Long term follower of this company. Yes, the business is in...

Long term follower of this company. Yes, the business is in decline. That is clearly obvious by now - but on all metrics such as earnings yield, FCF yield, div yield, ROA, ROE its starting to look incredibly cheap. Even in a "cigar-butt run off type of way"

I think any good news or more likely even absence of any more bad news will cause a very nice rally from these levels.

Its often hard to remove that "anchoring" bias when you look at where the stock was, however as the business has limited liabilities, there is minimal chance they will go out of business. They also have limited capex as all capex is related to advertising so even if the decline continues the business is still likely to earn 'some' no strings attached cash, albeit less than in the past.