News Corp DR

NWS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$25.00	Ccsm	Sqgwtfsy

Best News Since Fox but Watch the News on Costs

Brian Han

Feb 5, 2021

It was imperative News Corporation deliver a stellar fiscal 2021 second-quarter result, given the 30% surge in its shares since the last results release on Nov. 6, 2020. It did not disappoint with a 41% lift in normalised EBITDA to USD 500 million—the highest quarterly profit since the group's split from Fox in 2013. Much of the strong showing was cost-driven, as EBITDA margin jumped to 20.7%, from 14.3% a year ago despite a 3% fall in headline revenue (up 2% adjusted for acquisitions, divestitures and currency).

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