the investment case is very different to ten years ago and your assumption that I have been holding that long is incorrect. My average purchase price is between 16c and 24c (I hold in two different entities). The business of free to air tv has shifted and become less profitable and valuable in that time and they have had to deleverage. From a value investors perspective now the industry and profits are more stable (at a lower level reflecting the industry changes) it is a value trade for me, but I don’t provide any recommendations to anyone else. 3% shares bought back is still a meaningful return provided to shareholders. Don’t let your losses and lack of dividend cloud your view of the value at current prices (I don’t disagree that the losses have been large over the last decade, but that was a technology disruption and industry shift from the emergence of streaming services)
SWM Price at posting:
16.0¢ Sentiment: None Disclosure: Held
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