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HT&E

ASX:HT1
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HT1
ASX
A$456M
Market Cap
  1. Home
  2. AU
  3. Media
Company description

HT&E Limited, together with its subsidiaries, operates as a media and entertainment company in Australia and Hong Kong. The last earnings update was 116 days ago. More info.


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HT1 Share Price and Events
7 Day Returns
-0.3%
ASX:HT1
1.8%
AU Media
-2%
AU Market
1 Year Returns
-5.3%
ASX:HT1
-8.7%
AU Media
16.7%
AU Market
HT1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
HT&E (HT1) -0.3% -4.4% -9.8% -5.3% -40.2% -68.6%
AU Media 1.8% 0.6% -6% -8.7% -11.9% -39.7%
AU Market -2% 0.1% 0.4% 16.7% 16.8% 24.4%
1 Year Return vs Industry and Market
  • HT1 outperformed the Media industry which returned -8.7% over the past year.
  • HT1 underperformed the Market in Australia which returned 16.7% over the past year.
Price Volatility
HT1
Industry
5yr Volatility vs Market

Value

 Is HT&E undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of HT&E to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for HT&E.

ASX:HT1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.9%
Perpetual Growth Rate 10-Year AU Government Bond Rate 1.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:HT1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 1.1%
Equity Risk Premium S&P Global 5.4%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.767 (1 + (1- 30%) (13.72%))
0.893
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.08% + (0.893 * 5.44%)
5.94%

Discounted Cash Flow Calculation for ASX:HT1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for HT&E is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ASX:HT1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 5.94%)
2020 26.23 Est @ 20.41% 24.76
2021 30.06 Est @ 14.61% 26.79
2022 33.24 Est @ 10.55% 27.95
2023 35.80 Est @ 7.71% 28.42
2024 37.85 Est @ 5.72% 28.36
2025 39.49 Est @ 4.33% 27.93
2026 40.81 Est @ 3.35% 27.25
2027 41.90 Est @ 2.67% 26.41
2028 42.82 Est @ 2.19% 25.48
2029 43.62 Est @ 1.86% 24.50
Present value of next 10 years cash flows A$267.00
ASX:HT1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= A$43.62 × (1 + 1.08%) ÷ (5.94% – 1.08%)
A$907.56
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$907.56 ÷ (1 + 5.94%)10
A$509.76
ASX:HT1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$267.00 + A$509.76
A$776.76
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$776.76 / 280.70
A$2.77
ASX:HT1 Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$2.77
Current discount Discount to share price of A$1.62
= -1 x (A$1.62 - A$2.77) / A$2.77
41.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price HT&E is available for.
Intrinsic value
42%
Share price is A$1.62 vs Future cash flow value of A$2.77
Current Discount Checks
For HT&E to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • HT&E's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • HT&E's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for HT&E's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are HT&E's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:HT1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.12
ASX:HT1 Share Price ** ASX (2019-12-06) in AUD A$1.62
Australia Media Industry PE Ratio Median Figure of 9 Publicly-Listed Media Companies 13.26x
Australia Market PE Ratio Median Figure of 520 Publicly-Listed Companies 18.65x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of HT&E.

ASX:HT1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:HT1 Share Price ÷ EPS (both in AUD)

= 1.62 ÷ 0.12

13.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HT&E is good value based on earnings compared to the AU Media industry average.
  • HT&E is good value based on earnings compared to the Australia market.
Price based on expected Growth
Does HT&E's expected growth come at a high price?
Raw Data
ASX:HT1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
12%per year
Australia Media Industry PEG Ratio Median Figure of 7 Publicly-Listed Media Companies 1.1x
Australia Market PEG Ratio Median Figure of 350 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

ASX:HT1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.26x ÷ 12%

1.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HT&E is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on HT&E's assets?
Raw Data
ASX:HT1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$1.86
ASX:HT1 Share Price * ASX (2019-12-06) in AUD A$1.62
Australia Media Industry PB Ratio Median Figure of 19 Publicly-Listed Media Companies 1.39x
Australia Market PB Ratio Median Figure of 1,586 Publicly-Listed Companies 1.67x
ASX:HT1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:HT1 Share Price ÷ Book Value per Share (both in AUD)

