Ann: Sky and WarnerMedia expand long term relationship, page-15

I think Sky is statistically undervalued whichever way you slice it.

I value the Goodwill 'asset' at $0 though. The goodwill came about in 2005 when sky tv was merged with a newspaper business and become SNT. That newspaper business no longer exists.

But...

Equity is $422M. If you subtract the goodwill you have adjusted equity of $167M.

So Mr Market says the cash generating operations are only worth about $120M.

The plant and property has a depreciated book value of $100M. That includes the campus as well as all other property and tech. The campus alone is probably worth close to that.

The Market values sky so low because it doesn't see that sky has a long term future - despite sky proving again and again that there are plenty of premium content suppliers (entertainment and sport) that see value in using an aggregator for distribution.