Sky Network Television

No medium-term targets or quantified forward-work backlog were supplied. Management states FY23 revenue, EBITDA and adjusted NPAT came in within guidance ranges, with capex "slightly above" guidance due to new-hardware investment. On shape, HY23 represented 50.2% of FY revenue, 47.1% of EBITDA and 51.4% of NPAT, implying a 2H that was modestly stronger on EBITDA but slightly softer on NPAT than 1H — a mixed rather than second-half-weighted pattern. The release therefore supports a read of modest top-line traction and broadly stable underlying EBITDA, but it does not support a view that earnings accelerated through the year.

• What is the full reconciliation between statutory EBITDA of $156.4m and the "underlying, adjusted for one-offs" number management is guiding off?
• Is the elevated capex run-rate (Sky Box and Sky Pod) a one- to two-year investment cycle or the new normal, and what does that imply for sustainable FCF and the dividend trajectory?
• Why did the effective tax rate rise ~500bps, and is 28% the new base rate?
• Is the programme-rights inventory build (+$13.4m, inventory days +5.1) a re-phasing of content cost into FY24, or a structural increase tied to the new rights portfolio?
• What is the split of growth between Sky Box, Streaming, Commercial and Broadband, given no segment breakdown was supplied?

This briefing cannot assess segment profitability, subscriber-level unit economics, or any valuation multiples, as none of those datapoints were supplied.