2025-04-29-Jefferies-oOh_传媒（OML_AU）_不要担忧_保持快乐_7页_145kb

Equity Research Summary: oOh!media (OML AU)

• Flash Note:

  • Jefferies maintains a BUY rating for OML with a price target of AUD1.80, representing a 21% upside from the current closing price of AUD1.49. This recommendation is supported by OML's strong asset base of 35,000 assets and positive financial momentum.

• CEO Change:

  • CEO Cathy O'Connor announced her departure in 2HCY25 after four years, following improved performance and leadership transition to drive growth. The board is initiating a search for a new CEO, with O'Connor remaining until the orderly transition in early 2025. This change is viewed as non-negative due to OML's solid position.

• Financial Performance:

  • Q1 CY25 revenue growth achieved 13% (note context suggests this likely includes specific segments), and 2Q performance is expected similar. Total revenue for 1H25 is projected at ~13% growth, aligning with 8% and 10% forecasts for the halves respectively. EBITDA and NPAT pre AASB16 are healthy, with EPS increasing from 9c to around 12c for FY25.

• Valuation and Outlook:

  • OML is rated at 12x FY25 P/E, with a buy recommendation driven by strong balance sheet and ad cycle trough. The price target AUD1.80 reflects optimistic medium-term growth, amid continued shift to digital retail media, though substantial data inaccuracies or narrative fabrication may affect outcomes.

• Risks and Opportunities:

  • Risks include worsening macroeconomic conditions, potential loss of key contracts (esp. in Commute/Retail sectors), high reliance on media agencies and concession holders, and IT/cyber threats. However, opportunities arise from enduring Outdoor media appeal and no major structural challenges, with ad spend potentially stabilizing and supporting share gains from 2026.

This summary is based on the provided report content; for detailed investment decisions, refer to the full analysis.