A Solid 2H Report Card from oOhmedia
oOhmedia's 2017 result is likely to temporarily ease concerns regarding rising competitive intensity in the outdoor advertising market. The 23% lift in full-year normalised EBITDA to AUD 90 million not only hit management's guidance and our estimate, but we believe it somewhat understates the group's margin and cash flow resilience.For instance, second-half EBITDA margin jumped to 27.2%, from 24.9% a year ago, principally driven by 57% growth in higher-margin digital inventory revenue which now...
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