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Your Valuation
23 Nov 2008
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32
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Valuation Details
| Member: | NZXCrunchBlog |
| On: | 23 Nov 2008 |
| Views: | 32 |
| Comments: | 1 |
Company Details
| Updated: | 7 hours ago |
| Ticker: | FXJ |
| Market: | ASX |
This valuation is part of this blog post:
http://blog.valuecruncher.com/2008/11/running-the-numbers-fairfax-media-fxjasx/
Assumptions
Revenue: Reuters aggregates nine analysts covering $FXJ.ASX and the mean estimates of 2009 and 2010 revenues are A$2.94 billion and A$3.08 billion respectively. For our analysis we have used A$2.85 billion in 2009, A$2.90 billion in 2010 and A$3.0 billion in 2011.
Profitability: We have used an EBITDA margin of 25.0% in 2009 rising to 26.0% in 2011. Reuters has $FXJ.ASX‘s EBITD margin at 28.5% last year and averaging 26.4% over the last five-years.
Capital Expenditure: We have assumed capital expenditures of A$120.0 million per annum moving forward.
Discount Rate: 11.0%. We believe a discount rate in the 10-12% range is appropriate. We have chosen the middle of this range.
Terminal Growth Rate: 1.0%.