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>The last decade for Sky TV (SKT) can be summarised by two very different periods.</li><li>Our key takeaway from its FY25 result, announced NZ Rugby deal and recently announced Discovery NZ (DNZ) acquisition, is that SKT is likely to, at the very least, maintain its current earnings power and cash flow over the medium term.</li><li>The strong growth in Sky Sports Now (SSN) did not fully offset the continued decline in Sky Box revenues, and we don’t expect it will in FY26 or FY27 either, but it is getting closer.</li></ul>

The last decade for Sky TV (SKT) can be summarised by two very different periods.Our key takeaway from its FY25 result, announced NZ Rugby deal and recently announced Discovery NZ (DNZ) acquisition, is that SKT is likely to, at the very least, maintain its current earnings power and cash flow over the medium term.The strong growth in Sky Sports Now (SSN) did not fully offset the continued decline in Sky Box revenues, and we don’t expect it will in FY26 or FY27 either, but it is getting closer.

Sky TV FY25 Result—Now For The Conversion