New media names looks fully priced

Eley Griffiths Group

Eley Griffiths Group

The Outdoor advertising trio of APN Outdoor, oOh! Media and QMS Media have been enjoying an ‘Indian Summer’ of strong outdoor industry growth rates. 20.5% growth in February year to date followed 14% in January and 16.5% in December quarter. These numbers continue to print large and eventually will be hard to cycle as we move through the year. The medium has been rediscovered after a decade of neglect, but there is no getting away from full(ish) market pricing at 19.0x, 16x and 20x respectively. We have intentionally taken a holding in one name, APN Outdoor, as a means of managing this risk to an industry enjoying a technology renaissance.


Eley Griffiths Group

Eley Griffiths Group is an independent fund manager specialising in listed Australian small companies. Our investment team has been uncovering hidden opportunities in small caps since 2003.

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