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) is structurally challenged, with a fast declining satellite subscriber base.</li><li>But at 6x FY26 PE and a forward gross dividend yield of ~14%, that is more than reflected in the share price.</li><li>Not all trends are going against SKT. Content costs, in particular for domestic sports rights, have likely passed their peak (certainly in real terms), Sky Box frustrations seem to be abating, and the streaming ambitions of large content providers have at least temporarily been pared back. </li></ul>

Sky TV (SKT) is structurally challenged, with a fast declining satellite subscriber base.But at 6x FY26 PE and a forward gross dividend yield of ~14%, that is more than reflected in the share price.Not all trends are going against SKT. Content costs, in particular for domestic sports rights, have likely passed their peak (certainly in real terms), Sky Box frustrations seem to be abating, and the streaming ambitions of large content providers have at least temporarily been pared back. 

Sky TV - Approaching the Tryline: Up to OUTPERFORM