Seven West Media Limited (SWM) is a national multi-platform media business comprising of, Free to Air Television, Newspaper and Magazines (online and other)

Seven West Media Limited (SWM) is a national multi-platform media business comprising of, Free to Air Television, Newspaper and Magazines (online and other). The media sector generally may be interesting to investors looking for value, with the sector broadly trading on a 2014 P/E of 11x, or a 25% discount to the ASX. SWM has significant leverage to an improvement in the advertising cycle with the highest rated TV channel (Seven) maintaining a ~40% share of audience and revenue throughout 2013/14 (the 14th consecutive half of ratings leadership). Trading on an FY15 P/E of 9.1x combined with a ~7.6% grossed up yield (50% pay-out ratio) and the recent restructuring of its debt facilities, SWM's balance sheet is in a good position to take advantage of the cyclical advertising upswing. Our monthly newsletter is available here: (VIEW LINK)