= 1.62 ÷ 1.86

0.87x

* Primary Listing of HT&E.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • HT&E is good value based on assets compared to the AU Media industry average.
X
Value checks
We assess HT&E's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. HT&E has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is HT&E expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is HT&E expected to grow at an attractive rate?
  • HT&E's earnings growth is expected to exceed the low risk savings rate of 1.1%.
Growth vs Market Checks
  • HT&E's earnings growth is expected to exceed the Australia market average.
  • HT&E's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:HT1 Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:HT1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 12%
ASX:HT1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 1.4%
Australia Media Industry Earnings Growth Rate Market Cap Weighted Average 21.8%
Australia Media Industry Revenue Growth Rate Market Cap Weighted Average 5.1%
Australia Market Earnings Growth Rate Market Cap Weighted Average 9.4%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:HT1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:HT1 Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 267 65 43 5
2020-12-31 260 62 38 5
2019-12-31 256 52 30 5
2019-12-07
ASX:HT1 Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 266 38 36
2019-03-31 269 16 37
2018-12-31 272 -5 38
2018-06-30 272 32 35
2018-03-31 266 54 34
2017-12-31 260 75 32
2017-06-30 294 30 264
2017-03-31 296 33 255
2016-12-31 299 36 245

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • HT&E's earnings are expected to grow by 12% yearly, however this is not considered high growth (20% yearly).
  • HT&E's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:HT1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from HT&E Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:HT1 Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.16 0.16 0.16 1.00
2020-12-31 0.14 0.14 0.14 1.00
2019-12-31 0.10 0.10 0.10 1.00
2019-12-07
ASX:HT1 Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.12
2019-03-31 0.12
2018-12-31 0.12
2018-06-30 0.11
2018-03-31 0.11
2017-12-31 0.10
2017-06-30 0.98
2017-03-31 1.08
2016-12-31 1.23

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • HT&E is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess HT&E's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
HT&E has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has HT&E performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare HT&E's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • HT&E's year on year earnings growth rate has been positive over the past 5 years.
  • HT&E's 1-year earnings growth is less than its 5-year average (2.5% vs 17.7%)
  • HT&E's earnings growth has exceeded the AU Media industry average in the past year (2.5% vs -30.3%).
Earnings and Revenue History
HT&E's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from HT&E Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:HT1 Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 265.70 36.03 20.00
2019-03-31 268.74 36.78 24.99
2018-12-31 271.78 37.54 29.97
2018-06-30 272.07 35.16 41.95
2018-03-31 266.00 33.52 34.46
2017-12-31 259.93 31.89 26.98
2017-06-30 294.26 264.36 41.42
2017-03-31 296.43 254.74 41.42
2016-12-31 298.60 245.12 41.42
2016-06-30 258.78 15.23 29.31
2016-03-31 258.90 12.02 29.31
2015-12-31 259.03 8.81 29.31
2015-09-30 559.24 -30.95 66.09
2015-06-30 566.66 -30.17 67.23
2015-03-31 704.91 -10.55 67.23
2014-12-31 843.16 9.07 67.23
2014-09-30 835.64 36.79 183.52
2014-06-30 828.13 64.50 299.81
2014-03-31 822.68 57.98 299.81
2013-12-31 817.23 51.47 299.81
2013-09-30 814.49 -60.05 300.17
2013-06-30 811.75 -171.57 300.53
2013-03-31 817.36 -379.32 300.53
2012-12-31 822.96 -587.07 300.53

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • HT&E has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • HT&E used its assets more efficiently than the AU Media industry average last year based on Return on Assets.
  • HT&E's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess HT&E's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
HT&E has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is HT&E's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up HT&E's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • HT&E is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • HT&E's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of HT&E's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • HT&E has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from HT&E Company Filings, last reported 5 months ago.

