DASHBOARD: Media valuation comps for June 2023

Dashboard containing:

• Monthly and annual share price movements for main listed stocks
• Key earnings multiples
• Forward earnings multiples vs forward growth estimates
• Share price movements tracked over last twelve months

Commentary

Key developments

Overall, major media stocks in Australia and New Zealand are have performed fairly well despite the deterioration of economic conditions, with sticky inflation and rate rises still in the pipeline. Smaller stocks have fared less well. Overall, economic growth is expected to be sluggish relative to 2022, but the impact on advertising may ease if unemployment stays low.

Southern Cross Media

Southern Cross Media rose nearly 18% on the news that Radio broadcaster ARN Media (ASX: A1N) paid $38.3 million to acquire a 14.8% interest in the company. ARN Media (formerly HT&E) owns 58 radio stations across 33 markets including KIIS FM, CADA and the Pure Gold network and is a direct competitor of Southern Cross Media.

News Corp

News Corp stock rose nearly 5% in June, still trending upwards thanks to positive third quarter results for fiscal 2023, which highlighted News Corp’s outperformance and resilience relative to other media companies.

oOH Media

oOh Media stock has fallen 4% in June, dropping to the same price it crashed to in early May when it fell 24% in one sitting after a presentation released by the company revealed poor revenue results.

About Venture Insights

Venture Insights is an independent company providing research services to companies across the media, telco and tech sectors in Australia, New Zealand, and Europe.