dead company, page-7

Ive worked for multiple WPP companies in my time and this valuation is just not possible. Yes the debt is high but it's also back by WPP UK which is valued at $28 Billion AUD. It's paid consistent dividends for the past 10 years and the resignation of a CEO (or two, Sorrell definitely didn't help) does not justify a 50% drop in SP. The industry is going through tough times but Australia has one of the highest advertising spends per capita in the world. It's not a heavily traded stock and I believe 60% of all shares are owned by the parent company so it's simply an undervalued company with little love given. Happy to be proved wrong but I think it's fair value hovers around $1... All IMO of course. Any thoughts?