Poor First-Half Result Illustrates Strategic Imperative of Sky-Vodafone New Zealand Merger
We maintain our NZD 4.40 and AUD 4.20 fair value estimates for narrow-moat Sky Network Television after what may be its last result as an independent entity. The numbers continue recent negative trends, with subscribers down another 4% to 816,135 in the first half of fiscal 2017, EBITDA down 17% to NZD 150 million, and net profit after tax, or NPAT, slumping 32% to NZD 60 million.It would be easy dismiss the first-half fiscal 2017 performance as a sideshow, given the impending Commerce Commissi...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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