price target 60 cents, page-17

Sale of the properties will be the catalyst for a big re rating. How imminent that it, I don't know, but you wouldn't think they would be that difficult to shift with PMP taking up new long term leases. Just a question of what yield they go out on. Unless I'm missing something ?

$70m EBITDA compared to a market cap of $50 mil ( and debt around $95m post sale). If anyone can find me a cheaper stock on a fundamental cashflow metric like that, I'd love to know it.

The longer term call is what level of EBITDA is sustainable given decline in print. My view is that at below 30c, pretty much all worst case scenarios, bar armaggedon, are covered.

Most likely 50-60c is take out value. If, by some miracle, we saw some pick up in retail, that would look cheap too.

IMO.