This is now a hell of a business.
Thankfully APN left it to shareholders via the demerger and buggered off. It was a bruising few years as they left the balance sheet and the business in a parlous state....but gee this team has done a slick job in that time.
Show me:
i. A big thumping cash cow
ii. Plenty of growth options requiring limited capital investments
iii. Coupled with ultra-conservative balance sheet
iv. All at an undemanding valuation
And I'll show you a pile of money to be made.
The only thing I'd ask for from here would be for them to get Hugh Marks on the Board as a sounding board for them all with his lessons from Nine-Fairfax.
Ann: NZME Investor Day 2021 Presentation, page-2
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