A1N - ARN Media

aus_trader · 5 October 2018

Yes Miner HT1 shareholders are eligible for a 72c special dividend and the market has dropped by that much today to the cent. How efficient is the market on this occasion. Not sure the reasons for such a big payout, does this media company have too much cash it wants to distribute to the shareholders ?

Just aside from all this I am seeing that generally the majority of media companies in the Radio space (such as HT1) seem to be doing better than the TV media companies. Where is TEN network, I can't even find it listed anymore? Could it be a reversal of the history? We all know that video killed the radio star from history:

Miner · 5 October 2018

Hi Austrader
The special dividend accrued from fund received selling Adshell to Oh Media.
Btw I hold SEven SWM and is with TV and doing better than FXJ

So_Cynical · 5 October 2018

Miner said:
Hi Austrader
The special dividend accrued from fund received selling Adshell to Oh Media.
Btw I hold SEven SWM and is with TV and doing better than FXJ

The fall was giving back capitol related, Media in general i have no taste for at all, outdoor advertising ok but any sort of media even digital has no appeal.

aus_trader · 8 October 2018

Miner said:
Hi Austrader
The special dividend accrued from fund received selling Adshell to Oh Media.
Btw I hold SEven SWM and is with TV and doing better than FXJ

Yeah, I think 7 Group (including TV channel 7) is doing well and they've even won the Cricket live broadcasting rights recently and they got footy rights as well.

aus_trader · 8 October 2018

Miner said:
The special dividend accrued from fund received selling Adshell to Oh Media.

Thanks for the info Miner, that makes sense to me now regarding the special divvy.

aus_trader · 8 October 2018

So_Cynical said:
The fall was giving back capitol related, Media in general i have no taste for at all, outdoor advertising ok but any sort of media even digital has no appeal.

I think not all media is bad as an investment. As you mentioned outdoor advertising media is experiencing growth and there are also other individual sectors that look good if you look deeper. I decided to look further into radio sector and as I mentioned earlier there seem to be a comeback, see information from HT1 below:

Miner · 18 January 2019

G' Day folks
Is there any guidance or thought provoking heads up on HT1 about it has taken now a southward direction after distributing the special dividend.
The volume is low and nothing exciting either way even if CBA and IOOF have enhanced their holdings in Dec 2018

Miner · 13 February 2019

HT1 published its financial record today. Market went up yesterday with an expectation but brought back to normal with slump instead of all positive news with cash more than $125 M . Is it a sign for all media stocks? Would there be objections on big bill boards being safety hazard through distraction of motorists ? Sadly there could be some coroner investigation to stop them in the decade starting in 2020?
Thankfully the prudent investors read the result and brought the stock in positive. Good sense prevails. . Probably today the prices will be on roller coaster for the traders

Miner · 13 February 2019

Dona Ferentes · 4 February 2021

After selling off some assets (Adshell to Oh Media) and paying a big dividend in 2018, HT1 is now a media and entertainment company which operates audio and digital businesses in Australia as well as outdoor assets in Hong Kong.

From 6 months ago:

Audiences more engaged with radio and audio
• Radio consumption increased during COVID-19 across multiple platforms
• Radio is enhancing the rise of other digital audio formats
• Importance of talent to both listeners and advertisers reinforced
• Record iHeartRadio growth; Leading podcast publisher in the country with revenues building

Financial performance improving after tough Q2
• Q2 radio market back over 46% led by initial 3 week period of cancellations during lockdown
• Q3 and forward bookings improving from Q2; 2nd Victoria lockdown not resulting in major cancellations
• ARN winning commercial share
• Cost control measures taken early; c$11m to $14m one off savings in 2020 (excluding JobKeeper c$9m)
• Strong balance sheet ... HT&E cash reserves c$90m

Unlocking value for shareholders
• Investing in ARN's digital audio capabilities
• Strategic investment in (recently acquired) oOh!media providing optionality
• Soprano trading significantly improved with positive trajectory in key metrics
• Accretive share buyback maintained

Complex balance sheet with impairments, goodwill and write offs. Buying back shares almost daily. Earnings dropping over the last few years; RoE also being squeezed. Market cap $500M

aus_trader · 5 February 2021

Dona Ferentes said:
After selling off some assets (Adshell to Oh Media) and paying a big dividend in 2018, HT1 is now a media and entertainment company which operates audio and digital businesses in Australia as well as outdoor assets in Hong Kong.