ASX:HT1 Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 566.86 0.00 107.70
2019-03-31 566.86 0.00 107.70
2018-12-31 572.13 0.00 128.36
2018-06-30 638.59 189.99 13.47
2018-03-31 638.59 189.99 13.47
2017-12-31 622.68 133.08 18.77
2017-06-30 769.74 166.70 12.43
2017-03-31 769.74 166.70 12.43
2016-12-31 762.47 161.31 20.22
2016-06-30 308.04 183.65 10.14
2016-03-31 308.04 183.65 10.14
2015-12-31 461.53 471.41 21.72
2015-09-30 461.53 471.41 21.72
2015-06-30 481.16 528.62 41.85
2015-03-31 481.16 528.62 41.85
2014-12-31 468.69 489.31 38.98
2014-09-30 468.69 489.31 38.98
2014-06-30 513.97 466.98 24.96
2014-03-31 513.97 466.98 24.96
2013-12-31 610.55 414.40 19.96
2013-09-30 610.55 414.40 19.96
2013-06-30 656.83 441.36 27.47
2013-03-31 656.83 441.36 27.47
2012-12-31 585.50 437.82 20.34
  • HT&E has no debt.
  • HT&E has no debt compared to 5 years ago when it was 82.8%.
  • HT&E has no debt, it does not need to be covered by operating cash flow.
  • HT&E has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess HT&E's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. HT&E has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is HT&E's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.33%
Current annual income from HT&E dividends. Estimated to be 5.74% next year.
If you bought A$2,000 of HT&E shares you are expected to receive A$87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • HT&E's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.44%).
  • HT&E's dividend is below the markets top 25% of dividend payers in Australia (5.59%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:HT1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Australia Media Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 5.7%
Australia Market Average Dividend Yield Market Cap Weighted Average of 390 Stocks 4.1%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.5%
Australia Bottom 25% Dividend Yield 25th Percentile 2.4%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:HT1 Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.10 5.00
2020-12-31 0.09 5.00
2019-12-31 0.09 5.00
2019-12-07
ASX:HT1 Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-02-12 0.070 3.966
2018-09-28 0.070 3.872
2018-02-14 0.080 3.531
2017-08-23 0.060 3.216
2017-03-17 0.040 1.586
2017-02-21 0.040 1.521
2014-09-03 0.000 0.000
2014-03-20 0.000 0.000
2014-02-18 0.000 0.000
2013-08-16 0.000 0.000
2013-08-15 0.000 0.000
2013-02-21 0.000 0.000
2012-08-17 0.455 20.631
2012-03-21 0.595 12.351
2012-02-23 0.595 9.795
2011-08-18 0.735 13.146
2011-02-25 0.980 10.464
2010-08-18 0.700 5.306
2010-08-17 0.700 5.106
2010-02-22 0.280 1.810
2009-05-21 0.000 0.000
2009-02-25 1.575 17.954

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of HT&E's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess HT&E's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can HT&E afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. HT&E has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of HT&E's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ciaran Davis
COMPENSATION A$2,754,226
TENURE AS CEO 4.3 years
CEO Bio

Mr. Ciaran Davis has been the Chief Executive Officer HT&E Limited (formerly known as APN News & Media Limited) since August 20, 2015. Mr. Davis has been Managing Director and Executive Director of HT&E Limited (formerly known as APN News & Media Limited) since August 24, 2016. He served as Chief Executive Officer of Australian Radio Network Pty Limited at APN News & Media Ltd. since January 2010 until August 2015. He joined Australian Radio Network in January 2010 from Communicorp Group Ltd, where he spent 10 years working with the group's radio and media interests in Europe and the Middle East. He was Commercial Director with one of Europe’s largest independent groups operating over 40 stations in 9 countries. He served as Commercial Director at Communicorp Group Ltd from October 2008 to 2010, Chief Executive Officer for 98FM, Dublin from 2003 to 2007 and Marketing Director for 98FM from 2000 to 2003. Before joining Communicorp, He worked with Irish Permanent PLC from 1996 to 2000, leading their sponsorship activities of the Irish rugby team. He serves as Director of Commercial Radio Australia and The Australian Ireland Fund. Mr. Davis served as Director of NZME Limited until June 2016. He is also the Chairman of social video content marketing agency Emotive and is a Board member of Gfinity Australia, Soprano Design and Unbnd Group.

