Sky Capitulates on Pricing; FVE Cut 8% to NZD 2.75
We reduce our fair value estimate for Sky Network Television by 8% to NZD 2.75 (AUD 2.55) per share. The downgrade is not a reflection of the fiscal 2018 first-half result, as the cost-driven 2% lift in EBITDA to NZD 154 million was better than expected, and the capital expenditure-driven 20% jump in free cash flow to NZD 82 million was reassuring.Rather, the cut in our intrinsic assessment is driven by the disappointing 46,006 subscriber loss in the first half. Even adjusting for the 10,608 cu...
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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