Cord-Cutting Leads to Moat and FVE Cutting for Sky Network Television
We reduce our fair value estimate for Sky Network Television by 19% to NZD 3.00 (AUD 2.70), following a reappraisal of the group's long-term strategic and financial outlook.We forecast Sky's traditional pay-TV subscriber losses to continue in the medium term, before stabilising at 662,000 in five years' time, compared with our previous estimate of 695,000. We also see the start of price decline for the traditional pay TV product, with our five-year monthly average revenue per user, or ARPU, for...
SKY Television and its subsidiaries operate as a provider of multi-channel pay television and free-to air services in New Zealand across a range of platforms and to various devices. Co. and its subsidiaries have a portfolio of content encompassing entertainment, sports, movies, news and others. As of June 30 2015, Co. and its subsidiaries broadcasted a total of 121 channels, which comprised of 46 basic channels, 12 sports channels, five specialist channels, nine movie channels, 12 free-to-air channels, eight radio channels, 14 audio music channels, one pay-per-view (PPV) event channel, 11 PPV movie channels, and three PPV adult channels.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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