Despite all the various analysts assessments, none to date have...

Despite all the various analysts assessments, none to date have refuted the basics of SWM generating circa $270m EBITDA for FY22 and likely circa $250m EBITDA for FY23. Neither have they asserted that it's revenues are in terminal decline (which some did assert a year or so ago), they have generally acknowledged that SWM is finding ways to generate revenue growth and agree that SWM has solved its debt issues.

Hence, in my opinion, at 43c and a market cap of $655m (so EV of $900m), it is trading at about 3.5x average forecast EBITDA for the next two years and remains very underpriced. Even at the Ord Minnett target of 65c ($990m market cap and $1,230m EV) it is still relatively cheap at 4.7x EBITDA.

Bottom line is I expect at least a re-rate to the mid 60's level in the near term as things settle down.

GLTA & DYOR.