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Seven, HT&E and WPP AUNZ fall off ASX 300 list as value of media companies continues to fall

Seven West Media, HT&E and WPP AUNZ have been knocked off the Australian Securities Exchange’s (ASX) 300 list.

Today’s adjustment comes after media and advertising companies have taken a battering due to COVID-19 and the associated turndown in consumer confidence and ad revenue.

The ASX announcement came out this morning

The ASX 300 measures the top 300 companies on the stock exchange. It includes the ASX 200 companies, as well as 100 smaller companies based on a number of criteria, including market capitalisation.

Seven West Media’s properties include its television network, as well as West Australian Newspaper Holdings. It recently sold Pacific Magazines to Bauer Media for $40m, but is still bogged down by significant debt.

HT&E (Here, There and Everywhere) has a stronger balance sheet and owns the Australian Radio Network (ARN), including stations Kiis FM and the Pure Gold network.

WPP AUNZ is the local operation for global giant WPP and includes creative agencies such as Wunderman Thompson, White Grey and VMLY&R, as well as media agencies Mindshare, Wavemaker and Mediacom.

In addition, Enero, the holding group for BMF, Hotwire and Orchard has been added to the All Ordinaries Index, which measures the 500 largest companies listed on the ASX. Combined, the companies amount to over 95% of the value of all shares listed on the exchange.

The changes come into effect on 22 June.

At time of writing, Seven’s market capitalisation is $262.82m, with shares trading at 14 cents. Its market capitalisation has fallen from $315m in February. Back in 2017, it had a market capitalisation over $1bn, but by the end of the year, it had slipped to $927.44m.

HT&E’s market capitalisation is currently $320.42m, with shares trading at $1.14. Two and a half years ago, its market capitalisation was $580.75m.

And WPP AUNZ is currently trading at 31 cents with a market capitalisation of $264.17m. At the end of 2017, it had a value of $783.98m.

Enero is trading at $1.35 with a market capitalisation of $116.2m.

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