APN Outdoor: IPO forecasts upgraded

Robert Frost

OC Funds Management

The outdoor media sector has continued its strong momentum in recent months with YTD revenue up 17.1% versus the prior corresponding period. Late in October, APN Outdoor (APO) upgraded its prospectus forecasts for a second time following its upgrade at the half-year result in August. The company’s pro forma EBITDA is now forecast to be between $68.0m and $69.5m for CY15, well ahead of the forecast it issued at its IPO in November 2014 ($53.7m). We have been extremely bullish on the out-of-home advertising space over the past 12 months and own all three ASX-listed players, namely APO, OML and QMS. (VIEW LINK)

Robert Frost
Head of Investments
OC Funds Management

Robert was appointed Head of Investments in 2009 and has been a Portfolio Manager since joining OC Funds Management in 2001. Robert is also an Executive Director of parent company, Copia Investment Partners.

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