Sky Reports Generally In-Line Fiscal Nine-Month Results; We Remain Skeptical Regarding a Bidding War
Sky reported fiscal nine-month sales that were basically in line with our expectations, and we are maintaining our fair value estimate of GBX 1,240 per local share and narrow moat rating. The firm reported revenue grew 4.5% year over year on a constant-currency basis versus our full-year projection of 4.7%. We continue to be impressed with its turnaround in Italy. Before Sky acquired the Italian business, it had virtually no net revenue growth for several years. However, since Sky took control, ...
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