APN rated a ‘buy’ by Credit Suisse

Staff Writer

Credit Suisse has rated APN News & Media, the parent company of the Australian Radio Network and NZME, as a stock to watch in the coming months.

APN News & Media was rated Credit Suisse’s top stock pick from emerging companies, following the recent acquisition of 14.99% ownership by Rupert Murdoch’s News Corporation (here).

The Financial Review has reported that Credit Suisse’s Paul Buys has said he expects APN to deliver mid-teens percentage earnings growth driven by their growth in radio market share, outdoor performance and a stabilising of the print assets.

It is a time of change for APN, having moved the exposure of the company more aggressively in favour of the radio sector with the acquisition of 96FM in Perth; and they have gone on the record saying they are open to further acquisitions.

Meantime APN’s New Zealand arm, NZME, is in the process of consolidating radio, print and digital into a new facility on the CBD fringe in Auckland (here).

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