Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.45 loss per share (vs ฿0.46 loss in FY 2024) Full year 2025 results: ฿0.45 loss per share (improved from ฿0.46 loss in FY 2024). Revenue: ฿1.12b (down 3.8% from FY 2024). Net loss: ฿308.3m (loss narrowed 2.5% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Annonce • Feb 25
MCOT Public Company Limited, Annual General Meeting, Apr 30, 2026 MCOT Public Company Limited, Annual General Meeting, Apr 30, 2026, at 10:30 SE Asia Standard Time. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (฿2.72b market cap, or US$86.1m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: ฿0.04 loss per share (vs ฿0.082 loss in 3Q 2024) Third quarter 2025 results: ฿0.04 loss per share (improved from ฿0.082 loss in 3Q 2024). Revenue: ฿304.6m (down 2.1% from 3Q 2024). Net loss: ฿28.4m (loss narrowed 50% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.09 loss per share (vs ฿0.098 loss in 2Q 2024) Second quarter 2025 results: ฿0.09 loss per share (improved from ฿0.098 loss in 2Q 2024). Revenue: ฿280.5m (down 4.0% from 2Q 2024). Net loss: ฿63.3m (loss narrowed 5.9% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Annonce • Jul 09
MCOT Public Company Limited Announces Retirement of Thianchai Kamapaso as Independent Director, Effective July 5, 2025 Pol.Maj.Gen Thianchai Kamapaso, Independent Director, retired from MCOT Plc. due to reach of 65 year mandatory retirement age, in compliance with the Standard Qualifications for State Enterprise Directors and Employees Act, B.E. 2518, effective July 5, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.12 loss per share (vs ฿0.12 loss in 1Q 2024) First quarter 2025 results: ฿0.12 loss per share (further deteriorated from ฿0.12 loss in 1Q 2024). Revenue: ฿251.0m (down 7.4% from 1Q 2024). Net loss: ฿83.7m (loss widened 6.3% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annonce • Mar 27
MCOT Public Company Limited Announces Retirement of Phaiboon Siripanoosatien as Independent Director MCOT Public Company Limited announced that the retirement of Mr. Phaiboon Siripanoosatien as Independent Director, Terminate reason is Retire from office at the end of the term. Expire date is April 30, 2025. New Risk • Feb 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿40m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (฿2.38b market cap, or US$70.1m). Annonce • Feb 26
MCOT Public Company Limited, Annual General Meeting, Apr 30, 2025 MCOT Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:30 SE Asia Standard Time. Annonce • Feb 07
MCOT Public Company Limited Approves Board Changes MCOT Public Company Limited have organized a meeting of the board of directors no. 2/2025 on February 7, 2025, has resolved to appoint Mr. Wuttipong Jittungsakul, as Director, in replacement of Mr. Chanvit Nakburee, who resigned prior to completion of the term, effective on February 8, 2025. Mr. Wuttipong Jittungsakul will hold office until the 2026 AGM. New Risk • Jan 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.42b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿3.42b market cap, or US$98.6m). Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿5.20, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 19x in the Media industry in Thailand. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿5.70, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 21x in the Media industry in Thailand. Total loss to shareholders of 10% over the past three years. Reported Earnings • Nov 17
Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.058 loss in 3Q 2023) Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.058 loss in 3Q 2023). Revenue: ฿311.2m (down 7.3% from 3Q 2023). Net loss: ฿56.4m (loss widened 42% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ฿5.50, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 18x in the Media industry in Thailand. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿7.40, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 18x in the Media industry in Thailand. Total returns to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to ฿6.10, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 20x in the Media industry in Thailand. Total loss to shareholders of 18% over the past three years. Annonce • Sep 30
MCOT Public Company Limited Announces Resignation of Directors, Effective October 1, 2024 MCOT Public Company Limited announced that Mr. Teerapong Wongsiwawilas, Mr. Chanvit Nakburee and Mr. Boonson Jenchaimahakoon have submitted letters of resignation as Director of company due to reach of mandatory retirement age, effective October 1, 2024. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿3.42, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 21x in the Media industry in Thailand. Total loss to shareholders of 53% over the past three years. New Risk • Sep 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿2.35b market cap, or US$72.5m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.10 loss per share (vs ฿0.088 loss in 2Q 2023) Second quarter 2024 results: ฿0.10 loss per share (further deteriorated from ฿0.088 loss in 2Q 2023). Revenue: ฿292.0m (down 11% from 2Q 2023). Net loss: ฿67.2m (loss widened 12% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.26, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 19x in the Media industry in Thailand. Total loss to shareholders of 58% over the past three years. Reported Earnings • May 14
