SXL Fire Sale Value???

Apologies if this has already been discussed. SXL owns 96 radio stations, what are the licenses alone worth?
DMG paid $106m in Syd and $52m in melb in 2004 for the last fm licenses in those cities.
Hot Tomato on the Sunshine Coast sold for $30m in 2018.
2CH in Sydney sold for $5.6m in 2017 on $2m per year revenue.

The current market cap is $422m. Using revenue alone to value, I am over $500m after looking at 20 stations alone and there are 76 to go......applied conservative reductions in revenue since 17/18 in contracting industry but still looks amazing value even considering the debt and that they were performing well below industry peers pre Covid and were heading for a much needed management change, before a Pandemic gave management a nice excuse to live another day.

I'm in pretty solidly at 11c (enough to post my first post) based on these crude sums......really interested in the pro's thoughts.