Fox Corp Class A

FOXA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$68.00	Tkxxm	Wvbxqwc

Fox Earnings: Firm Continues to Buck Industry Trends as Focus on News and Sports Pays Off

Matthew Dolgin

Aug 6, 2024

Fox concluded fiscal 2024 with a solid fourth quarter, as revenue grew and the adjusted EBITDA margin expanded. The firm continues to benefit from good ratings for linear news and sports programming, allowing pricing power that is offsetting the industry decline in pay-TV subscribers. With the upcoming presidential election season and the Super Bowl in February, growth should spike in fiscal 2025. We expect Fox’s business will continue to outperform the legacy operations of its competitors, but its narrow reliance on linear television gives it less to mitigate the industry’s decline in the coming years. We’re maintaining our $43 fair value estimate.

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