afr: ten undervalued says morgan stanley, page-3

And another article of a similar ilk, richrichie:

http://www.afr.com/p/opinion/analysts_seesaw_on_ten_valuation_6KltLe9U7g2L89F39mZ3ZO

Morgan Stanley says while EBITDA estimates put TEN on a toppy forward PER of 15X (SWM is on 6X), the share price implies that TEN's TV licence is only worth $600m, whereas Nine's licence is worth $1.3-$1.6b, and Seven's is worth $2b.

It says the licence gap should close with corporate activity or better ratings.
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Are the billionaires happy with the SP? I bet they are. They put a deposit down on this company, and then the rest of the company plummets, so they get the big % that they haven't paid for, for a song.