Low risk - solid upside

Hi Folks Have bought a few at 10c and in line for a few more I think PRT at present presents a great risk/return opportunity. I say risk return as there are definitely stocks that may provide more upside but they are also exposed to the down side. PRTs investment case as I see it Market cap 36m, Net cash of 3.3 m end of Dec. Cash flow has averaged 13 m a half most recently but lets assume 60% this half so about 5.2 m lets add back the 3 m in spectrum fees that will not be incurred , part of which had already been paid and we get cash somewhere around 10-11m Now starting from July we have a EV of around 26m for the last few years a stand out of PRT has been cash flow generation as evidenced by the fact it paid down debt, paid the upfront SWM affiliation fee and costs of merger and still have managed to be net cash
now in the new world we must assume revenue will be lower as corporate Australia recovers but one big game changer for free to air television has been the requirement of the big tech giants to pay for content estimated to have 100 m revenue benefit . PRT will undoubtedly get a slice of that action . In a world were cash and cash flow is kind PRt May also have the opportunity to branch out and diversify, potentially into Radio or other media
I think a forward cash flow of 18m -20 m is reasonable ( down from about 26m ) especially taking into equation govt fee relief , subsidies and content payments .
The chances of dilutive and destructive capital raisings are low , and thus I think we have a business that has 50-60% SP upside with very limited downside and a true opportunity to diversify away from free to air . Within 2 years PRT will have more than its current market cap in cash IMO
I am in line for a few more at 10c