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  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
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  "notes": "Uses a simple multiplication bridge to derive a $7B+ valuation.",
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      "text": "We believe Dow Jones is meaningfully undervalued inside of News Corp’s portfolio today.",
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      "text": "~$475 Million Consensus FY24 EBITDA",
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      "text": "We believe Dow Jones should garner a premium valuation, but even at the same multiple as The New York Times Company, Dow Jones would be worth more than $7 billion.",
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      "text": "Source: Public company filings, Capital IQ, Wall Street consensus estimates. Market data as of October 13, 2023. (1) EBITDA fully burdened for unallocated corporate costs.",
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