From 6 months ago:

Audiences more engaged with radio and audio
• Radio consumption increased during COVID-19 across multiple platforms
• Radio is enhancing the rise of other digital audio formats
• Importance of talent to both listeners and advertisers reinforced
• Record iHeartRadio growth; Leading podcast publisher in the country with revenues building

Financial performance improving after tough Q2
• Q2 radio market back over 46% led by initial 3 week period of cancellations during lockdown
• Q3 and forward bookings improving from Q2; 2nd Victoria lockdown not resulting in major cancellations
• ARN winning commercial share
• Cost control measures taken early; c$11m to $14m one off savings in 2020 (excluding JobKeeper c$9m)
• Strong balance sheet ... HT&E cash reserves c$90m

Unlocking value for shareholders
• Investing in ARN's digital audio capabilities
• Strategic investment in (recently acquired) oOh!media providing optionality
• Soprano trading significantly improved with positive trajectory in key metrics
• Accretive share buyback maintained

Complex balance sheet with impairments, goodwill and write offs. Buying back shares almost daily. Earnings dropping over the last few years; RoE also being squeezed. Market cap $500M

View attachment 119533

So what's the verdict ?

Worth a punt or too much risk ?

Miner · 6 February 2021

aus_trader said:
So what's the verdict ?

Worth a punt or too much risk ?

Dona Ferentes · 21 February 2023

HT&E reported statutory revenue of $344.9 million for calendar year 2022, up 53 per cent on pcp
Underlying earnings before significant items, interest, tax, depreciation and amortisation climbed 53 per cent to $91.8 million.
Net profit after tax rose to $48.5 million, from $32.6 million in the pcp.
Declared a fully franked dividend of 5.2¢ a share
Announced an increase in the dividend policy to 65-85 per cent payout ratio with a commitment to pay at the higher end if net debt leverage is under 0.5 times.

Telamelo · 21 February 2023

Dona Ferentes said:
HT&E reported statutory revenue of $344.9 million for calendar year 2022, up 53 per cent on pcp

Underlying earnings before significant items, interest, tax, depreciation and amortisation climbed 53 per cent to $91.8 million.

Net profit after tax rose to $48.5 million, from $32.6 million in the pcp.

Declared a fully franked dividend of 5.2¢ a share

Announced an increase in the dividend policy to 65-85 per cent payout ratio with a commitment to pay at the higher end if net debt leverage is under 0.5 times.

Telamelo · 21 February 2023

Declared fully franked dividend of 5.2 cents per share! in noting ex-dividend date is 28th Feb & record date is 01st March with dividend payable on 23rd March

Telamelo · 21 February 2023

Dona Ferentes said:
HT&E reported statutory revenue of $344.9 million for calendar year 2022, up 53 per cent on pcp

Underlying earnings before significant items, interest, tax, depreciation and amortisation climbed 53 per cent to $91.8 million.

Net profit after tax rose to $48.5 million, from $32.6 million in the pcp.

Declared a fully franked dividend of 5.2¢ a share

Announced an increase in the dividend policy to 65-85 per cent payout ratio with a commitment to pay at the higher end if net debt leverage is under 0.5 times.

The Australian Financial Review reported last week that Seven West Media executives were sizing up plans for a tie-up with HT&E, which would create a $1 billion media company.

HT&E’s biggest investor sees benefits to media consolidation

Free-to-air broadcasters have a ‘bad habit’ that makes them less appealing as investments, Tim Hillier from Allan Gray – HT&E’s biggest shareholder – says.

www.afr.com

Telamelo · 23 February 2023

The previously flagged sale of stakes in Soprano has been approved by Foreign Investment Review Board on 22nd Feb '23, with HT&E to receive around $66.3 million in cash for the sale. The deal is expected to complete by 31st March '23

aus_trader · 23 February 2023

Telamelo said:
The previously flagged sale of stakes in Soprano has been approved by Foreign Investment Review Board on 22nd Feb '23, with HT&E to receive around $66.3 million in cash for the sale. The deal is expected to complete by 31st March '23

It's interesting to note that HT1 has been paying down debt with cash generated from asset sales such as this. I think the company balance sheet is in better shape than a few years ago.

Telamelo · 23 February 2023

A

aus_trader said:
It's interesting to note that HT1 has been paying down debt with cash generated from asset sales such as this. I think the company balance sheet is in better shape than a few years ago.

Absolutely correct @aus_trader as HT1 basically cash flow positive

Telamelo · 31 March 2023

HT1 just received $66.3 million cash!

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