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Macquarie initiates coverage of Nine (ASX: NEC) with an Outperform rating

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Macquarie initiates coverage of Nine (ASX: NEC) with an Outperform rating. Our 12-month target price is $2.40 (current px 2.00), driven by our DCF (discounted cash flow) valuation. NEC is exposed to a range of potential positive catalysts in the medium term, including ad market gains, operational improvement and cost reduction Our valuation is consistent with our approach for SWM and TEN. Earnings multiple analysis implies a FY14 EV/EBITDA multiple of 9.0x and PER of 15.2x.

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