Is Southern Cross Media too much undervalued?

Recently Southern Cross Media(SXL:ASX) completed consolidation by 10:1. The management is currently working on restructuring the company. SXL:ASX has currently cash on hand about $271 million, Total assets $360.93 million, Annual revenue $540.15 million for FY19-20 and current Market cap is just $402 million. SXL:ASX's annual revenue for FY19-20 was $540.15 million however the expenses were $436.2 million which is too high and which leaves Net Profit After Tax $25 million for FY19-20. The company is restructuring and trying to reduce expenses. If they reduce expenses then they have already over $500 million annual revenue. I believe SXL is undervalued considering the financials, However this is not a financial advice take your own decision.