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Fox Corp Class B FOX

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Fox Kicks Off Fiscal-Year 2021 With Strong Q1; Fox News Outpacing Broadcast Nets in Primetime

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Fox started off fiscal-year 2021 on strong note as first-quarter revenue and EBITDA both beat FactSet consensus projections. The cable division remains the main driver behind profits, though the broadcast segment also posted strong EBITDA growth despite flat revenue. Fox News made history once again as the first cable channel to be the number one overall network in weekday primetime ratings for an entire quarter. In addition, the return of live sports, especially the NFL and college football, only partially benefited Fox during the quarter and any shutdown of either of those sports would have a large impact on the firm. We are maintaining our narrow moat rating and our fair value estimate of $37.

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Company Profile

Business Description

Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network, 28 owned and operated local television stations of which 17 are affiliated with the Fox Network, and the Fox Studios lot. The Murdoch family continues to control the successor firm, which represents a large-scale bet on the value of live sports and news in the U.S. market.

Contact
1211 Avenue of the Americas
New York, NY, 10036
T +1 212 852-7000
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Sep 30, 2020
Fiscal Year End Jun 30, 2021
Stock Type Slow Growth
Employees 9,000