New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Sky Network Television / Equity Bottom-Up

<ul><li>Sky TV (SKT) delivered a respectable result, slightly ahead of our estimates, with the core positive being strong revenue performance</li><li>Focus shifts (back) to programming rights costs; increasing our FY24 cost estimates again</li><li>Can the business model work with perpetually declining satellite subscribers? Spark's exit make it more plausible</li></ul>

Sky TV (SKT) delivered a respectable result, slightly ahead of our estimates, with the core positive being strong revenue performanceFocus shifts (back) to programming rights costs; increasing our FY24 cost estimates againCan the business model work with perpetually declining satellite subscribers? Spark's exit make it more plausible

Sky TV: 1H23 — Controlling the Controllables