Great insights as usual
@mistaTea. My general comment, which you touch on, would be that reading too much into H2 FY21 FCF forecasts should be considered in the context that we are still in abnormal times as we emerge from C19 - rather than a reflection of earnings power. The other important point, which you also allude to, is that price rises across the board are on the cards. This not just in sports, but general entertainment. Netflix is facing an avalanche of competition such that it's previous model may be starting to switch from growing subscriptions to raising ARPU. As you say, 59% of satellite subscribers with sport also have entertainment - price increases at Netflix (etc) would be of great benefit to SKT's value proposition.
Finally, I think you made an error (though a conservative one) in your statement that 59% of satellite subscribers have sport. In fact 69% do. 59% have sport AND entertainment, whilst only 10% have sport alone (31% have entertainment alone). This only strengthens your argument.
(20min delay)