Southern Cross Media Still Suffering Breakfast Indigestion
The AUD 11.8 million licence fee relief is exactly that for no-moat-rated Southern Cross Media. It is likely to provide a 7.1% boost to group EBITDA to AUD 175.8 million in fiscal 2017, a year that would otherwise have suffered a low-single-digit percentage earnings fall due to weak advertising conditions. Our AUD 1.20 per share fair value estimate is unaffected because the licence fee removal is a one-off for fiscal 2017, with a permanent elimination hingeing on the passage of the "all-or-nothi...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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