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Sunday, June 14, 2009

Emap Worthless says Apax

Poor Apax, who are invested in both Incisve Media and Emap have just written dwon their equity investment in Emap from £300m to nothing. Accounting rules require a marekt value of assets to be applied at the time of posting accounts. According to the Guardian, GMG chief Carolyn McCall says that Emap has "intrinsic value" (I though vlaue was something to do with Money) and maks £100m a year and profits are up.

Uh kind of. The truth is that on sensible view of value if Emap were sold today it is highly unlikely that any money would be left over after paying off the debt to hand to shareholders. It is also true that the mag business is having a tough time and the exhibition business is patchy and digital has a long way to go to be a major contributor to growth.

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