文档介绍：MORGAN STANLEY RESEARCH
NORTH AMERICA
US Media Team
Morgan Stanley & Co. Incorporated Benjamin Swinburne, CFA
@
+1 (1)212 761 7527
September 8, 2009
US Media
Media and Cable / Satellite:
Industry Views
Selected Trading Multiples Industry Industry View
Media Attractive
Cable/Satellite Cautious
• Comparable Trading Multiples Including:
P/E, Adj. P/FCF, EV/Unlevered FCF,
US Media Team
EV/EBITDA, Dividend Yield
• Separate Valuations for Media Sector, Cable Benjamin Swinburne, CFA
/ Satellite Sub-Industry, Large-Cap Media Kristi Bonner
Sub-Industry, Mid-Cap Media Sub-Industry Ryan Fiftal
David Gober, CFA
• Historic Price Performance Metrics Micah Nance
Including: 1 Week, 1 Month, 3 Month, 12
Month, 3 Year, YTD
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a result, investors should be aware that the firm may
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objectivity of Morgan Stanley Research. Investors
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located at the end of this report.
MORGAN STANLEY RESEARCH
September 8, 2009
US Media
. Media Summary September 8, 2009
Selected Trading Multiples
Sub-Industry Price to Earnings Adjusted Price / FCF EV / Unlevered FCF EV/EBITDA Dividend Yield %
2009E 2010E 2011E 2009E 2010E 2011E 2009E 2010E 2011E 2009E 2010E 2011E 2009E 2010E 2011E
Large-Cap Media % % %
Mid-Cap Media % % %
Cable/Satellite % % %
Arithmetic Average 1