Fairfax recovery sees shares hit 12 month high
Shares in Fairfax Media today reached their highest point in 12 months and almost double the price of their low point just over six months ago.
The share price of 67c on the ASX values the company at almost $1.6bn.
The company’s share price has undergone a steady recovery since October when its price dipped to 36 cents, valuing the company at less than $1bn.
The last time the company’s share price hit 67c was May 29, 2012.
Fairfax Media share price – last 12 months | Source: Google Finance
The company has been through a year of some of the most dramatic upheavals in its history, laying off hundreds of staff, closing printing presses and relaunching the Sydney Morning Herald and The Age from broadsheet to compact.
However, the recovery still sees the value of the company well below its peak share price of $6 in 2000.
Fairfax share price 1999-2013 | Source: Google Finance
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Can’t be revenue based recovery – if Reinhart and friends weren’t propping up the share price, buying in for whatever insidious reason, it’d be in the s-bend, not just the toilet.
Tim, run a graph of their online traffic next to print circulation from the last two years. Cutting to the bone is impacting readership, both in print and online.
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Annnnnd, it’s gone
http://www.google.com/finance?cid=670505
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The market values the company at less than three times its recent EBITDA. The market plainly expects the worst.
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