Ann: Coles Group to Reduce Use of Printed Medium for Catalogues, page-23

After today it's trading at something close to a 3x PE multiple. Even if earnings fall pretty severely as a result of this loss of contract then its still sub 5x PE multiple. And it's still earning actual profits and throwing off free cash. Plus it's winding back its high capex spend of the previous few years to a 'maintenance' level so there's more cash flow to be generated from that. Add to that the share price being very steady at $2 pre-Covid. Covid itself hasn't totally disrupted the business beyond repair which is how its now being price. Plus the fairly substantial director buys at prices higher than today. I'm starting to feel like I'm missing something here but this seems wildly undervalued now relative to its own history alone