NZME shares have responded positively after all, increase in market cap of ~5% (now $193M). If the total dividend paid for the FY ends up being 6c/share (~12M) then that represents a yield of 6%.
If the same could be expected for Sky, then with the reasoning above... after buybacks reduce the shares outstanding to 1.2B, then a starting divvy of $30M with a 6% yield would be a quoted value of $500M (~42c/share).
And we do know that the ultimate restoration of a divvy will have an enormous impact on the share price...after all, look how badly the SP was savaged when Martin Stewart cancelled all future dividends in August 2019 (
analysts had predicted a dividend cut but not a total stop...SP tumbled from $1.10/share to 28c/share before the crazy Capital Raise).