NWSA - BUY - Updating Model; Dow Jones, REA Strength Continue to Drive Results; We View Additional Near-Term Strategic Action as Unlikely

研报英文原文证据摘录

NWSA - BUY - Updating Model; Dow Jones, REA Strength Continue to Drive Results; We View Additional Near-Term Strategic Action as Unlikely

May 13, 2026

Curry Baker curry.baker@guggenheimpartners.com NWSA - BUY - Updating Model; Dow Jones, REA

804 253 8029 Strength Continue to Drive Results; We View

Michael Morris, CFA

michael.morris@guggenheimpartners.com Additional Near-Term Strategic Action as Unlikely

804 253 8025

Charles Wilber Key Message: We are updating our NWSA model to reflect F3Q26 earnings and charles.wilber@guggenheimpartners.com management's forward commentary. Our FY26 revenue and EBITDA forecasts are now 804 335 3977

$8.92bn and $1.58bn, respectively, compared to $8.83bn and $1.55bn prior. Looking

Taylor Manley ahead to F4Q26, management sees 1) continued strong revenue performance and

taylor.manley@guggenheimpartners.com improved margins at Dow Jones, 2) Australian new buy listings were up 19% in April,

804 253 1336 and REA now assumes lower operating cost growth, 3) Realtor to see improving revenue

Grayson Glenn trends, 4) Overall Book Publishing trends remain favorable with a strong front list in 4Q,

grayson.glenn@guggenheimpartners.com and 5) some incremental costs at News Media though the segment will benefit from

804 253 8053 new content licensing revenue. While NWSA stated it continues to evaluate all strategic

options, we would be surprised if anything else material occurs in CY26. NWSA has

signaled an acceleration in the buyback pace given the FCF outlook and balance sheet

strength. PT now $43 (up from $41).

NWSA BUY

News Corporation Valuation: We are maintaining our BUY rating and raising our price target to $43 (up

Sector: Media & Live Entertainment from $41) due to the appreciation in REA's market cap. Our price target is based on a