Nine Entertainment (NNMTF)

What Moves the Stock

1. 01Australian television advertising market growth rates and share shifts between free-to-air, digital, and subscription platforms
2. 02Metropolitan television ratings performance across key demographics (25-54, grocery buyers) and prime-time slots
3. 03Digital publishing subscriber growth rates and ARPU trends for SMH, AFR, and Domain properties
4. 04Stan streaming subscriber additions, churn rates, and competitive positioning versus Netflix, Disney+, and Amazon Prime Video in Australia
5. 05NRL broadcast rights renewal terms and sports content cost inflation
6. 06Free-to-air television advertising (estimated 55-60% of revenue) across metropolitan and regional markets
7. 07Digital publishing and advertising from mastheads including SMH, AFR, and Domain real estate portal (estimated 25-30%)
8. 08Subscription revenue from Stan streaming service and digital subscriptions to news properties (estimated 10-15%)

NNMTF Chart

My Notes

• value - The stock trades at 0.6x Price/Sales and 6.9x EV/EBITDA with 23.6% FCF yield…
• Rising interest rates negatively impact Nine through multiple channels: (1) reduced consumer discretionary spending constrains advertiser…
• Watch on earnings: Australian retail sales excluding automotive (proxy for advertiser health and discretionary spending), Australian property market transaction volumes and prices (drives Domain real estate advertising revenue), Australian unemployment rate (inverse relationship with consumer confidence and advertising budgets).