Seven West Media Shares Suffer a Big Bash as Cyclical and Corporate Euphoria Wither
After soaring over 50% above our intrinsic assessment five months ago, shares in Seven West Media have fallen back to 23% below our unchanged AUD 0.70 fair value estimate. The stock is living up to its uber-cyclical status, currently buffeted by an abrupt slowdown in the metropolitan TV advertising market in the December-half of 2018 (down around 3% year on year). This was after a solid 3.8% growth in the June-half of 2018, a buoyant start prematurely extrapolated into market valuation of Seven ...Seven West Media has four reportable segments: Television, which is engaged in the production and operation of commercial television programming and stations; Newspapers, which is comprised of the publishers of newspapers and insert magazines in Western Australia, Quokka (weekly classified advertising publication), Colourpress, Digital publishing and West Australian Publishers; Pacific -which is comprised of the publishers of magazines in print and digital editions as well as social and e-commerce business; as well as Other Business and New Ventures, which is made up of equity accounted investees; Radio (radio stations broadcasting in regional areas of Western Australia) and RED Live..
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