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GTN Ltd - A 'what if' on capital management
SUMMARY
- GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.
- With material capital management flagged for later this calendar year, we think a capital return is the most likely option given a lack of franking credits for a special dividend.
- We look at a range of capital return amounts, including our base case for a $0.25/share capital return (or $49m in total) as this would result in a debt/EBITDA ratio around the peer average of 1.0x FY25f and fit within the current $35m banking facility.
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