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“Undervalued” Ocean Outdoor considers sale

Out-of-home advertising company, Ocean Outdoor, is considering being put up for sale in a bid to maximise shareholder value.

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Ocean is undergoing a strategic and financial review process

The news comes after the company released a letter by the Board and management stating that they feel the Ocean is “undervalued” and that there is “meaningful upside potential” from the share price as it is currently.

Since the company was listed on the UK stockmarket in January 2019 its market value has risen 10% to around £352m.

According to the letter, the company considers this as an undervaluation and cites technical trading challenges “unrelated to Ocean’s strong business fundamentals and intrinsic value”.

Despite several acquisitions since 2018 and growth across the UK, and European countries including Norway and Denmark, the company’s share value has not increased as much as previously anticipated.

Ocean is now emerging from the pandemic in a position of strength with net cash on its balance street and as a pure-play digital asset

The letter reads: “Ocean is now emerging from the pandemic in a position of strength with net cash on its balance street and as a pure-play digital asset, with a differentiated technology offering that is well positioned to benefit from the significant recovery in OOH advertising that is underway.”

Looking forward, the company predicts full year 2021 revenues to be between £115m and £120m which equates to around 33% growth from 2020.

During the strategic and financial review process, Ocean has welcomed input from all shareholders and reinstates that the review process won’t necessarily result in a transaction.

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.


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