Fairfax
Fortescue Metals' (ASX:FMG) ignores a motion to stop the company from outsourcing its sub-editing work. The Greens motion was passed in the NSW Upper house today, calling on Fairfax to abandon its plans that lead to 82 job cuts.
"We're a public company and we will make our own decisions as to how we run our business," Fairfax Media’s general manager of investor relations, Frank Sufferini said. "(The decision) has been made and it's not going to be changed."
Diversified media company, Fairfax (ASX:FXJ) have seen improvements to their markets, reiterating earnings guidance for high single digit earnings growth in the six months to December 21, 2010 at its AGM on Thursday in Melbourne. Fairfax managing director Brian McCarthy said, "The vast majority of your company's Australian businesses are experiencing revenue growth, and recently we have seen some small improvement in our New Zealand publishing business.
Market analyst UBS has provided guidance as to Australian newsprint paper prices. The analyst predict that FY08 newsprint prices are likely to be down. The pricing period for FY08 Australian newsprint has started. Recent weakness in the US dollar price and Australian dollar strength could mean that Aussie dollar contracted price actually declines - markedly at odds with our previous assumption of a further 7% hike.
Fairfax (FXJ) have a Neutral 2 shares recommendation and a $4.90 share price target and a stock valuation of $4.60 from stock analyst UBS. Fairfax (FXJ) and Rural Press (RUP) have announced a merger proposal where each Rural Press shareholder to receive either 2 FXJ shares plus $3.30 cash OR 2.3 FXJ shares plus $1.80 in cash, along with a ~57cps special ord div. At yesterday’s close, we est.
Macquarie have upgraded their rating for the Fairfax (FXJ) stock to Outperform with a share price target of $4.75. Analysts believe that the stock is a likely target as a consequence of the change in media ownership laws which would make the company attractive to domestic and international acquirers.
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