Why Radio Jamaica leads IC TOP 10?

RJR Communications Group heads the 2020 Main Market IC TOP 10, with potential gains over the next twelve months of 200 percent at a PE ratio of 20 times projected earnings per share for 2021 of 20 cents that could rise to 25 cents or more. IC Insider.com projects earnings for the year to March 2020 to end at 10 cents per share for a PE ratio of 12.5.
Results for the media group for the nine months to December 2019, was vastly better than for the similar period in 2018, resulting in the stock price rebounding from its yearly low of 80 cents by more than doubling the December 2018 price. For the rest of the 2021 fiscal year, not all things may go well with the level of dislocation to the local economy arising from business closures currently in place.
Revenue growth for the nine months to December increased 3 percent over a similar period last year, with the group recording profit of $141 million compared with just $36 million for the same period in 2018. Importantly, television brought in 11 percent more revenues in the critical December quarter than for the similar period in 2018 while radio and newsprint brought in just two percent more. The 2019 results are the best they have been, going back to 2014. Improvement in revenues is better than it appears income for the previous year included advertising revenues related to the broadcasting of World Cup football.
Importantly, while many may associate the company with old media, the group is forging ahead with new media offerings and they are slowly building out their international offerings that will bring in added revenues going forward. RJR Group will benefit from the spending on the country’s upcoming general election due by the first quarter of 2021. The continued growth in the local economy is a major factor behind the recovery, with revenues growing as demand increased for the group’s products.

RJR shareholders at the 2019 AGM at the Jamaica Pegasus

While the current period will be challenging for some of their advertisers who may cut back on spending, the future is positive for the group as they grow their product offerings locally and overseas and increase revenues. On the cost side, the group has been chipping away at excess cost, but there is still more room for further enhanced efficiency.
One advantage that the group has is the low marginal cost of generating income that allows most of the added revenue generated, to flow to the bottom-line as an of the high degree of fixed cost.
The group’s gross cash flow amounted to $430 million for the nine months, with depreciation contributing $211 million. On a negative front, receivables grew by $426 million for the year to December and $300 million in the December quarter. Both are well above the growth in revenues for the year and the December quarter. In March, a related party, a senior manager and a director bought shares in the group, although not very large volumes.

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