Macquarie see STW Group (ASX: SGN) as a lower-risk way to get exposure to media

Macquarie see STW Group (ASX: SGN) as a lower-risk way to get exposure to media. SGN reported statutory NPAT of $95.5m, in line with Macquarie estimate NPAT of $49.5m was a touch below Macquarie estimate of $50.2m.We retain our Outperform recommendation and see SGN as a lower-risk way to get exposure to media. With an improving outlook we believe SGN's FY14E PER of 11x is undemanding, particularly when coupled with a 6.4% yield.