Fresh hell for media stocks on Friday 13th
Every stock on the Unmade Index over $100m market cap lost ground on what proved to be a harrowing Friday the 13th.
While the pain was widespread, some felt it more keenly than others. Southern Cross was punished (down 6.15% — falling back to a $292m market cap), News Corp was down 4.09%, Vinyl down 3.66%, Nine down 3.10% and Ooh Media down 3.04%.
ARN, down 1.41%, is getting perilously close to a $100m cap. At $108m it is now well below Vinyl Group in terms of market cap (if not revenue, EBITDA and cash flow – could it be a good deal even with its debt?*).
Motio was down close to 10% (-9.62%) and Ive was down 0.95%.
The only gainer was Enero, up 1.75%. SEG, GTN, Gumtree and Aspermont were flat.
Today’s overall sharp fall (-2.51%) combined with yesterday’s solid hit have taken the Unmade Index into fresh territory: we are now sitting at a new low of 423.5, surpassing the previous low of 6 November 2024. Not the sort of record we can celebrate.
* This column is not financial advice. Do not make investment decisions based on this data and commentary.
