APN Outdoor: IPO forecasts upgraded

The outdoor media sector has continued its strong momentum in recent months with YTD revenue up 17.1% versus the prior corresponding period. Late in October, APN Outdoor (APO) upgraded its prospectus forecasts for a second time following its upgrade at the half-year result in August. The company’s pro forma EBITDA is now forecast to be between $68.0m and $69.5m for CY15, well ahead of the forecast it issued at its IPO in November 2014 ($53.7m). We have been extremely bullish on the out-of-home advertising space over the past 12 months and own all three ASX-listed players, namely APO, OML and QMS. (VIEW LINK)