Good Value, page-12

Medici
The fact the industry is struggling means size brings with it benefits of scope and also associated synergies. What I have found is the market goes on trends and at present old media is on the nose - but what you will find in my opinion is at some point people will realise all the money that is flowing into new media will not realise the return on capital and old media has the cash flow and market to adapt and change.
The PEs of seven and nine are also low , but PRT trades at a price and market cap where seven would not blink to offer a PE of 6.5-7.
The govt licence fees will also be cut over time and perhaps as soon as the May budget so today's prices are fine . Even if it gets to 30c in 12 months , I figure I would have picked up s grossed up yield of around 5.5c ( 4 fully franked ) so still marginally ahead.
I agree that it's the cheapest of the media companies in a sector which is in itself cheap