Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

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Equity Bottom-Up

Global Traffic Network / Equity Bottom-Up

<ul><li>RaaS is initiating coverage of media group GTN (ASX:GTN) with a base peer EV/EBITDA-derived valuation of $0.81/share, representing potential capital upside of 40% from the current share price, although we suggest premiums of 10% and 20% to the peer average are justified based on GTN's superior metrics.</li><li>• GTN has seen improved adjusted EBITDA across FY23 (+13.5%) and FY24 (+15%) but the utilisation rate of advertising spots is still below pre-pandemic levels.</li><li>We believe further improvements in utilisation together with some stock-specific cost reductions will drive EBITDA 31% higher in FY25, placing the group on very attractive multiples relative to peers.</li></ul>

RaaS is initiating coverage of media group GTN (ASX:GTN) with a base peer EV/EBITDA-derived valuation of $0.81/share, representing potential capital upside of 40% from the current share price, although we suggest premiums of 10% and 20% to the peer average are justified based on GTN's superior metrics.• GTN has seen improved adjusted EBITDA across FY23 (+13.5%) and FY24 (+15%) but the utilisation rate of advertising spots is still below pre-pandemic levels.We believe further improvements in utilisation together with some stock-specific cost reductions will drive EBITDA 31% higher in FY25, placing the group on very attractive multiples relative to peers.

GTN Ltd - Cost out, utilisation recovery and capital management

Australia

GTN Limited is a supplier of traffic information reports to radio stations in Australia, United Kingdom, Canada, and Brazil. The Company receives commercial advertising spots adjacent to traffic, news, and information reports from its network of affiliates and these spots are bundled together and sold to advertisers on a national, regional, or specific market basis.

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Global Traffic Network (GTN AU)

GTN Ltd - Cost out, utilisation recovery and capital management

RaaS is initiating coverage of media group GTN (ASX:GTN) with a base peer EV/EBITDA-derived valuation of $0.81/share, representing potential...

Research as a Service (RaaS)

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