Dashboard containing:

• Monthly and annual share price movements for main listed media 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. Economic growth is sluggish relative to 2022, but the impact on advertising is now close to being factored in.

Southern Cross Media

Southern Cross Media’s stock had another positive month rising over 14% in November. The rise was due to the prospect of M&A activity with the company evaluating the proposal received from ARN Media and Anchorage Partners in October.

GTN

GTN’s stock jumped over 34% in November after a positive trading update released by the company which saw Q1 FY24 revenue rise 5% and EBITDA rise 39% pcp. The company pointed to strong performance despite generally difficult market conditions.

ARN Media

ARN Media’s stock climbed over 21% in November, with investors encouraged by the continuation of discussions between SCA and ARN regarding ARN’s non-biding proposal to acquire SCA. Also in November, Seven West Media announced that it acquired a strategic equity interest of 14.9% shareholding in ARN.

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.