A Banner Year for APN Outdoor and Much More to Come if Allowed to Merge
We maintain our AUD 5.80 fair value estimate for no-moat APN Outdoor, following a relatively uneventful 2016 full-year result. While the 18% increase in underlying EBITDA to AUD 86.7 million was above the top end of management's AUD 84 million-86 million guidance range, this was largely expected, and was reflected in the two-week 9% stock price rally heading into the result.Perhaps the only marginal positive surprise was the 14% lift in final fully franked DPS to AUD 0.125 (4% above our forecas...
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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