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) reported a solid FY22 result with underlying EBITDA of NZ$157M, in-line with guidance but NZ$10m below our expectations</li><li>FY22 dividend of NZ 7.3 cps is ahead of consensus but below our estimates</li><li>SKT guided towards a dividend pay-out of  ~13 cps in FY23, below our estimate (~20cps)</li></ul>

Sky TV (SKT) reported a solid FY22 result with underlying EBITDA of NZ$157M, in-line with guidance but NZ$10m below our expectationsFY22 dividend of NZ 7.3 cps is ahead of consensus but below our estimatesSKT guided towards a dividend pay-out of  ~13 cps in FY23, below our estimate (~20cps)

Sky TV (SKT): FY22 Result – Initial Impressions