Trading opportunity, page-20

I think net debt will be increasing sigificantly higher as last update stated, probably to fund another loss about $25-$30m, net debit would be around $60m.
Current market cap is $73m, given enterprise value of $133m for TEN.

As TEN is a loss-making company, in my view, its 'only value' comes from its intangible value of being one of the tree free to air TV broadcasters.

SEVEN and NINE, both are making good profit, therefore, are valued at over $1b each.

Upcoming media reform could save TEN if passed in full, including the change of ownership rule. If not, TEN might be delisted, but still have SIX months to find out.