APN Outdoor Seduced with an AUD 1.1 Billion French Offer
We raise our fair value estimate for APN Outdoor by 33% to AUD 6.52 per share, in line with the cash bid from JCDecaux. Our fair value uncertainty rating falls to low. In the absence of a higher offer, we believe the French outdoor advertising giant's proposal is likely to succeed, despite the conditions attached.One of these is the stipulation that APN terminate its AUD 500 million pursuit of Adshel. This is a deal APN is unlikely to give up on so easily. Adshel's capital-city network of stree...
APN Outdoor Group Limited is an Australia-based provider of advertising services. The Company operates in the Out-of-Home advertising market segment. The Company supplies Out-of-Home media and advertising services at sites in Australia and New Zealand. It offers digital billboards, static roadside billboards, transit advertising, rail advertising and airport advertising. It has a geographically diversified outdoor advertising network, which operates in New South Wales, Victoria, Queensland, Western Australia, South Australia, the Australian Capital Territory, Tasmania and New Zealand.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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