Sorry to sound negative but my valuation for this company and...

Sorry to sound negative but my valuation for this company and you might laugh but seriously go have a look at around March 2009 and see what the shares were trading at,this is what there true worth is "IMO", now yes i hear you that was the gfc e.t.c. e.t.c. but you have more intangibles sitting on the balance sheet then equity in the business.Mr Packer is buying!! so this must be good right?? I'll leave that one to you!

This might be a good short term play for day traders and punters to make a quick buck, but "IMO" and maybe others i don't see this as a long term hold hence this isn't investment grade.No growth in the equity base over 5-10 years don't expect that anyway and very unlikely for the next 5-10 years if past performance is a reflection of what the future might hold and a mediocre company at best.

Besides dividend pay out ratio and all the other nonsense indicators i would be monitoring the stated profits for full year results 2010 and see if this is "Generally or there abouts" in line with the operating cashflow of the company.Look for a lower number to be trusted against the operating cashflow.If your looking for a quick buck then maybe you can take a ride with Packer and Crew and don't get me wrong this might be a good short term play but thats all it will be until he stops buying and the market realises how overvalued this company is.

Don't mean to be rude but i cant see the true intrinsic value of this company increasing in say the next 5-7 years at minimum.Share price will only monitor business performance over the longer term and in the shorter term its anyone's guess. Might as will flip a coin and after Packer and possibly others stop buying these shares at higher unjustified prices or as i say the Greater Fool Theory, then my guess is over a longer period of time the shares will get back in line with the business performance.Even with afl broadcast rights and those lovely tv shows we all watch e.t.c. e.t.c on ten you better expect a miracle and that is to grow profits for the shareholders well into the future if Packer takes charge.

At a very quick glance even taking into what tomorrows numbers might look like and next years results are i wouldn't be looking at this until it drops below 70 cents and even if this is unlikely i wouldn't be foolish enough to be to serious about this company.You might make a quick buck or two but for the value investors just be careful if you intend holding longer term and the intrinsic value doesn't match the business performance over time.

Maybe check out Roger Montgomery's valuation tomorrow night, on http://www.switzer.com.au/video possibly which i reckon will be in line with mine or lower.Either way i wouldn't be buying shares in channel ten where the sp is well over intrinsic value but as mentioned earlier possibly good for a short term play and no more than that.

The above is only my opinion and others will differ.

Cheers and goodluck to all holding this one.