Sky Network Television Responds to Pressure Cooker; FVE Cut to NZD 3.70
We cut our fair value estimate for Sky Network Television by 10% to NZD 3.70 (or AUD 3.40) per share, following the release of its fiscal 2017 result. The 13% fall in normalised EBITDA to NZD 295 million easily exceeded our NZD 263 million estimate, mainly driven by better cost control. However, pressure on the customer base shows no signs of easing, with Sky suffering another 5% loss in traditional pay TV subscribers to 736,577, driving a 4% fall in revenue to NZD 893 million.The 8% cut to our...
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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