FVE Cut 6% to AUD 4.70 as APN Outdoor Takes a Long, Hard Look Indoors
We cut our fair value estimate for no-moat APN Outdoor by 6% to AUD 4.70 per share. It is not so much due to the 2017 result, with the 4% lift in normalised EBITDA to AUD 90 million in line with our forecast, rather, the downgrade is driven by the result's poor second-half composition, and the likely onset of a reinvestment phase.The 2% year-on-year lift in second-half billboard revenue (over half of group revenue) was especially disappointing, undoing much of the 20% growth in the first half. ...
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