Outdoor advertiser APN has some quality assets and a strong market position.

Since listing in 2014, it has enjoyed solid growth, although that has stalled as of the most recent FY.  There's a good opportunity and favourable dynamics in the outdoor advertsiing space, especially with new technologies. Nevertheless, investors should expect rather cyclical earnings.

It is currently bidding for Adshell, offering $540m in shares and cash, which is an 11x EBIT/EV ratio, or about 8 with synergies factored in. Seems a bit pricey, but would certainly bolster their market position.

APN is itself being courted, with JCDecaux offering $6.52 per share under an unsolicited, unconditional takeover. (If APN wins AdShell, the ACCC may block the JCDexaux bid)

In general, I like this company. But one to avoid at the top of the cycle in my view. See my forecast page for intrinsic value estimate.