2238 GMT - Sports Entertainment Group's regional expansion helps the sports media group secure a new bull at Bell Potter. Initiating coverage of the stock with a buy rating, analyst Michael Ardrey tells clients in a note that the Australian company's recent acquisition of New Zealand-based audio and ad platform MediaWorks brings opportunities for organic growth and above-target cost synergies. With a business that includes sports-talk radio, digital media and live events, Ardrey thinks Sports Entertainment can generate average annual Ebitda growth of 13% through fiscal 2029. Bell Potter places a target price on the stock of 0.45 Australian dollars. Shares are at A$0.265 ahead of the open.
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