Domain valued at over $2 billion Media Man Int

Domain valued at over $2 billion - 26th September 2017

Your text advertisement here from as little as $100USD per 12 months

Profiles

Television Music Movies Hollywood WWE Wrestling Business Gaming Entertainment

Analysts have valued Fairfax Media's Domain real estate business at more than $2 billion.

Fairfax shareholders will vote on the planned spin-off of Domain on November 2, and will receive one share in a newly listed Domain for every 10 Fairfax shares owned, if the plan is approved.

Citi analysts David Kaynes, Kofi Mensa and Manisha Sandilaya have trimmed their valuation of Domain since details of the spin-off were released by Fairfax last week.

They value Fairfax Media, which has 2.3 billion shares on issue, at $1.10 per share, with Domain's value dropping from $1.02 to 88 cents, putting the company's value at $2.02 billion.

Mr Kaynes said the cuts to Domain's valuation were due to higher than expected corporate costs of between $10 million and $12 million, from the $8 million to $10 million previously disclosed, and the net debt that Domain will have at listing.

(AAP)