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OML

oOh!media Limited Comes Off 7% After CEO Steps Down

Tumul Sinha

Tumul is an experienced Equity Analyst with ASR Wealth Advisers. She holds a Master’s Degree in Finance from the University of Sydney. Her key industry verticals include Real Estate, Health Care and Technology.

oOh!media Limited (ASX: OML) has made an ASX announcement this morning outlining that Managing Director, CEO and Board member Brendon Cook intends to step down from all his roles during 2020. The company has confirmed that Mr. Cook will remain as MD and CEO and on the Board until oOh!media completes a global executive search to find a suitable replacement.

oOH mEDIA FALL 7%

oOh!media Limited (ASX: OML) falls 7% after Managing Director, CEO and Board member Brendon Cook steps down from his roles. (Credit: The Australian)

 

As the founder of oOh!media, Mr. Cook’s expertise was integral to the establishment, growth and success of the company since 1989. As such, the market did not react favorably to the announcement, with the company’s stock falling 7% shortly after market open, making it one of the worst performers in the ASX 200 index. However, if investors are still content with OML’s fundamentals, this news may present an opportunity to pick up the stock at a relative discount.

oOh!media Limited is an Australian outdoor advertising and media company based in Sydney, Australia. The company is one of Australia’s largest operators of out of home advertising products. The company has a market capitalization of $872 million and is currently trading at its lowest value since early December, with today’s news contributing to the less than favorable FY20 experienced so far, where the share price has fallen around 20%. OML is expected to pay a fully franked dividend of 3% this year.

In the announcement the company also confirmed its upgraded FY19 Underlying EBITDA earnings guidance to be in the range of $138 million to $143 million.

 


 

Disclaimer:

This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)

(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).

This article is provided for informational purpose only and does not purport to contain all matters relevant to any particular investment or financial instrument. Any market commentary in this communication is not intended to constitute “research” as defined by applicable regulations. Whilst information published on or accessed via this website is believed to be reliable, as far as permitted by law, we make no representations as to its ongoing availability, accuracy or completeness. Any quotes or prices used herein are current at the time of preparation. This document and its contents are proprietary information and products of our firm and may not be reproduced or otherwise disseminated in whole or in part without our written consent unless required to by judicial or administrative proceeding. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor in relation to any information contained herein. Any projections are estimates only and may not be realised in the future.

ASR has no position in any of the stocks mentioned.

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