Up or Down ??, page-4064

That’s a really great analysis and, i think, errs on the conservative side, as you allude to. If they can run at around NPAT of $140m which i believe is conservative then, remember, that allows for further debt repayment (or growth investment, which of course carries risk). Notionally the $290m or so net debt COULD be paid down very quickly. As you say, absurd FCF yield above 14 percent. On today’s market cap of $670m implies a P/E of less than 5x on an increasingly (with time) very lowly leveraged business. I’m not sure you’ll find that very easily elsewhere for a business with leading market positions. I also happen to think that the scrutiny on FB and others around their content (‘news’ in particular) makes the traditional media content creators look more attractive than in recent times. SWM well positioned in my view. I don’t think this sell sown is warranted in the least and think it is about large players looking to enter at bargain levels. The stock with it’s current very low leverage and growth business in BVOD is as well positioned as it has been at any time in the last 10 years in my view, but now cheaper than ever