News Corporation (NWS)
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One eye on AI
A much improved second half year saved News Corporation’s blushes to the point where the share price has overcompensated, in our view. We lower our recommendation to Sell.
Chip wrapper
News Corp’s strong FY22 will be quickly forgotten as weakening global economies begin to weigh on consumer confidence. The company is performing well but our preferred sector exposure is Nine Entertainment (NEC).
Good where it counts
Seldom does a News Corporation result lack a sense of drama, but what the second quarter result lacked in plot tension, it delivered solidly in earnings. A single good quarter does not purport to denote a bountiful year for the company, but shareholders can be reasonably satisfied with the current situation.
A slow news day
News Corporation demonstrated consistent improvement in advertising and subscription across most of its businesses, but there are a few squeaky wheels appearing. A big stock buyback will support the share price which we think is now trading at fair value.