Investor Presentaiton
News Corp is worth well in excess of its current ~$18 per share trading price
News Corp's collection of highly differentiated assets is worth $34 when valued in-line with peers
I. Irenic values News Corp at $34/share
•
REA Group's known market value is ~$12 per share
Conservatively valuing News Corp's other businesses supports an additional ~$22 per share (including overhead and net debt)
II. Management has consistently highlighted how the market undervalues News Corp
"These ongoing simplification efforts shine a brighter light on the intrinsic and increasing value of our core
assets, which have been patently unappreciated and under-appreciated for too long."
– Robert Thomson, Q2 FY 2020 Earnings Call (06 February 2020)
III.
IV.
Investment research analysts have also consistently highlighted News Corp's valuation gap
Investment research Sum-of-the-Parts analysis averages $29 per share (despite extremely conservative multiples
relative to News Corp's actual peers)
IRENIC
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