News Corp Class A

NWSA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$89.00	Kcm	Dxkjbyvr

News Corp Earnings: Ho-Hum News on Earnings and No News on Restructure

Brian Han

May 9, 2024

Shares in News Corp are trading 10% above our USD 22.00 fair value estimate, or AUD 33.50, at current exchange rates. The composition of the fiscal 2024 third-quarter normalized EBITDA of USD 324 million, flat from a year ago, provides no impetus to upgrade our intrinsic assessment, nor do current trading conditions, which remain erratic. Critically, the lack of conspicuous progress on management's corporate restructuring pledge may deflate some of the premium in the stock price.

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