Ann: Half Yearly Report and Accounts, page-5

So let me get this straight.

Using EBITDA as a proxy for Operating cash flow (pre-capex, etc.):
- FCF: $150m (lower end)
- Capex: $50m (higher end)
- Lease Liab (principal): $17m

FCF = $83m.

At the payout ratio mentioned, you're getting between $41.5m and $66.4m paid out, using the conservative end of guidance in each case.

With 175m shares on issue @ $2.47 (all figures in NZD), you end up with a MC of $432m, whilst swimming in cash.

So, buying this today, I'm getting:
- Minimum 19.2% FCF return post re-investment into the business
- 9.6% - 15.37% dividend yield, depending on the chosen ratio (possibly higher if you end up on the better side of guidance)
- A streaming service that's growing quite strongly
- A satelite business that's not really losing customers
- More cost savings to come in FY23

Am I missing something?