You are assuming the revenue does not decline in a market that is declining. The market is pricing in a rapidly decreasing revenue base as FTA is slowly dying (digital side will be killed by tue giant atreaming service providers). Hence your PE may be blown to more than 10 if say it declines further. Inverse of a growth stock. Also, the Stokes factor is heavy on investors' minds. It is not a premium but a huge drag on the SP.
SWM Price at posting:
22.5¢ Sentiment: None Disclosure: Held
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