Australia's Southern Cross Media gains; Macquarie hails radio ops, cost control

Southern Cross Media

02/09/2024 03:12

** Shares of Southern Cross Media  SXL.AX  rise as much as
2.8% to A$0.56
    ** The firm reported FY24 EBITDA of A$66 mln ($44.6
million), 10% higher than market estimate of A$60 million
compiled by Macquarie analysts
    ** Macquarie says EBITDA was better-than-expected due to
market share gains in radio and improved cost management
    ** Says the company and especially its radio business is
performing well against a challenging macroeconomic backdrop
    ** We think the media sector should perform better post-rate
cuts - Macquarie
    ** Brokerage raises EPS estimates for co by 240%, 257% and
309% over the next three fiscal years
    ** Stock has fallen 45.2% this year, as of last close


($1 = 1.4789 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))