Southern Cross Media Group Ltd

SXL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.10	Mmkgm	Clmwwhsj

Southern Cross Media's No-Moat Rating Reiterated

Brian Han

Mar 28, 2024

Business Strategy and Outlook

The impact of covid-19 on Southern Cross was material, given the financial pressure that most advertising clients were under. But with the AUD 169 million capital raising in April 2020, Southern Cross' balance sheet was sufficiently replenished to weather the storm. This has been augmented by management's heightened cost and cash flow discipline.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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