Nominal growth at a high cost

Whilst revenue and underlying EBITDA are both up, considerable capex in recent years should have enabled much more than just the 4% growth in both. So in regard to these latest results, as Shania Twain said, 'that don't impress me much'.

Pity, as I've traded APO many times and was hoping to buy again.

And the market looks like it agrees, with the SP still around 12 month lows.

The cause: Likely an over supply of large format digital screens as my numbers show a diminishing average return per screen the more they build. Other operators are building these as well so likely an industry over supply (isn't it always the way....a good thing for the instigator of something then everyone gets in on it)

The big question is- Does the SP at its current price reflect this over supply and the likely lessor margins for all operators - for quite likely several years- in this space.