Very happy with Friday's results. Radio firing on all cylinders, NZ media turning the corner, adshel going gangbusters, debt repayment on schedule and cautiously positive commentary on Aust regional media.
Mgmt have not paid the extra $30 million earnout on BrandsExclusive, have written down the value of this business from $36 million to $15.5 million and have put it on the market. Chenoweth and Crockett thought this business was worth paying $66 million for just over 12 months ago.
New CEO seems to be sensible and has the capacity to stabilise the print business. If Aust Print Media can stablise revenue, then the potential share price upside is significant.
eg
ARN - value of $216 million (at 8 times EBITDA for APN 50%)
TRN - value of $70 million (at 8 times EBITDA for 50%)
ARM - value of $100 million (at 4 times EBITDA)
NZM - value of $186 million (at 4 times EBITDA)
Outdoor - $59 million (at 7 times EBITDA)
Adshel +HK - $140 million (at 8 times EBITDA)
Digital - say $40 million
TOTAL EV = $811 million
Net Debt = $460 million
Equity = $351 million
Shares on issue = 661 million
Value per share = 53 cents
half year results
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72.0¢ |
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Mkt cap ! $225.3M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 1 | 7100 | 70.0¢ |
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| Price($) | Vol. | No. |
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