JPMorgan expects Ten Network Holdings (TEN) to report revenue down 14% for FY13 and earnings down 58%

Livewire Equities

JPMorgan expects Ten Network Holdings (TEN) to report revenue down 14% for FY13 and earnings down 58%. Trading in Ten shares has stepped up this week ahead of the media company's October 17 result release date. JPMorgan media analyst Jarrod McDonald published his forecasts on Thursday morning. He expects Ten to report $624 million in revenue and $35 million in EBITDA. The report warned investors that Ten's costs could be more than expected. We forecast a normalised NPAT loss of $5 million and a reported loss of $262m due to the impairment of TEN's TV licence and restructuring expenses (announced at the release of the first half 2012-13 result), the broker said. JPMorgan reiterated its neutral call and 32¢ price target. (VIEW LINK)


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