Saga's stock price performance for the last year has reeked, even compared to many of its peers. But with a current P/E ratio way below most of its peers and a consistently solid cashflow over many years, the stock IS undervalued.
They made some expense decisions (like expensing off an entire tower site they abandoned in Texas) in 2005 that meant missing expected EPS numbers and helped push the stock price into the ashcan. Add in one-time expenses they had to run up in order to comply with the new Federal securities regs and 2005 was far less than typical.
A couple quarters of doing what they're "expected" to do, and the stock price could easily bounce back at least into the $14-$16 range and then keep pace from there with the other broadcast stocks.
Saga's a bargain in the $10 range, even if one doesn't believe in the industry - or even in the the company - just due to an atypical past year.