SKY NETWORK TELEVISION LIMITED (SKT)
Share Price Analysis and Chart

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02/03/2026

5

Underweight

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SKY Network Television reported a solid 1H26 result, with revenue of NZ$414m up 8% and earnings (EBITDA )of NZ$78m up 29%, both ahead of Morgan Stanley’s expectations, and FY26 guidance reiterated at NZ$820–835m revenue and NZ$145–160m EBITDA.

The broker trims FY26E revenue to NZ$821m on weaker SkyBox and streaming subscriber trends and softer Sky Free advertising, but lifts EBITDA forecasts by 1–2% on tighter cost control and lower programming spend, increasing FY26–FY28 EPS forecasts slightly.

Despite improved execution and a commitment to at least a NZD30c FY26 dividend, Morgan Stanley remains cautious on structural headwinds from cord-cutting, DTC launches by global studios and sports rights inflation.

The stock is viewed as expensive on 12x FY26E P/E given flat medium-term earnings and ongoing competitive risk.

Underweight retained, with the target price raised to NZ$2.50 from NZ$2.29. Industry view: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 26.36 cents and EPS of 27.97 cents.

01/09/2026

3

Neutral

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Jarden maintains a Neutral rating for SKY Network Television with its target price increased to NZ$3.27 from NZ$3.26 following an in-line FY26 result featuring underlying EBITDA of NZ$157m.

Despite a challenging economy, underlying revenue rose 9% year-on-year to NZ$826m, although standalone Sky revenue fell -1%.

The 6% increase in underlying EBITDA reached the upper end of guidance, supported by program cost savings.

Management declared an FY26 dividend of NZ32c per share, exceeding the target to double the FY23 payout.

The company set an FY27 dividend target of at least NZ35c per share, forecasting 10% annual growth from FY27 through to FY29.

Jarden makes limited changes to operating forecasts.