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FAIRFAX MEDIA LIMITED (FXJ)


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General Information
Company Name: Fairfax Media Limited
Stock Code: FXJ
Website: www.fxj.com.au
GICS Sub-Industry: Publishing
Market Cap ($M): 1,376
Equiv. Shares (M): 2,352

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.595 $ 0.595 $ 0.605 $ 0.580 $ 0.585 20,400,342 $ 0.010  1.709 %

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 22nd May 2013
12 Month Target Price (average): $0.598
Brokers Surveyed: 8

Company Overview

Business Description:
Fairfax Media Limited (FXJ) is an Australian multi-platform media group with a range of activities including publishing of news, information and entertainment, advertising sales in newspaper, magazine and online formats, and radio broadcasting.

Strategy Analysis:
FXJ aims is to transform the business to achieve sustainable revenue growth by moving from an old media type organisation reliant on the printing press to the delivery of digital content through a multitude of new channels Fairfax Media reported NPAT of $386.3m for the half-year ended 30 December 2012. Revenues from ordinary activities were $1.1bn, up 7.1% from the same period last year. Basic and Diluted EPS was 16.4 cents compared to 4.1 cents last year. Net operating cash flow was $69.37m compared to $131.43m last year. The interim dividend declared was 1.0 cent compared with 2.0 cents last year.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 159.3 6.8 -11.6 8.6 1.5 2.6 100.0
2013  F 180.2 7.7 -12.3 7.6 1.5 2.6 100.0
2012  A 205.4 8.7 -22.5 8.9 2.0 2.6 100.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
APN (APN) $208 M -- -0.0809 0.0414 3.7455 4.0750 3.9130 0.0476 0.0000 0.0000
Fairfax Media (FXJ) $1,411 M -0.2767 -0.3734 -0.1426 6.8729 10.9689 12.7932 0.0500 0.0285 0.0258
Seven West Media (SWM) $2,098 M -0.4208 -0.2060 0.2061 8.3832 10.5581 8.7536 0.1117 0.0501 0.0540

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
FXJ 1.47 10.07 0.77 10.00 0.60
Market 0.82 14.6 1.24 1.87 1.73
Sector 1.12 13.9 1.21 2.20 0.99

Directors
Name Position Start Date
Mr Gregory Colin Hywood Chief Executive Officer,Managing Director 04 October 2010
Mr Roger Campbell Corbett Non-Executive Chairman 04 February 2003
Mr Jack J Cowin Non-Executive Director 19 July 2012
Mr Michael Edward Anderson Non-Executive Director 02 September 2010
Mrs Linda Bardo Nicholls Non-Executive Director 26 February 2010
Ms Sandra Veronica McPhee Non-Executive Director 26 February 2010
Mr Peter Francis Young Non-Executive Director 16 September 2005
Mr Samuel Gareth Morgan Non-Executive Director 26 February 2010
Mr James Morrison Millar Non-Executive Director 01 July 2012

Management
Name Position
Brian Cassell Chief Financial Officer
Andrew Lam-Po-Tang Chief Information and Technology Officer
Gail Iris Hambly Company Secretary
Christopher Maher Director of Strategy and Corporate Development
Michelle Williams General Manager Human Resources

Substantial Shareholders
Holding Name
136,691,699 (5.81%) Maple Brown Abbott Limited
117,884,540 (5.01%) IOOF Holdings Limited
152,253,051 (6.47%) National Australia Bank Limited Group
352,455,664 (14.99%) Mrs Georglna Hope Rinehart and Hancock Prospecting Pty Ltd and its subsidiaries
166,269,107 (7.07%) AXA Group
119,763,425 (5.09%) Lazard Asset Management Pacific Co
175,891,782 (7.48%) Commonwealth Bank of Australia
195,014,605 (8.29%) Allan Gray Australia Pty Ltd

Calendar of Events
Date Event
20 February 2014 Report (Interim)
02 October 2013 Report (Annual)
22 August 2013 Report (Annual)
22 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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