6-7 weeks until they report. IMO this will be a watershed moment. I believe they'll reinstate a dividend. Net debt should be in the mid-$200m's and the interest burden extremely low (notwithstanding currently rising rates). Sure, they'll guide to some risks in the ad market, but the results will likely show the new-found stability in margins arising from the growth in BVOD to a very significant proportion of EBITDA. The market will see that this is priced at under 3x EV/EBITDA and around 4x EV/EBIT and that is ridiculous for a sector leader which no longer has balance sheet issues. IMO it will be back up above 55c in a flash. I think, for what it's worth, that the attack on the sector has been in part to accumulate SWM before these coming results. It is in better shape than at any time in the last 15 years and the value will come out
SWM Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held
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