This seems like a Rembrandt in the attic situation after a couple of acquisitions that seem like Marvel/Lucasfilm-style bargains to me and a massive price over-correction leaving the P/E at 6.
$400m got them all LOTR rights except for book publishing and some feature-length film (which they still profit from as Warner are required to continue pumping new titles under the license or risk losing it), as well as long-term partnerships with the likes of Games Workshop and Wizards of the Coast.
Purchasing Eidos’ western assets for $300m is an even bigger steal given they generated around $150m in sales in 2021 and came with the rights to Tomb Raider and Deus Ex.
Even the current enterprise valuation of $4.7b doesn’t seem sufficient for owning the LOTR and Tomb Raider IP.