CEO Compensation
  • Ciaran's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Ciaran's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the HT&E management team in years:

0.3
Average Tenure
  • The average tenure for the HT&E management team is less than 2 years, this suggests a new team.
Management Team

Ciaran Davis

TITLE
CEO, MD & Executive Director
COMPENSATION
A$3M
TENURE
4.3 yrs

Yvette Lamont

TITLE
Executive Officer
COMPENSATION
A$801K
TENURE
0.3 yrs

Jeff Howard

TITLE
Executive Officer
COMPENSATION
A$2M
TENURE
0.3 yrs

Andy Nye

TITLE
Chief Financial Officer
TENURE
0.3 yrs

Jeremy Child

TITLE
Company Secretary & Group Taxation Manager
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the HT&E board of directors in years:

1.2
Average Tenure
59
Average Age
  • The average tenure for the HT&E board of directors is less than 3 years, this suggests a new board.
Board of Directors

Hamish McLennan

TITLE
Non-Executive Chairman
COMPENSATION
A$50K
AGE
53
TENURE
1.2 yrs

Ciaran Davis

TITLE
CEO, MD & Executive Director
COMPENSATION
A$3M
TENURE
3.3 yrs

Paul Connolly

TITLE
Non-Executive Director
COMPENSATION
A$121K
AGE
59
TENURE
7.2 yrs

Roger Amos

TITLE
Non-Executive Director
COMPENSATION
A$12K
AGE
71
TENURE
1.1 yrs

Belinda Rowe

TITLE
Non-Executive Director
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
30. Aug 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Aug 19 27. Aug 19 -156,946 A$1.71 A$-268,069
30. Aug 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 05. Aug 19 27. Aug 19 78,178 A$1.72 A$134,553
30. Aug 19 Buy First Sentier Investors (Australia) IM Ltd Company 06. Aug 19 28. Aug 19 769,884 A$1.72 A$1,323,212
16. Aug 19 Sell Perpetual Limited Company 02. Jul 19 14. Aug 19 -2,953,441 A$1.76 A$-5,197,560
16. Aug 19 Buy Perpetual Limited Company 01. Aug 19 01. Aug 19 18,201 A$1.76 A$32,083
06. Aug 19 Buy Realindex Investments Pty Limited Company 21. Jun 19 09. Jul 19 864,760 A$1.91 A$1,544,720
05. Aug 19 Buy First Sentier Investors (Australia) IM Ltd Company 21. Jun 19 01. Aug 19 634,021 A$1.76 A$1,118,720
12. Jul 19 Buy Spheria Asset Management Pty Ltd Company 21. May 19 10. Jul 19 1,651,245 A$1.81 A$2,903,737
03. Jul 19 Sell Perpetual Limited Company 04. Jan 19 01. Jul 19 -6,910,867 A$1.79 A$-12,359,443
03. Jul 19 Buy Perpetual Limited Company 10. May 19 20. May 19 1,715,521 A$1.82 A$3,118,153
21. Jun 19 Sell Realindex Investments Pty Limited Company 18. Feb 19 20. Feb 19 -58,805 A$1.79 A$-105,058
21. Jun 19 Buy Realindex Investments Pty Limited Company 19. Mar 19 20. Jun 19 3,308,591 A$1.87 A$6,187,158
21. Jun 19 Sell First Sentier Investors (Australia) IM Ltd Company 31. Dec 18 14. May 19 -1,150,946 A$1.80 A$-2,068,846
21. Jun 19 Buy First Sentier Investors (Australia) IM Ltd Company 25. Jan 19 06. Jun 19 1,667,401 A$1.77 A$2,946,308
17. May 19 Buy Spheria Asset Management Pty Ltd Company 02. May 19 10. May 19 977,054 A$1.81 A$1,758,816
30. Apr 19 Sell Spheria Asset Management Pty Ltd Company 14. Feb 19 15. Feb 19 -69,330 A$1.85 A$-126,580
30. Apr 19 Buy Spheria Asset Management Pty Ltd Company 03. Jan 19 26. Apr 19 4,119,634 A$1.79 A$7,162,541
07. Mar 19 Buy Roger Amos Individual 07. Mar 19 07. Mar 19 16,250 A$1.80 A$29,281
