The way I see Sky getting a rerate by the market is if one of the following eventuates:
1) Corporate transaction occurs where a suitor offers a takeover or merger
2) A successful venture into broadband and changing business model. The fact they are selling property, paid off debt means the business is reducing operating and financial leverage and moving more to a variable cost base which will fluctuate more in line with revenue performance. So in other words if they hit their forecast of 75 to 100 per annum revenue growth then they will get a re-rate, clearly market does not have any confidence in management forecasts
