| Archive - these pages are part of the continuing record of Executive Government - for the current Administration, see www.beehive.govt.nz |
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Appendix II.2 Listed Television Broadcasters Pricing Continued
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|
1997A |
1998F |
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|
Ent. Value(1) (incl. Net Debt) |
Ent. Value/ Sales |
Ent. Value/ EBITDA |
Rel(2) |
Ent. Value/ Sales |
Ent. Value/ EBITDA |
Rel(2) |
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|
New Zealand
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|
INL |
NZ$ 1,342.8 |
1.4x |
10.8x |
113% |
1.3x |
10.1x |
106% |
|
|
SKY(3) |
NZ$ 1,106.7 |
6.3x |
23.9x |
252% |
4.9x |
16.0x |
169% |
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|
Australia |
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|
Seven |
A$ 1,842.8 |
2.5x |
8.9x |
97% |
2.3x |
9.2x |
104% |
|
|
Publishing and Broadcasting |
A$ 4,033.9 |
3.6x |
11.8x |
128% |
3.4x |
11.3x |
129% |
|
|
Ten Network |
A$ 2,338.4 |
4.3x |
13.9x |
151% |
4.2x |
13.0x |
148% |
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|
Prime Television |
A$ 492.8 |
4.0x |
12.8x |
139% |
n/a |
n/a |
n/a |
|
|
Mean |
3.6x |
11.9x |
129% |
3.3x |
11.2x |
127% |
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|
Canada |
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|
Baton Broadcasting |
C$ 1,222.4 |
4.8x |
22.8x |
253% |
2.4x |
13.6x |
170% |
|
|
Canwest Global Communications |
C$ 4,400.3 |
5.3x |
16.0x |
178% |
n/a |
n/a |
n/a |
|
|
Chum |
C$ 580.8 |
2.2x |
14.2x |
158% |
n/a |
n/a |
n/a |
|
|
TVA Group |
C$ 408.7 |
2.1x |
9.6x |
107% |
n/a |
n/a |
n/a |
|
|
WIC |
C$ 1,276.7 |
2.6x |
11.4x |
127% |
n/a |
n/a |
n/a |
|
|
Mean |
3.4x |
14.8x |
165% |
2.4x |
13.6x |
170% |
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|
United Kingdom
|
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|
Carlton Comm |
£ 2,670.2 |
1.5x |
7.2x |
64% |
1.4x |
6.5x |
58% |
|
|
Granada Group |
£ 11,696.0 |
2.9x |
11.2x |
99% |
2.8x |
10.7x |
95% |
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|
Scottish Media |
£ 519.1 |
2.7x |
11.5x |
102% |
2.4x |
9.9x |
87% |
|
|
Ulster Television |
£ 111.4 |
3.2x |
12.9x |
114% |
n/a |
n/a |
n/a |
|
|
Mean |
2.6x |
10.7x |
95% |
2.2x |
9.0x |
80% |
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|
United States
|
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|
AH Belo |
US$4,978.0 |
4.0x |
13.2x |
101% |
3.5x |
10.8x |
93% |
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|
BHC Comm |
US$1,862.0 |
4.2x |
8.6x |
66% |
n/a |
n/a |
n/a |
|
|
Hearst-Argle |
US$2,386.0 |
6.2x |
13.5x |
103% |
5.8x |
13.0x |
113% |
|
|
Sinclair Broadcasting |
US$3,204.8 |
6.2x |
15.1x |
115% |
n/a |
n/a |
n/a |
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|
Young Broadcasting |
US$1,336.2 |
5.1x |
9.0x |
69% |
n/a |
11.0x |
96% |
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|
Mean |
5.1x |
11.9x |
91% |
4.7x |
11.6x |
101% |
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Source: Ord Minnett/Flemings Research, Bloomberg
(1)
Enterprise value as at 14 April 1998(2)
EBITDA multiple relative to the local market average(3)
SKY is not considered to be directly comparable to TVNZ. It is included here for reference onlyEBITDA multiples remove the effect that differing gearing structures, taxation treatments and amortisation practises have on a company’s earnings and consequently its valuation.
