Ready to pop, page-225

Very much in line with my thinking.

I would also add that, even in the base case of revenues just holding up and copyright costs not increasing, free cash flow generation (and therefore room for deleveraging) should increase significantly in FY20, once all the deferred considerations from previous acquisitions have rolled off.

That is clearly not what the market is currently pricing in, possibly because of the Company’s less-than-pristine history of delivered earnings vs guidance. While further disappointment is a definite possibility, I feel that not very much is presently priced in in terms of possible “success”, hence the opportunity.

Not a big holding for me as we speak, but one that I’d certainly contemplate adding to if things progress positively (up to a target size of possibly ~5%).