The point is that it is not REASONABLE, for a company with the leverage it does, and the declining revenues it does, to sell for a market PE. That having been said, a reasonable PE for Lee, right now, might be 6-8x (and progressively higher as they keep reducing debt), which would justify a $2.60-3.50 stock price....which is exactly what I think we'll see again, some time in the next 6-12 months. At least a double on our money. Conservatively.
Everything in the text of your post is possible. But your headline is excessively optimistic. It will not sell for a 15x PE. Nor should it. I also am less sure than you are that revenue will actually be growing in 12-18 months. Either way, we agree the stock is a spectacular buy. (You can see my price targets in my other recent post.)
I would say that $6-10 would be possible, in 3 years. Possibly $10+, if they are paying a nice divvy....and they are able to refinance any remaining debt at, say, 5%.