Reality Check for Sky Network Television Shares as Earnings Pressure Intensifies
After staging a solid recovery from its recent November low, shares in narrow-moat Sky Network Television have suffered another reality check, retracing back to around our unchanged NZD 4.40 fair value estimate (AUD 4.20).The 5%-7% downgrade to management's previous NZD 296 million EBITDA guidance for fiscal 2017 implies a reduction of 17% to 19% from fiscal 2016. It starkly illustrates the pressure on Sky's traditional pay-television business (both subscriber- and cost-wise) in the face of alt...
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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