APN News and Media Limited (APN)

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General Information
Company Name: APN News and Media Limited
Stock Code: APN
Website: www.apn.com.au
GICS Sub-Industry: Publishing
Market Cap ($M): 864
Equiv. Shares (M): 1,029

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.840 $ 0.830 $ 0.840 $ 0.825 $ 0.840 744,421 0%

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 12th Sep 2014
Brokers Surveyed: 2

Company Overview

Business Description:
APN News and Media Limited (APN) has a portfolio of media assets in Australia and New Zealand. APN is a newspaper publisher in New Zealand, including the New Zealand Herald and a range of regional newspapers. It is also a publisher of regional newspapers in Queensland. APN has an outdoor advertising operation in Australia and New Zealand and has JV outdoor businesses in Australia, Hong Kong, Indonesia. It has a position in the radio market, with The Radio Network in New Zealand and the Australian Radio Network, both joint ventures.

Strategy Analysis:
APN have diversified media operations spanning publishing, radio, online and outdoor advertising. This provides cross selling opportunities and reduces reliance on any one market. In Australian regional publishing, APN management believes the business is well positioned in high-growth regional centres stretching from northern New South Wales to Mackay. Management aims to capitalise on its strong market position in NZ and Australian regional markets by providing regional news online under various mastheads. Outdoor has benefited from structural changes in its markets, including a growing sophistication in the product forms and in client measurement and expectations. More recently, APN has diversified into digital. Management view digital as a game changer, with growth potential in Grabone, brandsExclusive, Sella, jimungo and CC Media. APN reported a net loss of $455.8m for the year ended 31 December 2012. Revenues from ordinary activities were $928.6m, down 13% from last year. Basic and Diluted EPS was (70.4) cents compared to (7.3) cents last year. Net operating cash flow was $87.27m compared to $123.06m last year. No final dividend was declared, taking the full year dividend to 1.5 cents compared with 8.5 cents last year.

Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 52.1 8.1 4.0 10.4 0.0 0.0 0.0
2013  F 50.1 7.7 -8.1 10.9 0.0 0.0 33.0
2012  A 54.5 8.4 -32.8 6.6 1.5 2.7 58.8
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
APN (APN) $864 M -- -0.1835 0.0484 9.7561 11.9488 11.3976 0.00 0.00 1.80
Fairfax Media (FXJ) $1,893 M -- -0.1162 -0.0253 11.9970 13.5750 13.9273 4.97 4.97 5.59
Seven West Media (SWM) $1,649 M -0.1546 -0.0423 -0.0519 8.2049 8.5670 9.0361 7.27 5.88 5.84

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
APN 1.50 11.2 1.64 10.00 0.73
Market 0.96 15.7 1.28 1.76 1.55
Sector 1.10 12.6 1.63 3.18 1.20

Name Position Start Date
Mr Michael Bruce Miller Chief Executive Officer 06 May 2013
Mr Albert Edward Harris Non-Executive Deputy Chairman 01 March 1992
Mr Vincent Conor Crowley Non-Executive Director 05 March 2009
Peter Cullinane Non-Executive Director 01 November 2013
Mr Paul Connolly Non-Executive Director 18 October 2012
Ms Anne Templeman-Jones Non-Executive Director 04 June 2013
Mr Peter M Cosgrove Non-Executive Director,Non-Executive Chairman 05 December 2003

Name Position
Neil Monaghan Chief Executive, Australian Regional Media
Martin Simons Chief Executive, New Zealand Media
Jeff Howard Chief Financial Officer
Yvette Lamont Company Secretary

Substantial Shareholders
Holding Name
191,541,073 (30.84%) Independent News & Media PLC
47,285,307 (7.14%) IOOF Holdings Limited
204,015,231 (28.95%) Baycliff Limited & Denis O'Brien
131,273,212 (19.84%) Allan Gray Australia Pty Ltd

Calendar of Events
Date Event
19 August 2015 Report (Interim)
26 March 2015 Report (Annual)
19 March 2015 Report (Annual)
18 February 2015 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.


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