The company has indicated that operating initiatives and JobKeeper will reduce the 2020 cost base by -18%.
The March quarter was weak but materially better than the broader radio market. April and May radio bookings are signalling revenues are down over -40%.
However, Macquarie notes the outlook for June and beyond is more positive as lockdown restrictions are likely to ease.
Neutral rating maintained. Target is $1.15.
Sector: Media.
Target price is $1.15.Current Price is $1.12. Difference: $0.03 – (brackets indicate current price is over target). If HT1 meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
