Ann: SWM: SWM and PRT Extend Affiliation Agreement, page-14

Well, $24-$25m is this year's NPAT. The problem is profitability is going backwards as FTA TV viewership declines. You're entitled to pro forma FY19 profitability for the new affiliation agreement based on FY18 profitability, but i personally wouldn't because revenue has been in structural decline since 1H16.

I don't think i've ever explicitly forecast PRT's NPAT halving - can you point me to my post where i said that? At any rate, PRT did $64m EBITDA in FY17 - assuming FY19 delivers NPAT of $18m, that'd be EBT of $25.7m and with $1.5m interest and $9.5m D&A, that'd be an approximate EBITDA of $36.7m, which would be a 2-year decline in profitability of 43%, so if i did say that profitability would halve, i'd say it's not too far off the mark.

You're welcome to reference the single digit earnings multiple to your heart's content, but multiples aren't an accurate shorthand way for valuing wasting assets (c.f. growing or static cash flow streams).