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  1. #16
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    Yes, but the signal was just NZ's on B1 but now with the Aussies able to receive the signal maybe there will be a greater chance of someone cracking the encryption. Like in the UK with BskyB.
    On a winner

  2. #17
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    From NZ Herald Saturday 18th November

    Brian Gaynor: Sky to gain more ground over TVNZ
    Saturday November 18, 2006

    The Government's decision to give TVNZ $79 million for its new free-to-air digital services was called a "bail-out" by CanWest chief executive Brent Impey.

    Impey is not far from the truth as CanWest MediaWorks and Sky Network Television have given TVNZ a hiding in recent years in terms of ratings, revenue and profitability.

    Most investors believe the rout of TVNZ will continue, particularly as far as Sky is concerned.

    Rugby has played a major role in Sky's success and the pay-TV operator looks more like the All Blacks in Lyon last weekend while TVNZ resembles the French.

    The company is superbly managed and has more television channels than All Black squad members whereas TVNZ has a number of high-profile individuals but is not putting it together as a team.

    Meanwhile TV3, which had a dreadful start, is winning more and more games each season under Impey's stewardship.

    The three major television groups have published their 2006 annual reports and the financial data in the accompanying table gives a clear indication of their relative performance.

    The first point to note is that Sky is the country's biggest television company with revenue of $549 million compared with $409.8 million for TVNZ and $254.3 million for CanWest (CanWest had television revenue of $143.6 million).

    This development is relatively new as TVNZ's television revenue exceeded that of Sky TV until 2003.

    The second point to note is that the two free-to-air stations, CanWest (TV3 and C4) and TVNZ (TV One and TV2) generate most of their revenue from advertising whereas Sky is heavily reliant on subscriptions.

    TVNZ is losing ground in terms of advertising as it suffered a 2.7 per cent decline in revenue from this source in the June 2006 year whereas CanWest's television revenue increased slightly.

    TVNZ's major problem is that its costs are growing far more quickly than its revenue. Since 2003 advertising revenue has increased only 9.8 per cent or $30.0 million whereas programme costs, its biggest expense, have risen 25.4 per cent or $47.5 million (TVNZ received $29.4 million of government funding in 2006, mainly for programmes).

    Sky has a relatively low level of advertising revenue with Prime Television (acquired on February 8, 2006) contributing $7.1 million to the June 2006 year figure of $47.3 million. The backbone to Sky is its subscription revenue, which has risen by 38.4 per cent or $129.9 million since 2003.

    Over the same three-year period the group's programme costs have increased by only 5.7 per cent or $9.6 million.

    Chief executive John Fellet is confident that subscriber numbers will continue to grow and he told the recent annual meeting that Sky is installed in 42 per cent of New Zealand homes whereas the pay-per-view penetration rate in the United States is nearly 90 per cent.

    Fellet often jokes that rugby is a major key to Sky TV's success and the best outcome for his company would be a 52-week season.

    Sky had operating earnings or earnings before interest, tax, depreciation and amortisation (ebitda) of $246.5 million for the June 2006 year, substantially ahead of both CanWest and TVNZ. The pay-per-view company had an ebitda margin of 44.9 per cent compared with 25.8 per cent for CanWest and a mere 8.3 per cent for TVNZ. CanWest's television margin was 24.9 per cent and 30 per cent for radio.

    Sky's operating margin has steadily increased over the past few years while TVNZ's has declined. CanWest's ebitda margin expanded in 2004 and 2005 but fell in the latest year because of the difficult advertising market.

    TVNZ is in a difficult situation because it is caught between two conflicting objectives, namely the need to achieve a commercial return and its charter requirements. This makes it extremely difficult to compete with a powerful pay-per-view operator and a lean and mean CanWest.

    RTE, the Irish national broadcaster with a similar conflict between comm
    metro / Sky Tower

  3. #18
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    It is one thing to provide information and spread ideas about stocks
    Refer to my thread "ryman too boring to talk about" and you will see i have posted my views before

    In your case you give good info however you spoil it by advertising your newsletter on the post. Clearly you are trying to gather customers, this is the real reason for your posting, not the desire to inform

  4. #19
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    why buy or sell on other people advise, put the numbers on warren buffet formula....simple...as per WB formula I value this stock at 410c

  5. #20
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    Thanks Hiawatha. The Herald article I read suggested there would be sport content on TVNZ digital, so I blame my sources!

