Jefferies raises oOh!media PT, profit estimates after HY results

Ooh!Media

22/08/2022 23:00

** Brokerage Jefferies raises PT on Australia's oOh!media
Ltd  OML.AX  to A$1.65 from A$1.50, after co reports HY results;
reaffirms "buy" rating
    ** Outdoor advertising co posts HY adjusted NPAT of A$20.4
mln ($14.03 mln), compared with A$2.4 mln last year; announces
up to $75 mln worth share buyback  urn:newsml:reuters.com:*:nASXbrQZcS
    ** Jefferies says OML's balance sheet is strong and supports
buyback, which in turn will underpin stock price
    ** "Over the past few months, we've taken a cautious view on
the ad cycle but in hindsight, we may have been too cautious" -
Jefferies
    ** Say that while advertisers and agencies are still
circumspect on economy, they're re-allocating for outdoor ads
    ** Raises OML's EPS estimates for FY22, FY23 and FY24 by 8%,
6% and 3%, respectively 
    ** Four of six analysts rate the stock "buy" or higher and
two "hold"; their median PT is A$1.58 – Refinitiv data
    ** Stock down 20.7% this year, as of last close

    
($1 = 1.4541 Australian dollars)
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com;))