Many moving parts here and much depends on factors outside of SKT's control.
@MarsC
Totally agree. It is a business with arguably very little moat, and a declining one as well. Yet, it is still highly cash flow generative, which is what I find attractive about it, at its current price.
As you say, stabilising subscriber numbers will be key, as well as establishing/maintaining the right partnerships.
Yes, I noticed the recourse to equity funding during 2019; I guess SKT need to strike a delicate balance between keeping their business alive (by acquiring/extending content) and keeping their balance sheet as clean as possible.
Their current valuation certainly seems to imply that either earnings will plunge quickly or any new business will have to be funded through continuous shareholder dilution.
I don’t really know, but a lot does seem to be in the price already.
(20min delay)