Analysts warning on APN breakup amid changes

Analysts warning on APN breakup amid changes
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Shares in APN News and Media have continued to fall after trading restarted today, following the resignation of the CEO, chairman and three directors last night.

Analysts have signaled the changes may well see a breakup of the company, which holds newspapers in New Zealand , as well as outdoor and radio assets, as it looks to pay down high levels of debt.

However, Samantha Carleton of Credit Suisse has warned the company “may have to accept a less than desirable multiple for these businesses”, whilst placing an underperform value on the stock.

So far today shares have lost 6.67% of their value in trading, taking them to a near-low of 28c each, having initially fallen 13% to 26c in early trading.

The company is currently facing a tough financial position with debts of just under $500m, more than three times its current market capitalisation.

Carleton believes the outdoor business, one of the largest in the country, would fetch between $100-$200m, whilst the radio would bring in between $150m-$300m, but has placed no value on the digital business.

APN is set to reveal its full-year financial results on Friday. 

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