The other thing to keep in mind - the company is now roughly net cash, with another $50m coming in once Outside Broadcasting assets are sold to NEP.
With regard to Outside Broadcasting: my understanding is that the 50m$ figure associated with the disposal of the OSB assets is a forecast cumulative saving in future Capex over a 5-year period, not an upfront cash payment to be received by SKT (see announcement from 12 Aug 2020). Is there any subsequent announcement that makes you think otherwise?
In particular, the reduction in future Capex needs due to the OSB disposal is already factored into the current guidance, so I feel there shouldn’t be an adjustment to Net Cash for the purpose of calculating the current/prospective FCF yield on EV. Do you agree?
The other thing to keep in mind - the company is now roughly net...
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