03:04PM  Market Realist]
▶ [$$] News Corp's Murdoch Urges Facebook to Pay Publishers for Content   [Jan-22-18 04:44PM  The Wall Street Journal]
▶ LA Times CEO under investigation after report on impropriety   [Jan-18-18 10:06PM  Associated Press]
▶ Rupert Murdoch suffered back injury during sailing accident   [Jan-17-18 06:21PM  Associated Press]
▶ How the Disney Deal Could Reshape Fox   [09:02AM  Market Realist]
▶ How CBS Keeps Bolstering Shareholder Wealth   [Jan-11-18 10:31AM  Market Realist]
▶ Demand for Luxury Home Weakened in 2017   [Jan-05-18 09:00AM  PR Newswire]
▶ Digital media outlets are slowly unionizing   [Dec-28-17 11:15AM  Yahoo Finance Video]
▶ [$$] Rupert Murdoch Says Disney Deal Is a Pivot, Not a Retreat   [Dec-15-17 12:19AM  The Wall Street Journal]
▶ What's the Murdochs' Master Plan?   [Dec-14-17 01:59PM  Bloomberg]
▶ ETFs with exposure to News Corp. : December 12, 2017   [Dec-12-17 01:49PM  Capital Cube]
▶ Is 21st Century Fox a Sly Bet?   [10:58AM  Investopedia]
▶ News Corp Launches News IQ   [Dec-05-17 07:00AM  Business Wire]
▶ Depleted Housing Market to See Inventory Growth in 2018   [Nov-29-17 12:01AM  PR Newswire]
▶ ETFs with exposure to News Corp. : November 28, 2017   [Nov-28-17 12:57PM  Capital Cube]
▶ [$$] Doubts over tax cuts leave dollar drifting lower   [Nov-17-17 04:13PM  Financial Times]
▶ FCC relaxes limits on owning newspapers, TV stations   [Nov-16-17 03:28PM  Associated Press]
▶ News Corporation (NWSA) Jumps: Stock Rises 5.2%   [Nov-13-17 08:43AM  Zacks]
Financial statements of NWSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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