19 April last year was the day that PRT put out an end of financial year profit forecast announcement so I expect that we should see one for this financial year in the next couple of weeks.
April last year was also the time that I started investing in PRT, hard to believe that a year has gone by! As a way of celebration I sold my holding in NEC and increased my holding in PRT. NEC is still my pick out TEN, SWM and NEC but in my opinion NEC are getting close to fair value whereas PRT is still way, way below. It's also getting very hard to find any bargains at the moment, maybe things will look up if the old 'sell in May and stay away' adage brings a few prices down.
On the PRT front, I'm looking forward to the Governments budget to be handed down on the 9th of May, a little more than a month away. FTA networks got a 25% reduction in licensing fees last year so hopefully that will be the minimum for this year. They will need to drop by over 90% for Australia to be on the same level as the UK.
There is also a small chance that the Media Reform Bill will come up for debate during Budget week as the Senate will sit for 3 days but in my opinion we are probably realistically looking at the two week period starting 13th June.
Hopefully the next 12 months will see a substantial share price correction - a P/E ratio of about 12 should make most of us happy!!
