Fairfax Media's NZ assets worth only pennies to stock price, brokerage says

Thu, 12 May 2016

By Jonathan Underhill May 12 (BusinessDesk) - Fairfax Media's New Zealand business is worth just 5 Australian cents to the company's stock price on a discounted cash flow basis and divesting the assets could help unlock the value of key assets such as the Domain Australian real estate website, according to brokerage First NZ Capital. In a report titled "FXJ starts the self-help process", the brokerage said Fairfax was "exposed if (it) does nothing". Its weak share price meant Domain was undervalued "and has left FXJ exposed to a privat...

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