That crap you speak of seems to be provided as a matter of fact in slide 80 no?
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If a takeover was to happen soon I'd accept 25 cents ....maybe even 22 cents
I'd be happy to take anything north of 50 cents :t_up:
https://www.nzherald.co.nz/business/...AP7JSN5P3FHHQ/
Vocus merger with Sky still the best way to realise long-term value for both businesses.
Nothing below $1 please.
So FUBAR project that Sky will produce FCF of $210M between FY21 and FY23... yet only pay out a dividend of $8.7M in FY23?
I would like to chat with the 'analyst' who has put this together. What are they expecting Management will do with the remaining $200M for the remaining 3 years if not return it to shareholders?
If none of these unsolicited offers come to fruition in the next few months, I would still expect management to declare some sort of dividend at the Annual Results. No buyback was mentioned in the amazing presentation, so I guess that ain't happening.
FUBAR's numbers are wrong anyway. FY21 FCF is going to be more like $70M-$80M.
Even if The Board are conservative, I see no reason why they would not return $35M of that (2c/share) to shareholders.
Not making a prediction here, as who really knows when they will start paying out. Just making the point that even by FUBAR's numbers there is going to be a lot of cash generated even after taking into account programming costs and increased CAPEX (before it reduces after FY23). So there isn't really any reason to think that nothing will be paid out for years to come.
Given the Investor Day was one day before the end of FY21...they should have been able to state an intent of paying a dividend at the end of the year. They already know if they are able to or not.
They didn't have to declare a dividend or state how much, just they they expect to be able to pay a dividend this year and are working through what percentage of FCF is suitable given the investments needed etc.
But no, they didn't do that. They never actually shared anything that was particularly useful.
Slide 80 was 'interesting' but not useful.
This is how the management prepared that presentation
https://giphy.com/gifs/edbassmasters...F5tx9CEhSDxonC
Slide 80…
https://giphy.com/gifs/yevbel-steve-...BJp4dcSdGxv2Zq
No divvies, no buyback, no takeover, at least we have a new substantial holder.
worth keeping in mind about Forsyth Barr:
1) their arch rival is heading up the review of takeover offers.
2) they are backing the NZ players association plans to ruin the NZR silver lake deal. Talking down Sky is another indirect attack on NZR revenue stream (not to mention NZR owns some of Sky)