I agree with you that there are certainly some fair points...

I agree with you that there are certainly some fair points around the macroeconomic environment impacting media stocks. That said, it's important to distinguish between cyclical pressures and structural headwinds.
Yes, the RBA’s rate hikes and the ad market downturn have hit media broadly, but SWM's 80%+ share price drop isn't only due to macro. Companies like NEC or OML (the later I am a fan of and would have liked SWM to take a position in when it languished in the low dollar region and which I mentioned in previous posts)have seen declines, but not nearly on the same scale. That suggests company specific factors including strategic execution, debt levels, content costs, and digital transition challenges are contributing.
It’s true that operating leverage can drive outsized earnings growth in a recovery. But it also works the other way in downturns, profits collapse faster. That’s likely part of what we’ve seen over the past two years. The same leverage that looks appealing in theory is dangerous without visibility into sustained ad revenue rebound.
Investors wanting a dividend ( me being one of them)is one thing. But management can't pay out dividends and use some of that bulging Franking balance just to satisfy sentiment, they need to ensure balance sheet stability. With media consumption shifting and streaming competition rising, reinvestment may be more prudent than chasing yield.
Even if we assume a recovery in ad spend, calling this an “absolute no-brainer” assumes perfect execution, no structural disruption, and a smooth macro tailwind all very optimistic. It also ignores the persistent risk of capital being trapped in legacy media assets.
The idea that everyone is simply “ignoring” the RBA pivot feels a bit dismissive of market efficiency. If SWM truly had a clear, near-term path to $155m+ NPAT and multi-bagger returns, the share price would likely be reacting already. The skepticism isn’t just emotion it’s risk pricing.

In short, I’m not disputing that SWM may be undervalued if the cycle turns hard and fast — but I’m cautious about assuming this is purely a macro story. Market pessimism seems to be pricing in a mix of cyclic and structural risks, not just ignoring the RBA’s dovish pivot.