First quarter 2024 earnings released: ฿0.11 loss per share (vs ฿0.086 loss in 1Q 2023) First quarter 2024 results: ฿0.11 loss per share (further deteriorated from ฿0.086 loss in 1Q 2023). Revenue: ฿271.0m (down 11% from 1Q 2023). Net loss: ฿78.8m (loss widened 33% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Board Change • May 01
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Director Boonson Jenchaimahakoon is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annonce • Apr 03
MCOT Public Company Limited Announces Directorate Changes MCOT Public Company Limited at its AGM held on April 3, 2024, approved retirement of Assistant Professor Kangwan Yodwisitsak as Independent director; Assistant Professor Prasert Akkharaprathomphong as Independent director; Mrs. Yanee Sangsrichun as Independent director; Miss Siriporn Wairungruangkul as Independent director; Miss Kornpranom Wongmongkol as Independent directors (Due to compulsory Age of 65 years on February 5, 2024). The meeting also approved to elect 3 new Directors to replace those 5 Director who retired by rotation. In total, there are 8 new Directors, as proposed by the Nomination Committee, having the majority of votes from eligible shareholders present at the Meeting. Mr. Pawarit Phudpong Independent director; Miss Yada Kasayapanant Independent director; Mr. Sutichai Cheunchoosil as Independent director. Directors to replace those who retired by rotation: Mr. Chatchai Thnarudee as Independent director; Associate Professor. Puris Sornsaruht as Independent director; Miss Sutisa Prathumkul as Independent director; Pol.Maj.Gen Thianchai Kamapaso as Independent director; Miss Siriporn Wairungruangkul as Independent directors (appointed as Director for another term). Annonce • Feb 20
MCOT Public Company Limited, Annual General Meeting, Apr 03, 2024 MCOT Public Company Limited, Annual General Meeting, Apr 03, 2024, at 13:30 SE Asia Standard Time. Agenda: To approve the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the report on the Company's 2023 operating results (for the period between January 1 December 31, 2023); to approve the Company's Financial Statements for the year ended December 31, 2023; to approve the abstention of dividend payment for the year 2023; to approve the appointment of the auditor and determination of its audit fee for the year 2024; to approve the appointment new directors in replacement of those who are due to retire by rotation; to consider Revision of Articles of Association; and to consider other matters. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: ฿0.86 (vs ฿0.056 loss in FY 2022) Full year 2023 results: EPS: ฿0.86 (up from ฿0.056 loss in FY 2022). Revenue: ฿1.31b (down 6.9% from FY 2022). Net income: ฿587.5m (up ฿625.9m from FY 2022). Profit margin: 45% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Feb 05
MCOT Public Company Limited Announces Retirement of Kornpranom Wongmongkol as Independent Director MCOT Public Company Limited announced that Miss Kornpranom Wongmongkol, Independent Director, retired from MCOT Plc. due to reach of 65 year mandatory retirement age, in compliance with the Standard Qualifications for State Enterprise Directors and Employees Act, B.E. 2518, effective February 6, 2024. Annonce • Jan 30
MCOT Public Company Limited Announces Board Changes The retirement of Ms. Kornpranom Wongmongkol, Independent Director of MCOT Public Company Limited (MCOT Plc.) due to reach of 65-year mandatory retirement age, effective February 6, 2024, in accordance with Standard Qualifications of State Enterprise Directors and Officials Act, B.E. 2518. The Board of Directors of MCOT Plc., at the Meeting No. 1/2024 on January 29, 2024, at Meeting Room 601, Administration Building 1, has resolved to revise composition of the Audit Committee as follows: Asst. Prof. Kangwan Yodwisitsak, Chairman, Mrs.Yanee Sangsrichun, Member, Mr.Phaiboon Siripanoosatien, Member and Senior Vice President, Internal Audit Office, Secretary. The resolution shall take effect on January 30, 2024. The company appointed Mr.Phaiboon Siripanoosatien as Member of the audit committee. Composition of audit committee: Assistant Professor.Kangwan Yodwisitsak, Chairman of the audit committee. Mrs.Yanee Sangsrichun and Mr.Phaiboon Siripanoosatien, Members of the audit committee. The appointment/renewal of which shall take an effect as of January 30, 2024. Annonce • Jan 29
