Fox's Growth Prospects, Competitive Valuation Stand Out Against Disney, Paramount; Analyst Sees Momentum With Tubi, Sports
Fox's Growth Prospects, Competitive Valuation Stand Out Against Disney, Paramount; Analyst Sees Momentum With Tubi, Sports
Also Read: Fox Beats Revenue Estimates, Plans New Streaming Venture With Warner Bros. And DisneyBofA Securities analyst Jessica Reif Ehrlich reiterated a Buy rating on Fox Corp (NASDAQ:FOX) (NASDAQ:FOXA) with a price target of $40, up from $34.
美国银行证券分析师杰西卡·里夫·埃利希重申了对福克斯公司（纳斯达克股票代码：FOX）（纳斯达克股票代码：FOXA）的买入评级，目标股价为40美元，高于34美元。
Reif Ehrlich noted fiscal 2024 was set to be a challenging year given the tough comparisons to fiscal 2023, which included the Super Bowl, the World Baseball Classic, a midterm political cycle and the Men's World Cup.
里夫·埃利希指出，鉴于与2023财年的艰难比较，2024财年将是充满挑战的一年，其中包括超级碗、世界棒球经典赛、中期政治周期和男子世界杯。
According to the analyst, Fox is now well-positioned to accelerate earnings in fiscal 2025.
根据分析师的说法，福克斯现在完全有能力在2025财年加快收益。
Also Read: Fox Beats Revenue Estimates, Plans New Streaming Venture With Warner Bros. And Disney
另请阅读：福克斯超过收入预期，计划与华纳兄弟和迪士尼合作开设新的流媒体合资企业
Her bullish thesis reflected an improving advertising backdrop that should benefit from a U.S. presidential, congressional and ballot election cycle in the second half of 2024, continued momentum at Tubi, the Super Bowl in 2025, strength in Live News and Sports, including major soccer events and a healthy balance sheet with net leverage currently at 1x.
她的看涨论点反映了广告背景的改善，这应该受益于2024年下半年美国总统、国会和选票选举周期、Tubi的持续势头、2025年的超级碗、包括重大足球赛事在内的直播新闻和体育赛事的强劲表现以及目前净杠杆率为1倍的健康资产负债表。
Reif Ehrlich was encouraged by Fox's results amid a challenging linear advertising environment, surprisingly strong retransmission fees (+9%) despite pay TV contraction, and Tubi's performance, which has exceeded all expectations.
Reif Ehrlich对福克斯在充满挑战的线性广告环境中取得的业绩感到鼓舞，尽管付费电视收缩但转播费却出人意料地强劲（+9％），以及Tubi的表现超出了所有人的预期。
Well positioned in the evolving landscape, Fox appears extremely attractive. It trades at ~6x Reif Ehrlic's calendar 2025 EV/EBITDA, well below other peers like Walt Disney Co (NYSE:DIS) and Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA), and its valuation provides downside protection.
在不断变化的格局中处于有利地位，福克斯显得极具吸引力。它的交易价格约为Reif Ehrlic2025年日历EV/EBITDA的6倍，远低于沃尔特·迪斯尼公司（纽约证券交易所代码：DIS）和派拉蒙环球（纳斯达克股票代码：PARA）（纳斯达克股票代码：PARAA）等其他同行，其估值提供了下行保护。
Moreover, the analyst noted Fox had the most minor exposure to entertainment advertising given its asset mix, which is biased toward sports and news. This, coupled with no competing SVOD services, should enable the company to best manage the secular headwinds within the linear ecosystem.
此外，该分析师指出，鉴于其资产组合，福克斯的娱乐广告风险最小，偏向于体育和新闻。再加上没有竞争的SVOD服务，应该使公司能够最好地管理线性生态系统中的长期不利因素。
The analyst raised her fiscal 2024 EBITDA forecast to $2.8 billion (from $2.77 billion) and fiscal 2024 EPS to $3.32 (from $3.22). Additionally, she increased her fiscal 2025 EBITDA forecast to $3.2 billion (from $3.1 billion) and fiscal 2025 EPS to $3.79 (from $3.69).
该分析师将2024财年的息税折旧摊销前利润预测从27.7亿美元上调至28亿美元，将2024财年的每股收益从3.22美元上调至3.32美元。此外，她将2025财年的息税折旧摊销前利润预测从31亿美元上调至32亿美元，将2025财年的每股收益从3.69美元上调至3.79美元。
FOXA Price Action: Fox Corp shares are up 0.35% at $33.28 at the last check Thursday.
FOXA价格走势：在周四的最后一次检查中，福克斯公司股价上涨0.35％，至33.28美元。
Photo: Shutterstock
照片：Shutterstock
