Report
Brian Han
EUR 101.80 For Business Accounts Only

Competing for Advertising Dollars AND a CFO but No Impact on Our Intrinsic Assessment for oOhmedia

As if competition in the outdoor space is not fierce enough, no-moat oOhmedia must now battle its rival APN Outdoor for a CFO. This follows the departure of Peter McClelland late last year to join Velocity Frequent Flyer, followed by the abrupt resignation of APN's CFO this month. A search for any "no-compete" clauses in the previous APN CFO's employment contract may be in order for oOhmedia's headhunter.
Despite the distractions, there is no change to our AUD 4.70 fair value estimate for oOhmed...
Underlying
oOh!media

oOh!media Limited is engaged in providing a range of Out Of Home advertising solution for customers in Australia and New Zealand. Co. operates in four segments namely road, which provides large format roadside billboards; retail, which provides signs in shopping centers; fly, which provides coverage across all domestic airport terminals in Australia, and also provides media to Qantas Lounge, and integrated Wi-Fi site network; and place, which operates in cafes, bars, universities and indoor social sports centers, and also operates Websites. Co. also provides complementary services, such as campaign production, campaign management, creative and digital services, and experiential advertising.

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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