INM stake in APN may be worth €165m

INDEPENDENT News & Media’s 32.2% stake in Australian media group APN is set to be worth around Aus$272 million (€165m) if the Sydney-headquartered business meets expectations with its full-year results.

APN’s management told an investor presentation this week, the group is on course to report an operating profit, for the current year, “in line with market expectations”. Those expectations include earnings before interest and tax (EBIT) of somewhere between Aus$180m and Aus$190m and net profit of Aus$90m to Aus$95m.

“Based on the current exchange rate, INM’s stake in APN equates to $272m. Post the restructuring plan, INM shares outstanding will be of the order of 3.5 billion (up from around 840 million in June).