Tiso Blackstar Group SE Edison research update on Tiso Blackstar Group
April 20 2016 - 7:50AM
RNS Non-Regulatory
TIDMTBGR
Tiso Blackstar Group SE
20 April 2016
London, UK, 20 April 2016
Edison issues research update on Tiso Blackstar Group
Tiso Blackstar Group (TBGR) announced that it intends to focus
solely on the media sector in future and dispose of all its
non-media assets, almost half of the current portfolio. This move
should, in due course, see the company transition from being valued
on an NAV basis to an earnings basis. It should crystallise value
for shareholders from the industrial assets and may lead to a
re-rating for the media assets. TBGR's results showed its
investments performing steadily against a difficult economic
background in South Africa.
Management provides an intrinsic NAV figure for TBGR, based on
market values for quoted investments (held through its investment
in Kagiso Tiso Holdings) and on conservative estimates for unquoted
investments (see our initiation note for details). This rose 0.2%
to ZAR4,413m at 31 December 2015, but fell 16.1% in sterling terms
to GBP193.4m (30 June 2015: GBP230m). The AIM shares currently
trade at a discount to NAV of 47% (48% for the JSE-listed shares).
Once the non-media assets have been sold, TBGR will effectively be
a media company. The average P/E multiple of a basket of media
peers is 13.8x, vs TBGR's current multiple of 1.7x.
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