Sky Network Television Ltd

SKT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.90	Fctc	Hrhrnpbp

Sky Network Television Earnings: Flashing Neon Signs on Streaming

Brian Han

Aug 21, 2024

We trim our fair value estimate for Sky by 3% to NZD 2.90 per share or AUD 2.60 at current exchange rates. While fiscal 2024 EBITDA grew 3% to NZD 153 million, it was at the bottom of the NZD 150 million-NZD 165 million guidance and missed our expectations by 4%. Such a narrow miss would not ordinarily result in a change to our intrinsic assessment. However, the subdued quality of the result, coming at a critical juncture in Sky's transformation, warrants a revision.

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