patience... patience... no need to re-enter yet in my opinion. Missed market forecasts, 2hFY24 will be a tough macro environment, group's 3% underlying revenue growth to June is lagging the overal OOH macro revenue growth of 8% 19% of revenue contracts up for tender this year will create major worry.
Woolworths has set up their own OOH media subsidiary called 'Cartology' and kicked out Ooh Media from their controlled sites. I have been dealing with Cartology recently to secure advertising. Cartology seems to have done a deal with Vicinity shopping centres as well for some controlled onsite advertising OOH sites. Large screen format sights at Chadston shopping center (Vicinity) as well as Northland Shopping Center all moved to Cartology from Ooh.
Market will be worried, and when market worried (together with half year financial miss against expectations), market could well punish OML.
I hope it does, so I can get a re-entry price
OML Price at posting:
$1.33 Sentiment: None Disclosure: Not Held
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