Ann: Final Results Presentation, page-8

notice the downwards trend on FY25 earnings post release of year end financials and updated information on FY25 management guidance:


FY26 market consensus still being held. But if the economy worsens in FY25, advertising rates fall (revenue is a function of advertising rates against advertising placements, when the going gets tough, to place that advertising spots, the advertising sales team drop the rates to sell the spots), revenue will fall. But like most traditional media, fixed cost base is not as easy to cut.

Hence reduced revenue can have a magnified effect on profit reduction.

Notice also the buy back has finished, and no new buy back has been commenced yet (although to be fair, any such buy back has to be confirmed at the next agm). Referring to my above post, unlikely that any buy back will be aggressive as their is not sufficient cash flow (unless debt is further increased, or dividends are decimated).

Just my opinion.

Patience... patience...

Share price is falling which is good.