Ann: Sky and WarnerMedia expand long term relationship, page-16

I would actually say that minus goodwill (valuing goodwill at 0), Sky has equity of over NZD400m.

My opinion is that Sky may be already at, is close to or is very close to an inflection point. Going from a loss of NZD156m (FY2020) to a profit of NZD47 (YF21) is great. Combined with the growth with streaming (Neon is amazing, I swapped from Netflix to Neon) and broadband (a very attractive bundle with Disney plus which I am looking at also), I am hopeful a above NZD20c current/$2 post consolidation valuation will be reached soon (before 2022). A market cap of below or circa NZD300m just doesn't make sense.