26c will be the low point for apn, page-6

apn is not just laden with debt, its management sucks. they sold half of the crown jewel, and are about to sell their other prized asset (in my view) ie nz print. and they are hoping to focus on their overpriced digital assets?! they are digging a bigger hole. and worst of all, borrowing to pay dividends. most will not agree with me re dividend, but this company needs to cut off dividend until they can manage their debt better ie without selling their core assets. earnings will drop significantly moving forward. it is a value trap looking in the rear mirror and projecting PEs of 3-4.