This owner of seven talk back AM radio stations including 2GB in Sydney and 3AW in Melbourne trades on a EV/EBITDA multiple for FY17 of below 5 times, yet radio assets have been sold recently on multiples of about 10 times. There is value but very little stock available. If you are a small investor, you should pick up small quantities up to $1, on the basis of its potential double-digit pre-tax yield if it pays 9 cents in dividends in FY17. Perhaps more stock will become available next year.

The merger should generate about $22m in synergies, of which it still has about $7m to secure. From its half year report, MRN is on track to achieve an EBITDA of about $26m. We believe it can make $33m in FY17 or almost 13 cents a share, leaving it easily able to pay a dividend of 9 cents, which would put it on a double digit yield at current prices around $0.72.