I think I will attempt timo answer my own question but hapoy for people to correct me.
The market does not see the current P/E as sustainable. They believe that the netflix ad (Disney etc) model will effectively kills local media. So the question is if P/E will be there at all, as the costs are fixed (rights timo AFL, etc already paid) but with substantially lower revenue, yielding a much smaller or negative E going forward. This, I think, is why share price has been sliding down with no recovery. Unless this is proven to be false, and I think it will be, reinstatement of dividends or more share buy backs won't change the course of the share price decay.
SWM Price at posting:
37.0¢ Sentiment: None Disclosure: Held
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