Seven West Media isn’t one we follow too closely, but for their comments on the economic outlook.

Firstly, actual FY2023 missed consensus estimates by a fair bit (FY23 NPAT estimate of $152m), secondly, no dividend, which would be disappointing for anyone wanting income.

But the outlook comment probably did most of the damage. “Market decline accelerated in the second half”.

Advertising is very cyclical, and so given the rates backdrop this makes sense.

The bullet points didn’t give a tremendous sense (to me) of the outlook, and lacked the all-important “guesstimate” for where earnings will land.

Mgmt concluded that they were optimistic for FY24, but precisely for what, wasn’t elaborated on, in the press release.

The Q&A session in the call should shed additional light.

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