Our opinion on the current state of EMH

E-Media Holdings (EMH) owns 67,7% of E-Media Investments which in turn runs ETV and E-News as well as other smaller operations. This company is investing heavily into multi-channel businesses which are showing good growth, but are still loss-making. E-Media's sole asset is a 67,69% stake in E-Media Investments and that, in turn, owns ETV, ENCA and Openview. In its results for the six months to 30 September 2023 the company reported revenue down 0,8% and headline earnings per share (HEPS) down 8.4%. The company said, "The net profit for the year of R381.0 million from continuing operations, is slightly behind the prior year profit of R418.7 million (restated for discontinued operations) which is in most part due to the R16 million deferred tax asset raised last year in relation to Platco as well as an increase in marketing spend of approximately R20 million to ensure consistent audience and revenue share. Advertising, being the major source of revenue for the Group, ended the period on R1.05 billion compared to the previous period of R1.04 billion. The Group managed to remain the biggest broadcaster with an overall prime-time share of 35.0% compared to the SABC at 30.7% and DStv at 27.6%". The enduring problem with this share and its "n" share (EMN) is that they are so thinly traded as to make investment almost completely impractical.