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Mid-Cap

Nine Entertainment share price plunges 20%

April 05, 2016 | Team Kalkine
Nine Entertainment share price plunges 20%

Industry: Media

NEC Dividend Details
  • Weak update posed stock pressure: Nine Entertainment Co Holdings Ltd (ASX: NEC) stock plunged by 23.7% on April 05, 2016 as the group issued a poor third quarter trading update wherein the group’s ratings were lower than expected and consequently hurt its Free-To-Air advertising revenues. The group’s ratings from Summer of Cricket were affected by weather conditions due to which over 30% of planned play days were lost. As a result, the group’s Television revenues plunged 11% during the quarter as compared to the prior corresponding period due to earlier timing of Easter and absence of Cricket World Cup. NEC estimates low single digit decline of Free-To-Air advertising market for FY16 against its earlier guidance of flat to down marginally’ and the group now estimates its share to comprise 37% for the year.
  • Recommendation: We give a “Hold” recommendation for this dividend yield stock at the current price of  $1.16
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