Definitely a few bits of info in the Nine results presentation that are a bit troubling. Page 28 - Stan FY22 EBITDA expected to be in low double digit $M, so we are looking at EBITDA of around $10M. With a revenue run rate of $340M, that means that assuming no revenue growth (worst case scenario), costs are expected to rise to ~$330M. That's up from $272M this year. Say instead there is a bit of revenue growth assumed, to around $350M. That would mean costs increase to ~$340M...
This dramatic increase in costs with a reduction in EBITDA margin is quite concerning, and all looks to be driven by Stan Sport. I don't see how Stan Sport has much growth potential in it, as it only has 3 sports, and all other major sports have been locked up for the foreseeable future (A League, NRL, AFL, Cricket, MotoGP, F1, NBL, EPL). Anyone have any thoughts on this?
Ann: FY21 Results Presentation, page-4
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