NEWS.com.au |
Fox Sports |
Newspapers |
CareerOne |
carsguide |
TrueLocal |
Real Estate |
MySpace AU

Company Information

Company at a Glance

Industry:
Media
Fiscal Year-End:
Jun 09

Company Overview

PRT operates a network of free-to-air television (FTA) broadcast licences throughout regional Australia. The company broadcasts to regional NSW and Victoria branded as PRIME and to WA as GWN (Golden West Network). It recently acquired six radio stations located in QLD. The acquisition of a controlling interest in the Becker Group gave PRT exposure to New Zealand and Southeast Asia. It is a distinct brand in regional areas, particularly in NSW, which is the company’s largest TV market.

Company History

The Prime Network was formed in Australia as a result of Australian Government legislation (beginning in 1998) designed to give all Australians equal access to “free to air” television. PRT listed on the ASX in August 1984. PRT was renamed to its current name in December 2007.

Industries Of Operation

PRT operates in the FTA television and radio industries, primarily in regional Australia. The industry is regulated by the Government body - Australian Communications and Media Authority.

Differentiating Factor

PRT has a relatively unique corporate structure and objectives. Only operational managers report to the Board and they aim to improve operating efficiency since PRT no longer intends to expand via acquisitions or mergers, in contrast to its peers in the media sector. Prime has coverage of about a quarter of the Australian population and operates 13 television broadcasting stations, from which the majority of its programming is sourced from the Seven Network.

Major Customers & Competitors

PRT's customers are advertisers, in particular national advertisers, which account for about 75% of regional TV revenue. In its East Coast markets, PRT competes against the Nine affiliates (WIN/NBN) and the Ten affiliates (Southern Cross). In WA, PRT's Golden West Network operates in a two station market against WIN (Nine/TEN). Austar's pay TV services also extend throughout PRT's markets. Competition in the NZ market is from TV1 and TV2 (NZ government) and TV3 and TV4 (CanWest).

Research provided by  

Market Statistics

Market Cap ($M):
101.5
Equiv. Shares (M):
129.3
% All Ords:
0.00
12Mth Range ($):
0.45 - 1.00
Turnover ($M pa):
45.1
Index:
NON ASX
Sector:
Consumer Discretionary
Industry Group:
Media
Industry:
Media
Sub Industry:
Broadcasting

Last 5 Market Sensitive Announcements

Date
Announcment
24-Sep-09 15:48
Prime Commences Compulsory Acquisition
22-Sep-09 10:05
Listing Rule 3.3 Notice
07-Sep-09 15:33
Second Supplementary Bidder`s Statement
07-Sep-09 09:39
Variation of Takeover Bid
04-Sep-09 16:33
Extension of Offer Period

Calendar Of Events

Date
Event
23-Oct-09
Dividend Date Payable for Final Year Result (1.0c 100% franked)
30-Sep-09
Dividend Record Date for Final Year Result (1.0c 100% franked)
24-Sep-09
Dividend Ex-Dividend Date for Final Year Result (1.0c 100% franked)
24-Aug-09
Reporting Date for Final Year Result
24-Apr-09
Dividend Date Payable for Half Yearly Result (2c 100% franked)

Directors

Name
Position
P J Evans
Director
P J Ramsay
Chairman
M S Siddle
Deputy Chairman
A Hamill
Director
W Syphers
Director
D L Gordon
Executive Chairman
P Grier
Non-Executive Director
I Neal
Non-Executive Director
S McKenna
Additional Independent Director

Management

Name
Position
R Howarth
GM Sales
C O`Connell
GM Regional Television
W Syphers
GM Finance
P Grier
CEO

Substantial Shareholders

Name
% Holding
P Ramsay
30.1
Perpetual Limited
13.6
Ashblue Holdings Pty Limited
12.5
Network Investment Holdings Pty Limited
12.5
Commonwealth Bank of Australia
10.9
Investors Mutual
9.9
Illyria Nominees Pty Ltd
9.1
452 Capital
8.6
Trust Company
6.1

Consensus Recommendation Summary


0
2
5
0
0
Sell Under Perf. Hold Out Perf. Buy

Number of Brokers in Recommendation Summary: 7

Consensus Earnings

FY10 FY11
Consensus EPS1 (c) 5.8 7.3
EPS Growth (%)   24.5
P/E Ratio (x) 14.1 11.3
P/E Rel. All Ords (x) 0.96 0.93
P/E Rel. Sector (x) 0.62 0.65
Number of Brokers in Earnings Survey: 7 7

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Historical Forecast Earnings And Recommendations

Consensus Recommendations

Consensus information provided by Reuters.

Consensus EPS Forecasts 1

1. Consensus EPS is generally "reported EPS" but will vary as to whether it is on a pre or post preference earnings basis. This number is not always on the same basis as the Aegis EPS.

Peer Recommendation Comparison

  P/E (x) EPS Chg (%) Dividend Yield (%) MktCap ($M) Price ($) Consensus Rec
  08A 08A 08A    
Ten Network 17.2 (23.8) 8.1 1,744.1 1.66 Hold
Austar 42.3 6.6 0.0 1,547.0 1.22 Out Perf.
Seven Network 10.4 (1.1) 4.9 1,309.0 6.88 Hold
Southern Cross Media 11.9 (41.2) 21.1 689.5 1.81 Out Perf.
Prime Media Group 3.4 0.0 21.3 106.0 0.82 Hold

Tools

Advertisement

Wealth

Go for growth assets

Go for growth assets

James Dunn

THE increasing longevity of Australians means super investments must work harder for longer.

More Wealth Coverage

Also in The Australian Today

THE AUSTRALIAN

Gamer to pay $1.5m for illegal upload

A QUEENSLAND man faces financial ruin after illegally copying and uploading New Super Mario Bros to the internet a week before its...

Australian IT

Kramer quits as Telstra restructures

TELSTRA product management boss Holly Kramer has resigned amid a massive reshuffle at the top deck and the creation of new business...

Higher Education

Flinders recovers $14m after alleged...

FLINDERS University has recovered nearly $14 million allegedly stolen by a staffer last month under a court approved agreement with the...

Politics

Insulation program suspended after deaths

PETER Garrett is under pressure to offer free safety checks for 37,000 houses with potentially deadly foil insulation in the wake of...