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) reported a soft and relatively messy 1H25 result, as expected. Guidance for FY25 was moderately reduced, but the midpoint aligned with our prior forecasts.</li><li>SKT experienced similar year-on-year losses in its important Sky Box subscribers, suggesting the well-communicated satellite issues have not accelerated churn.</li><li>Sky Sports Now (SSN) streaming revenues were slightly ahead of estimates, and its low margin broadband business continues to grow strongly. </li></ul>

Sky TV (SKT) reported a soft and relatively messy 1H25 result, as expected. Guidance for FY25 was moderately reduced, but the midpoint aligned with our prior forecasts.SKT experienced similar year-on-year losses in its important Sky Box subscribers, suggesting the well-communicated satellite issues have not accelerated churn.Sky Sports Now (SSN) streaming revenues were slightly ahead of estimates, and its low margin broadband business continues to grow strongly. 

Skycity Entertainment

Sky TV - 1H25 Result—Moderately Messy