If want to look at ebitda multiples then should use Enterprise Value which factors in the debt.
Also as another poster has correctly identified, its not just SWM look at the whole listed media section: NEC, SXL etc they are all down 30% odd in the last few months.
I think the market is discounting the shares because they fear advertising conditions are going to seriously deteriorate. Inflation pressures + interest rates (especially when applied to housing which jumped 25% during coronavirus) + rising rentals = big scare to Australian consumers.
Whether this plays out in actuality we don't know yet, but the market is exiting first and asking questions later.
SWM Price at posting:
48.5¢ Sentiment: None Disclosure: Held
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