Investor Presentaiton
Investment Research SOTP Summary
EBITDA
Analyst Coverage
Report Date
CS
11/9/22
GS
Gugg
JPM
Macq
10/26/22
11/8/22
8/12/22 10/18/22
11/15/22
MS
10/17/22
2023E
2024E
2023E
2024E
2023E
2023E
2024E
2023E
2024E
2023E
2024E
UBS
10/5/22
2023E
2024E
Dow Jones
$
515 $ 537 $ 501 $ 525 $
534 $
532
$ 559 $
474 $
524
$
496 $ 536 $ 499 $ 515
REA Group (61.4%)
504
561
453
517
582
Move Inc. (80%)
54
101
56
81
94
91
89
Book Publishing
270
290
221
287
300
301
320
222
244
305
325 $
240
291
Subscription Video Services (65%)
315
312
365
367
404
360
339
350
340
News Media
153
140
146
148
152
180
168
66
130
222
(-) Corporate Overhead
(201)
(201)
(201)
(221)
(230)
(200)
(205)
(209)
227 $
(214) $
151
(A EA?
104
(230) $ (221)
Implied EV / 23E EBITDA Multiple
Valuation
Analyst Coverage
Report Date
CS
GS
Gugg
JPM
Macq MS
UBS
Avg.
CS
GS
Gugg
JPM
Macq
MS
UBS
Avg.
Dow Jones
9.2x
8.4x
15.0x
13.1x
20.0x
15.0x
9.6x
12.9x
$ 4,739 $ 4,199
$ 8,032
$ 6,990 $9,475
$ 7,439
$ 4,790
$ 6,523
REA Group (61.4%)
23.9x
29.5×
26.6x
26.7x
7,426
8,217
6,237
5,923
6,736 5,811
7,154
6,786
Move Inc. (80%)
23.0x
43.3x 15.0x
46.0x
24.6x
30.4x
1,688
1,953
1,134
874
3,297
3,800
1,701
2,064
Book Publishing
8.6x
6.5x
9.0x 10.6x
8.0x
10.0x
7.9x
8.7x
2,320
1,437
2,697
3,195
1,950
3,047
1,893
2,363
Subscription Video Services (65%)
6.5x
6.0x
6.1x
7.0x
4.0x
5.3x
5.8x
1,325
1,713
2,221
1,636
301
1,143
1,390
News Media
5.6x
4.1x
5.0x
3.7x
7.0x
5.0x
1.1x
4.5x
860
594
759
671
459
(-) Corporate Overhead
8.0x
10.5×
9.4x
12.6x
8.0x
10.3x
9.8x
(1,607)
(2,107) (2,070)
1,109
(2,521) (1,672)
166
660
(2,367): (2,057)
Gross Asset Value
$16,808 $16,509 $18,465 $17,805 $21,032 $19,834 $14,480 $17,728
(-) Net Debt and Other Corporate Adjustments
Net Asset Value
Shares Outstanding
Share Price Target
Upside to Market Price (as of 16 Nov 2022)
IRENIC
(777)
$ 16,031
$ 15,649 $16,604 $17,305 $20,631
590
589
557
589
(860) (1,861) (500)
(401)
37
$19,871
(212) (653):
$14,268 $17,075
584
590
572
582
$ 27.17
$ 26.59
52%
48%
$ 30.00
68%
$ 29.00
62%
$ 35.33 $ 33.66 $ 24.93 $ 29.36
97%
88%
39%
64%
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