Headwinds continue for Ten Network Holdings

Ten Network Holdings Limited (ASX:TEN) has been one of the more disappointing industrial companies listed on the ASX over recent years. Paul Anderson became Ten’s fifth CEO in less than five years earlier this week; analysis of fundamentals over that period reveals more questions than answers. From 31 August 2010 to 28 February 2015: · Shareholders’ Funds declined 50% yet shares on issue jumped more than 150%; · Net asset backing per share figure declined from $0.86 to $0.17; · The Company recorded an aggregate net loss after tax over the period of $706m; · The Company’s revenue line went from $852m in the year to August 2011 to $626m in the year to August 2014. Revenue for the 6 months to Feb was down 2% year on year; and · The share price of Ten Network Holdings has declined from $1.40 to $0.22. PWC forecast that over half of Australia’s total advertising expenditure would be directed to online by 2019, with free-to-air television expected to suffer the most. It seems to us the headwinds continue. To read more (VIEW LINK)