Morningstar | oOh!media in Midst of Reinvestment to Take Full Advantage of Structural Tailwinds Longer Term
OOhmedia is well-positioned to benefit from the positive dynamics driving the Australian (and New Zealand) outdoor advertising industry. Unlike other forms of traditional media, outdoor's audience is rising and digital technology is a growth facilitator. These drivers are long-dated, and will continue to be exploited by oOhmedia, aided by management's concerted investment into technology and data, further augmented by the recent Adshel acquisition. However, the group's business hinges on its portfolio of leasehold concessions. The risk is some contracts may not be renewed, or are renegotiated on less attractive terms. As such, we do not see oOhmedia as having a moat, as industry entry barriers are low, rivalry among operators is high and the risk of a competitor willing to pass on more benefits to landlords is perennially present.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.
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