Jeremy Bendeich, CIO of Avoca Investment Management says retail stocks have been bid up on the back of improving confidence yet media stocks, which benefit...

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Jeremy Bendeich, CIO of Avoca Investment Management says retail stocks have been bid up on the back of improving confidence yet media stocks, which benefit from similar tail-winds have been left behind. Bendeich thinks the broader media industry de-rating has been overcooked, There are some (media) stocks out there that have been in a constant state of earnings decline. A lot of people are saying it's structural, people are moving away from free-to-air TV (and radio). So they've de-rated the PE's of the stocks along with the earnings. Bendeich says the evidence doesn't support these opinions. We're starting to see evidence that people will invest, people will put money into free-to-air TV for advertising and to metro radio. It's still a very effective way of advertising. There will be a rebound (in media stocks). We're seeing some relative value.


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