Morgan Stanley remains cautious on Australia's ARN Media's outlook

ARN Media

04/12/2023 03:58

** Analysts at Morgan Stanley say any potential revenue
leakage can have a negative impact on ARN Media's  A1N.AX 
earnings before interest, tax, depreciation and amortisation
(EBITDA)
    ** Brokerage retains PT of A$0.80/shr and maintains
"underweight" rating
    ** Analysts say they are fundamentally cautious because
radio's share of consumers' time is falling and expect radio's
share of the overall ad market to decline with it
    ** However, Morgan Stanley expects A1N's radio revenue to
remain steady, considering that the co has a strong balance
sheet
    ** Shares of ARN Media are currently down 1.6%
    ** Two of 7 analysts rate stock "buy" or higher, three rate
"hold" and two rate "sell" or lower; their median PT is A$1.00 -
LSEG data
        ** Stock flat YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))