News Corp's box of tricks
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As you'd expect, this move has been well thought through. NCP gets to raise a substantial amount of cash and retain control of the assets that produces it. It loses very little cashflow, most is generated by the television and cable assets, as it is all but absorbed by the filmed entertainment group - except of course when blockbuster films like Titanic are rolled out.
Growth stock
We continue to believe that News Corporation should have a place in most aggressive growth portfolios, as there is every chance that the group will succeed in its quest to establish a truly global media empire. The share price may well continue its journey north but at what price should the stock be purchased and is it overvalued at current prices?
Our last review of News Corp in the June 5 issue had the stock at a Hold/Lighten above $10 and this latest development hasn't changed our minds. At these inflated prices there's still very little room for disappointment and the current makeup of earnings is still reliant on what can be volatile income streams. The market is also especially intolerant towards negative news regarding News Corporation but there hasn't been that much of it lately. It will be interesting to see what happens when some does arrive.
The speed at which NCP's share price has risen is a concern. Aggressive growth either pays off in spades or doesn't pay at all so if you hold News Corp you must be comfortable with the risk (and the potential rewards). If you're not, LIGHTEN into strength. We must reiterate that at these prices NCP is not for the faint hearted.
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