MCOT Public Company Limited Announces Board Changes MCOT Public Company Limited announced that at its board meeting held on January 29, 2024, the meeting has resolved to appoint Miss. Siriporn Wairungruangkul, as Director, in replacement of Pol.Lt.Gen. Sirichun Chunsangsawang, who resigned prior to completion of the term, effective on January 30, 2024. Pol.Lt.Gen. Sirichun Chunsangsawang, will hold office until the 2024 Annual General Meeting of Shareholders (to be held in April 2024). Reported Earnings • Nov 11
Third quarter 2023 earnings released: ฿0.06 loss per share (vs ฿0.023 loss in 3Q 2022) Third quarter 2023 results: ฿0.06 loss per share (further deteriorated from ฿0.023 loss in 3Q 2022). Revenue: ฿335.9m (down 5.3% from 3Q 2022). Net loss: ฿39.7m (loss widened 150% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Nov 11
MCOT Public Company Limited to Report Q3, 2023 Results on Nov 09, 2023 MCOT Public Company Limited announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.09 loss per share (vs ฿0.016 loss in 2Q 2022) Second quarter 2023 results: ฿0.09 loss per share (further deteriorated from ฿0.016 loss in 2Q 2022). Revenue: ฿327.4m (down 7.5% from 2Q 2022). Net loss: ฿60.1m (loss widened 449% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2023 earnings released: ฿0.09 loss per share (vs ฿0.063 loss in 1Q 2022) First quarter 2023 results: ฿0.09 loss per share (further deteriorated from ฿0.063 loss in 1Q 2022). Revenue: ฿304.6m (flat on 1Q 2022). Net loss: ฿59.4m (loss widened 38% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: ฿0.06 loss per share (vs ฿0.24 profit in FY 2021) Full year 2022 results: ฿0.06 loss per share (down from ฿0.24 profit in FY 2021). Revenue: ฿1.41b (down 6.9% from FY 2021). Net loss: ฿38.4m (down 123% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. Independent Director Boonson Jenchaimahakoon is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.02 loss per share (vs ฿0.064 profit in 2Q 2021) Second quarter 2022 results: ฿0.02 loss per share (down from ฿0.064 profit in 2Q 2021). Revenue: ฿354.0m (down 8.9% from 2Q 2021). Net loss: ฿10.9m (down 125% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.06 loss per share (down from ฿0.052 profit in 1Q 2021). Revenue: ฿307.4m (down 15% from 1Q 2021). Net loss: ฿43.2m (down 222% from profit in 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 84%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Independent Director Boonson Jenchaimahakoon is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 02
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.24 (up from ฿3.03 loss in FY 2020). Revenue: ฿1.51b (flat on FY 2020). Net income: ฿165.2m (up ฿2.24b from FY 2020). Profit margin: 11% (up from net loss in FY 2020). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.15 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿391.7m (down 2.5% from 3Q 2020). Net income: ฿21.1m (up ฿125.0m from 3Q 2020). Profit margin: 5.4% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.27 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿388.5m (up 22% from 2Q 2020). Net income: ฿43.6m (up ฿225.6m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Breakeven Date Change • May 18
Forecast to breakeven in 2021 The analyst covering MCOT expects the company to break even for the first time. New forecast suggests the company will make a profit of ฿113.0m in 2021. Earnings growth of 105% is required to achieve expected profit on schedule. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.05 (vs ฿1.39 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿361.2m (down 1.2% from 1Q 2020). Net income: ฿35.5m (up ฿986.9m from 1Q 2020). Profit margin: 9.8% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 26
Price target raised to ฿4.20 Up from ฿3.90, the current price target is provided by 1 analyst. The new target price is 16% above the current share price of ฿3.62. As of last close, the stock is down 46% over the past year. Is New 90 Day High Low • Feb 24
New 90-day low: ฿3.58 The company is down 3.0% from its price of ฿3.70 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 1.0% over the same period. Reported Earnings • Feb 24
Full year 2020 earnings released: ฿3.03 loss per share (vs ฿0.67 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿1.51b (down 36% from FY 2019). Net loss: ฿2.08b (loss widened 354% from FY 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 84%. Over the next year, revenue is forecast to stay flat compared to a 23% growth forecast for the Media industry in Thailand. Is New 90 Day High Low • Nov 27
New 90-day high: ฿4.80 The company is up 4.0% from its price of ฿4.60 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿0.15 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: ฿401.7m (down 32% from 3Q 2019). Net loss: ฿103.9m (loss narrowed 33% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 03
New 90-day low: ฿2.78 The company is down 41% from its price of ฿4.74 on 05 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: ฿3.20 The company is down 34% from its price of ฿4.88 on 16 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ฿4.32 The company is down 16% from its price of ฿5.15 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 4.0% over the same period. 
