Ann: Half Yearly Report and Accounts, page-6

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Klogg

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24/02/22

15:12

Post #: 59794987
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Originally posted by Klogg: ↑

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?

Expand

Yep, had something wrong in my calcs...

I usually find it after typing it up.

Lease Liabilities are $37m for the year. (using last year's figures)

So FCF should be $20m lower ($63m at the lower end)

SKT Price at posting: $2.37 Sentiment: None Disclosure: Not Held
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