SCA back on top in ASX battle as it overtakes HT&E
Southern Cross Austereo’s (SCA) market capitalisation is back above rival Here, There & Everywhere (HT&E), which owns the Australian Radio Network (ARN).
Last week, HT&E had a milestone moment when its market capitalisation of $503.12 million surpassed that of the much larger SCA, which was at $480.87 million.
Since then, HT&E has held its annual general meeting (AGM), where it went over its 2020 calendar year results and flagged potential mergers and acquisitions.
It also revealed its revenues for the March quarter (Q1 for HT&E) were down 2.5% on the prior period, however noted the month of March 2021 was ahead of March 2020. The second calendar year quarter (April to June) is tracking well ahead of last year, with April up 53% on the prior period.
SCA also updated the market yesterday, and similarly reported a year-on-year decline for the March quarter. Its revenues were forecast to be down 6% to 8%, but were instead down 4.3% year-on-year – more significant than that of HT&E, but less dramatic than it had forecast.
SCA operates on the financial year (July 1 to June 30), and forecast that at its full-year results later this year, it will report earnings before interest, tax, depreciation and amortisation (EBITDA) of between $118 million and $125 million, up on last financial year’s $108.2 million, but still down on the pre-COVID 2019 financial year’s $147.4 million.
In response to the news released yesterday, SCA’s share price went up from $1.80 at opening to $1.91 at close. It peaked at $1.95.
Ahead of market opening today, its market capitalisation was $504.65 million.
HT&E, meanwhile, also opened at $1.80 yesterday, but had dropped to $1.72 by close. Its current market capitalisation is $477.86 million