Spot on @1Toto1, I really appreciate you bothering to set out...

Spot on @1Toto1, I really appreciate you bothering to set out the facts.

Adnews also addressed something rather interesting when it mentioned that 'The unreleased SMI data also shows outdoor media, normally the star of ad spend growth, recording a drop in January.'

This is now the second time on record in recent history that Outdoor media has disappointed market expectations.

Why is this relevant? Currently the share market ascribes to ASX:OML a rather expensive 2024 PE ratio of 14.65 (based on an average of forecast earnings by analysts) compared to the 2024 PE ratio of 3.44 for ASX:SWM.

The general belief was that structural Growth in the outdoor media space was far superior to that of Total TV and hence most analysts forecast OML to be relatively unaffected by the ad market downturn. What this is now showing however is that perhaps the belief of overpaying for OML earnings on the basis of perceived stability during ad market downturns might be unfounded.

Ultimately a rising tide lifts all boats and the fact is that paying an absurdly cheap 3.44 times earnings (based on analyst forecasts which currently massively under bake SWMs future earnings) for exposure to an improving ad market is a wonderful investment opportunity.