NEC flat: one of many to present at the Macquarie Conference today, providing EBITDA guidance for the first time which fell short of expectations. The company said the advertising market declined 15% in the 3rd quarter, but they managed to pick up more than 2.5% in market share. They also expect a similar result in Q4 with a weak market partially offset by gaining market share across each of their platforms against their traditional rivals. Overall they expect to see EBITDA between $590-600m for the full year, ~5% below consensus. Despite the miss, Nine remains exceptionally cheap and shares outperformed the broader market today.
MM is long and bullish NEC
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