What Landlord Giveth, It Can Taketh Away; APN Outdoor FVE Cut to AUD 5.00 per Share
The loss of the Yarra Trams (Melbourne) advertising concession is precisely the reason why we have a no-moat rating on APN Outdoor. The group's entire business model hinges on its portfolio of leasehold concessions, and potential contract losses are a perennial risk, with the threat of rivals willing to pass on more benefits to landlords always lurking.In APN Outdoor's case, the failure to renew the Yarra Trams (Melbourne) concession is particularly notable in two respects. First, the loss will...
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.
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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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