Southern Cross Media Group Ltd

Sandon Capital, commenting around August 2025 when the shares traded near $0.85, highlighted a solid FY25 result with net profit up 239% on a depressed prior year, share gains in the key 25-54 demographic, continued (if moderating) growth in the LiSTNR digital app, and a stronger balance sheet following the divestment of the television assets, with management guiding to further earnings growth and solid free cash flow in FY26. Spheria Asset Management, commenting around September 2025 at about $0.90, was similarly positive on the underlying business, noting the reinstatement of dividends on strong free cash flow and debt reduction, and it went further to strongly support the newly announced Seven West Media merger as a source of $25-30 million in annual pre-tax cost synergies and a more diversified TV, audio and digital platform, seeing valuation upside for both SXL and SWM on low to mid-single-digit free cash flow multiples. Sandon itself, despite opposing the merger, still saw SXL's underlying "All about audio" strategy and improved cost position as a source of prior optimism, and by April 2026 it noted its shareholder campaign had already prompted the Chairman's planned retirement.