Headwinds continue for Ten Network Holdings

Roger Montgomery

Montgomery Investment Management

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)

Roger Montgomery
Founder and Chairman
Montgomery Investment Management

Roger Montgomery founded Montgomery Investment Management in 2010. Roger has more than three decades of experience in investing, financial markets and analysis. Roger also authored the best-selling investment book, Value.able.

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