19. Feb 19 Sell Perennial Investment Partners Limited Company 27. Dec 18 15. Feb 19 -1,008,669 A$1.88 A$-1,696,054
18. Feb 19 Buy Hamish McLennan Individual 18. Feb 19 18. Feb 19 73,000 A$1.79 A$130,457
11. Feb 19 Sell Norges Bank Investment Management Company 25. Jan 19 25. Jan 19 -521,068 A$1.61 A$-837,049
28. Jan 19 Sell Norges Bank Investment Management Company 24. Dec 18 24. Jan 19 -408,223 A$1.61 A$-641,340
31. Dec 18 Sell Realindex Investments Pty Limited Company 28. Jun 18 21. Dec 18 -126,462 A$2.50 A$-316,137
31. Dec 18 Sell First Sentier Investors (Australia) IM Ltd Company 27. Jun 18 13. Dec 18 -4,299,038 A$2.51 A$-10,539,368
31. Dec 18 Buy First Sentier Investors (Australia) IM Ltd Company 16. May 18 13. Dec 18 5,713,078 A$2.43 A$13,864,629
28. Dec 18 Buy Spheria Asset Management Pty Ltd Company 11. Jul 16 20. Dec 18 17,266,804 A$2.24 A$38,674,248
26. Dec 18 Buy Norges Bank Investment Management Company 23. Aug 18 17. Dec 18 6,625,059 A$2.97 A$19,667,444
28. Dec 18 Sell Perennial Investment Partners Limited Company 24. Dec 18 24. Dec 18 -48,533 A$1.56 A$-75,603
28. Dec 18 Buy Perennial Investment Partners Limited Company 13. Dec 18 17. Dec 18 594,897 A$1.68 A$977,502
13. Dec 18 Sell Perpetual Limited Company 20. Nov 18 11. Dec 18 -4,718,319 A$1.70 A$-8,008,395
12. Dec 18 Sell Perennial Investment Partners Limited Company 23. Nov 18 10. Dec 18 -2,409,414 A$1.91 A$-4,017,482
X
Management checks
We assess HT&E's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. HT&E has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is There An Opportunity With HT&E Limited's (ASX:HT1) 29% Undervaluation?

In this article we are going to estimate the intrinsic value of HT&E Limited (ASX:HT1) by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (A$, Millions) A$26.3m A$30.3m A$33.8m A$36.7m A$39.2m A$41.3m A$43.1m A$44.8m A$46.3m A$47.7m Growth Rate Estimate Source Est @ 20.78% Est @ 15.24% Est @ 11.36% Est @ 8.65% Est @ 6.75% Est @ 5.42% Est @ 4.49% Est @ 3.83% Est @ 3.38% Est @ 3.06% Present Value (A$, Millions) Discounted @ 7.5% A$24.5 A$26.2 A$27.2 A$27.5 A$27.3 A$26.7 A$26.0 A$25.1 A$24.1 A$23.1 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= A$257.8m After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … ASX:HT1 Intrinsic value, August 24th 2019 The assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Don't Race Out To Buy HT&E Limited (ASX:HT1) Just Because It's Going Ex-Dividend

View our latest analysis for HT&E Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. … It paid out 86% of its free cash flow as dividends, which is within usual limits but will limit the company's ability to lift the dividend if there's no growth. … It's never nice to see earnings and dividends falling, but at least management has cut the dividend rather than potentially risk the company's health in an attempt to maintain it.

Simply Wall St -

Is HT&E Limited (ASX:HT1) An Attractive Dividend Stock?

In this case, HT&E likely looks attractive to investors, given its 4.1% dividend yield and a payment history of over ten years. … Click the interactive chart for our full dividend analysis ASX:HT1 Historical Dividend Yield, August 8th 2019 Payout ratios Dividends are usually paid out of company earnings. … In this analysis, HT&E doesn't shape up too well as a dividend stock.

