TIDMTBGR

Tiso Blackstar Group SE

20 April 2016

London, UK, 20 April 2016

Edison issues research update on Tiso Blackstar Group

Tiso Blackstar Group (TBGR) announced that it intends to focus solely on the media sector in future and dispose of all its non-media assets, almost half of the current portfolio. This move should, in due course, see the company transition from being valued on an NAV basis to an earnings basis. It should crystallise value for shareholders from the industrial assets and may lead to a re-rating for the media assets. TBGR's results showed its investments performing steadily against a difficult economic background in South Africa.

Management provides an intrinsic NAV figure for TBGR, based on market values for quoted investments (held through its investment in Kagiso Tiso Holdings) and on conservative estimates for unquoted investments (see our initiation note for details). This rose 0.2% to ZAR4,413m at 31 December 2015, but fell 16.1% in sterling terms to GBP193.4m (30 June 2015: GBP230m). The AIM shares currently trade at a discount to NAV of 47% (48% for the JSE-listed shares). Once the non-media assets have been sold, TBGR will effectively be a media company. The average P/E multiple of a basket of media peers is 13.8x, vs TBGR's current multiple of 1.7x.

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April 20, 2016 07:50 ET (11:50 GMT)

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