Hunter May Become the Hunted as Southern Cross Shares Drift Below Our Intrinsic Assessment
The recent 8% downgrade to fiscal 2017 EBITDA guidance has dragged shares in no-moat-rated Southern Cross Media to 6% below our unchanged AUD 1.20 fair value estimate, a discount to our intrinsic assessment not seen since July 2016.Near-term earnings momentum is hardly inspiring, impacted by weak advertising conditions. However, the group's operating fundamentals remain solid in terms of advertising shares of the radio and regional television markets it toils in. Furthermore, the financials fun...
Southern Cross Media Group is engaged in the creation and broadcasting of content on free-to-air commercial radio (AM, FM and digital), television and online media platforms across Australia.
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