Simply Wall St -

Imagine Owning HT&E (ASX:HT1) While The Price Tanked 67%

One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Rather, the share price change has reflected changes in earnings per share. … Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off.

Simply Wall St -

What Should Investors Know About HT&E Limited's (ASX:HT1) Capital Returns?

This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Thus, to understand how your money can grow by investing in HT&E, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE) … HT&E's Return On Capital Employed

Simply Wall St -

Who Are The Major Shareholders Of HT&E Limited (ASX:HT1)?

I am going to take a deep dive into HT&E Limited’s (ASX:HT1) most recent ownership structure, not a frequent subject of discussion among individual investors. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … ASX:HT1 Ownership Summary August 15th 18

Simply Wall St -

How HT&E Limited (ASX:HT1) Can Impact Your Portfolio Volatility

The other type of risk, which cannot be diversified away, is market risk. … Every stock in the market is exposed to this risk, which arises from macroeconomic factors such as economic growth and geo-political tussles just to name a few. … A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one.

Simply Wall St -

Are HT&E Limited's (ASX:HT1) Interest Costs Too High?

HT&E Limited (ASX:HT1) is a small-cap stock with a market capitalization of AU$821.71m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

When Should You Buy HT&E Limited (ASX:HT1)?

I find that HT&E’s ratio of 1.28x is trading slightly below its industry peers’ ratio of 1.52x, which means if you buy HT&E today, you’d be paying a relatively reasonable price for it. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … It seems like the market has already priced in HT1’s growth outlook, with shares trading around its fair value.

Simply Wall St -

Does HT&E Limited's (ASX:HT1) -147.93% Earnings Drop Reflect A Longer Term Trend?

Check out our latest analysis for HT&E Despite a decline, did HT1 underperform the long-term trend and the industry? … I use data from the most recent 12 months, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data. … This means that any recent headwind the industry is enduring, it’s hitting HT&E harder than its peers.What does this mean?

Simply Wall St -

Company Info

Description

HT&E Limited, together with its subsidiaries, operates as a media and entertainment company in Australia and Hong Kong. It operates through three segments: Australian Radio Network, HK Outdoor, and Digital Investments. The company owns and operates Australian Radio Network under the brands of the KIIS Network, Pure Gold Network, iHeartRadio, The Edge96.One, and Mix106.3 Canberra. Its iHeartRadio is an all-in-one digital radio service and live events platform that lets audiences listen to their favorite live stations, as well as allows listeners to create commercial-free custom stations, and find audio casts to create personalized daily custom talk stations; and creates video content and events in entertainment culture. In addition, the company operates theroar.com.au and theroar.tv, which are sports opinion and video platforms that combine expert columnists with edited fan-written sports articles; lostateminor.com, a culture and video site, which targets urban creative influencers; and techly.com.au, an Australian lifestyle and tech site for curious millennials. Further, it operates a network of approximately 450 outdoor advertising panels across Hong Kong tunnels and the iconic tram shelters on Hong Kong Island; and provides virtual reality content and platform, as well as mobile messaging technology services. The company was formerly known as APN News & Media Limited and changed its name to HT&E Limited in May 2017. HT&E Limited is based in Sydney, Australia.

Details
Name: HT&E Limited
HT1
Exchange: ASX
Founded:
A$456,131,372
280,696,229
Website: http://www.htande.com.au
Address: HT&E Limited
100 William Street,
Level 4,
Sydney,
New South Wales, 2011,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX HT1 Ordinary Shares Australian Securities Exchange AU AUD 02. Jun 1992
DB PNH Ordinary Shares Deutsche Boerse AG DE EUR 02. Jun 1992
CHIA HT1 Ordinary Shares Chi-X Australia AU AUD 02. Jun 1992
Number of employees
Current staff
Staff numbers
0
HT&E employees.
Industry
Broadcasting
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/07 10:31
End of day share price update: 2019/12/06 00:00
Last estimates confirmation: 2019/11/19
Last earnings filing: 2019/08/13
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.