Re-engineering a business to meet changing market demands is no cinch. Novus Holdings, which once earned a comfortable keep in the printing and publishing segment, has needed to rewrite its business model manual to ensure long-term sustainability. The market is not enthusiastically backing its attempts to adapt to fast-changing trading conditions, but the group should be commended for its efforts to communicate the strategy to investors. At the time of writing, Novus was trading on a historical earnings multiple of just over four and a rich trailing yield of almost 12%. But it could be some time before Novus can again produce the 2018 earnings number of over 100c a share, with the key Media24 printing contract much pared down. More pertinent is the forward earnings multiple estimate, which would be between seven and nine based on forecast earnings of between 50c and 60c a share for the financial year to end March 2019. The indicative earnings range may be a tad conservative, so opti...

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