mmg undervalued. opinions please, page-19

The gearing appears to be around 70% overall (excluding goodwill), While that is bearable on infrastructure companies with regulated income, it appears the market considers the broadcast income to be unreliable, hence gearing too high.

Maybe the US community newspapers are eating into it?

I don't know what represents value here.

Cashed up, so it could be worse if they were geared at this level with no cash.

Any ideas on future income and areas that might come under pressure?