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

<ul><li>Sky TV (SKT) is set to report its 1H25 result on Friday, 21 February.</li><li>We expect it to be soft given the impact of several negative headwinds, notably: (1) its focus on delivering a successful satellite migration, (2) a soft economic backdrop, and (3) costs skewed to 1H.</li><li>Our focus areas will be: (1) Sky box subscriber losses, (2) streaming revenue, and (3) guidance—with the likelihood of sizable satellite migration and other costs to be removed to reach underlying earnings. </li></ul>

Sky TV (SKT) is set to report its 1H25 result on Friday, 21 February.We expect it to be soft given the impact of several negative headwinds, notably: (1) its focus on delivering a successful satellite migration, (2) a soft economic backdrop, and (3) costs skewed to 1H.Our focus areas will be: (1) Sky box subscriber losses, (2) streaming revenue, and (3) guidance—with the likelihood of sizable satellite migration and other costs to be removed to reach underlying earnings. 

Sky TV - 1H25 Preview—May Make for Bad Viewing

Skycity Entertainment

Sky TV - 1H25 Preview—May Make for Bad Viewing