    Ratkin: Get over yourself. If you have whinges about Metro's posts, alert them to the administrator. Read the terms and conditions, you will find his posts are perfectly acceptable. Try saying something positive (about anything!).

    Pimpit: That is as may be, however Mr Market currently rates this stock at 595 (or thereabouts). I favour it for a number of reasons:
    Near-monopoly in pay TV market
    Dominant player in overall TV market (see Gaynor analysis above)
    Outstanding management (see record over last 5 years)
    Heavy cash flows and low relative debt levels
    Benign regulatory environment (by comparison see TVNZ, strangled by its charter)
    Excellent ebit margins and reducing churn
    operating risk profile: low.

    I rate it a good medium-long term hold and it will be staying in my portfolio for a wee while yet!
    Marriage isn't a word. It's a sentence

  6. #21
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    Warren Buffet said “short term market is a voting machine long term it is a weighing machine”.

  7. #22
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    quote:Originally posted by Placebo
    24 hour news channel: Will be mainly local content with bulletins on the hour (comment: there isn't enough news to fill 1 1-hour bulletin a day at present -- how to fill 24??)

    NZ Herald reported (without denial from TVNZ) that there will be a high proportion of repeats on the digital platform.

    There will still be a cost barrier (albeit low -- about $200 to buy the decoder).
    re news: your not meant to watch it for 24 hours. You meant be be able to watch if for say 1 hour a day (but any hour you want).

    Re repeats: My flat mates pretty much only watch repeats of Friends (digital channel in the UK). drives me made but they are happy.

    Re decoder: All TV will include them shortly. With NZ being one of the last countries to go digital, this is a great benefit.
    Free delivery worldwide with Book Depository http://www.bookdepository.co.uk

  8. #23
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    CJ: Good points. TV has been around for 50+ years so there are whole generations who think Hogan's Heroes and Mash are the most original, cutting edge TV they have ever seen. How many channels of repeats are there, marketed as "UK Gold" etc etc (and yes, even whole radio stations -- I am a Hauraki fan!)

    Decoders: I am wondering if once the digital platform is up and running the `other' type of transmission will drop -- i.e. if you want to watch TV of any sort you will need a set-top box.

    In any case, my original view stands: None of this is a threat to Sky!
    Marriage isn't a word. It's a sentence

  9. #24
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    quote:Originally posted by pimpit

    why buy or sell on other people advise, put the numbers on warren buffet formula....simple...as per WB formula I value this stock at 410c
    You are doing just that and using WB's advice.

  10. #25
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    quote:Originally posted by djones

    You are doing just that and using WB's advice.
    djones: don’t be so nosey, metro’s investment advice newsletter is $105 per year, 1 share in Berkshire Hathaway Inc is over 100,000.00

    http://www.nyse.com/about/listed/lcd...ml?ticker=BRKA

  11. #26
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    When I started this thread on 30.10.2006 the price was $5.55. Today the stock is up another 14c with last sale at $6.49

    A nice 17% gain in less than 2 months!! Enjoying the run.
    metro / Sky Tower

  12. #27
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    See sky tv have a promo going , Is this a indication of a tough environment ahead for discretionary spending and perhaps exsisting subscribers not renewing because of reduced income?
    bull

  13. #28
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    Cool So What

    Quote Originally Posted by bull.... View Post
    See sky tv have a promo going , Is this a indication of a tough environment ahead for discretionary spending and perhaps exsisting subscribers not renewing because of reduced income?
    THEY always have a promo going so what is NEW..

  14. #29
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    They are just releasing their hd product...not surprising they are doing some marketing...

  15. #30
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    Have often considered buying this stock but never pulled the trigger.
    As a long term investor i like to look to the future and to be honest it seems rather murky where sky is concerned.

    The big worry is the internet , not only is it taking over from tv in terms of leisure activity of choice it also potentially could take over the actual programe deliver.

    Add in a recession where many people will be forced to choose between sky or their internet due to financial worries and you could well see a stagnation in subscriber numbers.

    I know which i would get rid of first and it wouldnt be my internet connection

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