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><p>Sky TV reported a solid FY22 result, in-line with its increased guidance but slightly below our estimates due to higher programming costs</p></li><li><p>The big box bet; Sky TV may very well grow satellite subscribers for the first time since 2014, but it is likely to be a one off</p></li><li><div><p>The content equation is getting harder...and harder...and harder: We were surprised by the guidance of NZ$40m of additional programming costs for FY23</p></div></li></ul>

Sky TV reported a solid FY22 result, in-line with its increased guidance but slightly below our estimates due to higher programming costsThe big box bet; Sky TV may very well grow satellite subscribers for the first time since 2014, but it is likely to be a one offThe content equation is getting harder...and harder...and harder: We were surprised by the guidance of NZ$40m of additional programming costs for FY23

Sky TV: Not Out of The Woods; Down to NEUTRAL