OML -23.93%: the advertising media company briefly fell to 2-year lows today after showing a drop in market share at an investor presentation. The slides used at the Macquarie Conference showed a noticeable shift in trends since mid-March. Market share in the Street segment, which is ~30% of the company’s revenue, dropped 2%, and management blamed the fall on a competitor’s new offerings in Sydney, though that market share drop seems excessive. Media was particularly soft in April, 10% below pcp though a rebound is playing out in May & June. Reading between the lines OML has struggled to start the year with little opportunity to improve performance before the 1st half is up.
MM is neutral to bearish OML
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