The Interim 2020 Report earlier this year stated the...

The Interim 2020 Report earlier this year stated the following,

"We finished the half year with 795,000 subscribers,
and have since welcomed over 130,000 active Lightbox
customers as a result of that acquisition. The progress
we have achieved in the last six months, along with
our investment in future growth areas, sets us well on
the track to have one million subscribers by 2021."

Satellite Monthly $79
SkyStarter $26 + SkySport $32 + SkyMovies $21

Streaming Monthly $50
Neon $10
SkySportNow $40

Let's say only 300,000 subs stay on satellite. Satellite being more expensive to provide.
300,000 × $79 × 12 = $284.4m

If the other 500,000 subs are signed up for both SkySportNow and Neon. The cheaper service to provide.
500,000 × $50 x 12 = $300m

$584.4m Annual Income
$100m expense per year from next year for Rugby rights.

Even after $157m capital raise. Market saying Sky only worth $227m?