PNC.A is post Media, very similar to GVC in its Print industry except that GVC has several other divsions outside of Print  that are rapidly growing.

The comparison in the Table below is conservative in that PNC.a is exclusively print.

Nevertheless, using PNC.A as Fair value, GVC would be valued at $1.90 at PNC EV to Ebitda multiple.

To this, you can add about $1 per share for the $120 m of negative book for PNC.A.

That is a Fair value adjusted for PNC.A negative book ( $120 m  Fair value of GVC t would be close to $3 per share

PNC.A has a substantial negative Book value, so that comparison with P/Book cannot be made.

However, using the Industry niche for P/Book for GVC., its fair value would be over $4 per share


Trailing Price to Book for Media, Broadcasting advert
 
https://csimarket.com/Industry/industry_valuation_ttm.php?pb&ind=902


 
 
 
 
 
 
Post Media
 
Glacier Media
 
 
 
 
 
 
Shares o/s
98,800,000
 
132,500,000
 
Market cap
$201m
 
$61 m
 
Debt
$238 m
 
$0.0 m
 
Cash
$52 m
 
$15.9 m
 
lease debt
$40 m
 
$2.9 m
 
Revene
$425 m
 
 
 
Gross Margin
28%
 
35%
 
Book Value
- $120 m
 
$183 m
 
Enterprise  value 
$427 m
 
$48 m
 
Ebitda
$33.2 m
 
$15.6m
 
 
 
 
 
 
EV / Ebitda
12.8
 
3.1
 
Price to book Multiple 
 
 
2.97
 
Fair value vs PNC
 
 
$1.90 /share
 
Fair Value P/Book
$0.0 /share
 
$4.10 /share