I don't hold OML but it is on my watchlist and today's drop has...

I don't hold OML but it is on my watchlist and today's drop has made me consider buying in. I suspect the drop was due to the response to the trading update, slide 17 of the presentation.

Softening media market at the end of Q1 and into Q2 due to a decline in the
broader macroeconomic environment in Australia and New Zealand

• Q1 revenues grew +3% over Q1 2022, with trading softening significantly in March
vs forward pacing as at mid February with a decline in short term in-month
bookings vs the pcp – particularly in Government spend (largest pcp category)

• Road +7% and Fly +88% continue to grow strongly year on year, and oOh! taking
market share in 3 out of 4 Australian OMA categories1

• Street revenue continues to be impacted by launch of City of Sydney, with the
share loss in this category resulting in an 1.9% share loss overall in Q12

• April media revenue is particularly soft, pacing at -10% vs pcp, however May and
June media revenue stronger and pacing up on pcp, with Q2 currently slightly
ahead vs the pcp

• Capex March YTD on track for guidance of $40-50M for CY23

• Share buyback commenced on 5th September 2022, with over 36 million shares
bought back. This represents over 70% completion of the buyback program.

Goldman Sachs for its part just did a broker update. It has stated that OML has underperformed the industry as a whole but stated that some areas of the business are outperforming and thus still maintains its Buy rating. You can find their update in the Commsec site.