Ann: SWM: SWM and PRT Extend Affiliation Agreement, page-13

You just love painting the worst picture you can,
don’t you . As an example you use the half year NPAT vs Full year NPAT .

“We anticipate a soft trading environment in regional television advertising markets to continue to 30 June. As a result, Prime expects its core net profit after tax for the year to 30 June 2018 to be between $24.3 million and $25.3 million.”

So NPAT is 24.5- 25 ish . The affiliation agreement entails a lot more than the headline rate for PRT and the have won of few more concessions . They also believe the can monetise the cricket coverage in a substantial way. Before you ask what these are I suggest you get of the key board of you are truly interested , but seems to me your interest is to make your case even if what you assumed was going to happen hasn’t eventuated
Anyway - I am sure it was you that was arguing that the new deal would decimate NPAT to half only a few months ago. Lets take a NPAT or 18 m, ( mid point between our views ) that still puts this business at a PE of just over 6 .