"So that would be 6 months. If we assume most subs are paying...

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mistaTea

604 Posts.

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14/02/20

20:29

Post #: 42944853
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Originally posted by mistaTea: ↑

"I should say that your numbers don't seem right (fwiw). The notes say RugbyPass was acquired late in August, and so it was held for little over 4 months, and had revenues of $2.8m in that period."

Actually, I just double checked the footnote with regards to the date...

"For financial reporting purposes the assets and liabilities of Rugby Pass have been valued and consolidated as if the acquisition had occurred on 1 July 2019 which is the date the Group effectively obtained control of RugbyPass. The acquired Group contributed revenue of $2,804,000 and losses of $7,057,000 to the Group for the period 1 July 2019 to 31 December 2019"

I know the detail had a completion date of 19 August (https://www.nzx.com/announcements/339233) but it looks like they have backdated the financials to 1 July 2019?

So that would be 6 months. If we assume most subs are paying approx NZ$23 per month...in 6 months that is $156 per user.

NZ$2,804,000 / 156 = 18,000 subs. We know some subs are paying less than that though (through various special offers as well as different prices in different jurisdictions depending on what rights are held...).

So 20,000 subs is probably close enough I think.

Which reinforces that organic streaming growth is going well while satellite subscription losses are slowing down a lot.

Also, if RugbyPass only has 20K subs...the upside potential is absolutely massive.

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"So that would be 6 months. If we assume most subs are paying approx NZ$23 per month...in 6 months that is $~~156~~138 per user.NZ$2,804,000 / ~~156~~138 = ~~18,000~~20,318 subs. We know some subs are paying less than that though (through various special offers as well as different prices in different jurisdictions depending on what rights are held...)."

Stuffed up the first calculation somehow! Anyway, corrections above.

SKT Price at posting: 60.0¢ Sentiment: Buy Disclosure: Held
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