I believe he had CFO experience in Sky UAE
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I think a stabilisation in normalised FCF would see some pressure upwards. The market has been worried about subscriber losses, content costs and reduced earnings.
Subs have increased a lot (lower margin streaming customers for sure, but still very positive). We will get a flavour of how the cost control is going in the next report.
If they are able to maintain ~50M (3c/share) a year moving forward that can be used for dividends and/or a share buyback it should make the market view the business as more valuable.
Even if the market only valued the business at 10x 'distributed FCF' you would be looking at a MC of ~30c/share. If the market sees the changes in the business (i.e. becoming a telco) as a net positive and expects some growth in 'distributed FCF' over time then the MC could easily hit 40c+.
I am not making any predictions here, DYOR - just pointing out that it is not all doom and gloom for the business and I don't think it would take too much to move the needle.
Though it is also fair to say that the market has been very pessimistic about Sky's future prospects for some time now, so my assumptions may be wrong.
Interesting info about Vodafone Australia merging with and TPG
First merger attempt got blocked by regulators but then overturned in Federal Court.
Now trading under ASX ticker TPG as of 30th June 2020.
https://www.itnews.com.au/news/vodafone-and-tpg-15bn-merger-gets-court-approval-reports-537944