The underlying earnings (which typically resembles FCF in less CAPEX intensive times) is usually about $40-$50M above NPAT (excluding any goodwill write downs...).
So if Sky were to report GAAP earnings of, say, $20M - then underlying earnings will probably be near enough to $70M. I like to call this figure Owner Earnings (Buffet's term) and it is the most important financial metric to me (though it is not a GAAP measure).
Sky TV could easily report GAAP NPAT of $20M and pay put $50M in dividends.
I should also caution readers - if this concept is not something you are able to grasp relating to Sky TV then it probably means that you do not understand the business very well. In which case you probably should not choose Sky TV as an investment.
I made someone cry on Sharetrader recently and got banned for a week. This is me trying to be straight up yet diplomatic.
SKT Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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