Good Write Up From The Boat Fund - Mar Qtrly, page-9

Another good article on NZM from TBF:

"Another way we can value NZM is to look at its most comparable peers and what they are trading on. Southern Cross Radio (SXL) trades on a PE of 11x and an EV/EBITDA of 8x. Fairfax (FXJ) trades on PE of 16x and EV/EBITDA of 8.5x. Macquarie Radio (MRN) trades on PE of 12x and EV/EBITDA of 7x. Applying a blended average of these to NZM and we get a valuation of $1.70.
Anyway we look at it, NZM is very cheap. Keep in mind that the market will take time to re rate the stock as investors will need to see some confirmation of earnings stability and growth. In the meantime, we are sitting, waiting and getting paid."

https://www.livewiremarkets.com/wires/a-small-cap-that-pays-you-to-wait