Scorecard: How FY24 was the year the bears came after Australia’s media stocks
Welcome to Tuesday’s update from Unmade. In today’s members-only post, we calculate our ASX scorecard for the 2024 financial year. As we reveal below, Australia’s listed media and marketing companies have lost more than $2bn in market capitalisation over the last 12 months
Further down, on the first day of the new financial year, the Unmade Index slips close to its low point once again.
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How Nine and Seven West Media led the Unmade Index down in the last financial year
This marks the third time Unmade has written an end of financial year wrap for our ASX-listed media and marketing stocks. Today’s numbers are the worst yet. All but three of the 14 local stocks we track have lost value for their investors in FY24.
In total, the Unmade Index lost $2.172bn in valuation. More than half of that came from the decline of Nine, which lost $1.157bn in its market cap.
Here’s the scorecard:
From the large (or, these days, largeish) stocks, Seven West Media saw the biggest percentage fall, losing 51.3% of its valuation over the course of the year. ARN Media wasn’t far behind, losing 39.5%.
But in absolute terms, the biggest loss of valuation came at Nine, and its majority owned real estate platform Domain, which lost $557m.
The only three stocks to finish in a stronger position were out of home company Ooh Media – which grew by 10.3% after bouncing back from an overdone profit warning that spooked the market at the end of the previous financial year – Sports Entertainment Group, and Vinyl Group which took in new capital as part of its acquisition of Brag Media.
Since we began the Unmade Index as a tracker of media and marketing stocks on a nominal 1000 points in January 2022, the Index has declined to 472.7 points on yesterday’s close – a loss of 53% across that period.
How the Unmade Index has fallen over the last two-and-a-half years:
How we reported FY23:
How we reported FY22:
More pessimism to start FY25
The Unmade Index began the new financial year by losing more of its value.
The index fell by 1.17% to 472.7 points – just half a point off the index’s all time low of 472.2 points.
Nine and Domain were among the biggest losers, while the audio stocks of ARN Media and Southern Cross Austereo both improved slightly.
Time to leave you to your day. Thank you as ever for supporting Unmade through your membership
We’ll be back with more tomorrow.
Have a great day.
Toodlepip…
Tim Burrowes
Publisher – Unmade
tim@unmade.media
