oOh media Ltd

OML: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.37	Yyrw	Hqsdlmrh

OOh media Earnings: Sales Mishap In-House but No Permanent Damage Out-of-Home

Brian Han

Aug 19, 2024

We retain our AUD 1.65 fair value estimate for oOh media despite a disappointing 2% decline in 2024 first-half underlying EBITDA to AUD 49 million. Unexpected market share losses are never pleasing, with the group's 3% year-on-year underlying revenue growth in the June half starkly behind the 8% expansion in the overall out-of-home market. However, our concerns are alleviated by the steps already undertaken to address "poor sales executions." Improving revenue pacings from August indicate no permanent diminution of oOh media's maintainable revenue base from the internal mishaps, aided further by new concession contributions from September (Sydney Metro, Woollahra Council).

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