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
BofA 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.
美國銀行證券分析師傑西卡·裏夫·埃利希重申了對福克斯公司（納斯達克股票代碼：FOX）（納斯達克股票代碼：FOXA）的買入評級，目標股價爲40美元，高於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.
裏夫·埃利希指出，鑑於與2023財年的艱難比較，2024財年將是充滿挑戰的一年，其中包括超級碗、世界棒球經典賽、中期政治週期和男子世界盃。
According to the analyst, Fox is now well-positioned to accelerate earnings in fiscal 2025.
根據分析師的說法，福克斯現在完全有能力在2025財年加快收益。
Also Read: Fox Beats Revenue Estimates, Plans New Streaming Venture With Warner Bros. And Disney
另請閱讀：福克斯超過收入預期，計劃與華納兄弟和迪士尼合作開設新的流媒體合資企業
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.
她的看漲論點反映了廣告背景的改善，這應該受益於2024年下半年美國總統、國會和選票選舉週期、Tubi的持續勢頭、2025年的超級碗、包括重大足球賽事在內的直播新聞和體育賽事的強勁表現以及目前淨槓桿率爲1倍的健康資產負債表。
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對福克斯在充滿挑戰的線性廣告環境中取得的業績感到鼓舞，儘管付費電視收縮但轉播費卻出人意料地強勁（+9％），以及Tubi的表現超出了所有人的預期。
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.
在不斷變化的格局中處於有利地位，福克斯顯得極具吸引力。它的交易價格約爲Reif Ehrlic2025年日曆EV/EBITDA的6倍，遠低於沃爾特·迪斯尼公司（紐約證券交易所代碼：DIS）和派拉蒙環球（納斯達克股票代碼：PARA）（納斯達克股票代碼：PARAA）等其他同行，其估值提供了下行保護。
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，該分析師指出，鑑於其資產組合，福克斯的娛樂廣告風險最小，偏向於體育和新聞。再加上沒有競爭的SVOD服務，應該使公司能夠最好地管理線性生態系統中的長期不利因素。
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).
該分析師將2024財年的息稅折舊攤銷前利潤預測從27.7億美元上調至28億美元，將2024財年的每股收益從3.22美元上調至3.32美元。此外，她將2025財年的息稅折舊攤銷前利潤預測從31億美元上調至32億美元，將2025財年的每股收益從3.69美元上調至3.79美元。
FOXA Price Action: Fox Corp shares are up 0.35% at $33.28 at the last check Thursday.
FOXA價格走勢：在週四的最後一次檢查中，福克斯公司股價上漲0.35％，至33.28美元。
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照片：Shutterstock