Report
Brian Han
EUR 101.80 For Business Accounts Only

APN Outdoor is enjoying the great outdoors, but beware of concession renewals.

We reiterate our AUD 5.80 fair value estimate for no-moat APN Outdoor is based on the group as a standalone entity. And stand alone it certainly can, with the positive industry dynamics buoying out-of-home advertising, APN Outdoor is able to benefit from its strong market position, and its financial firepower to continue inventory digitisation—a key growth driver of the out-of-home industry.
All these favourable attributes would be magnified if APN Outdoor's proposed merger with oOh!media is con...
Underlying
APN Outdoor Group Ltd.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Brian Han

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