Peter Kennan of Black Crane Capital presented his investment thesis on Sky Network Television (New Zealand: SKT) at Asian Investing Summit 2021.

Thesis summary:

Sky Network Television is a monopoly New Zealand satellite pay TV operator with a growing number of streaming subscribers. It connects via satellite to one-third of New Zealand homes. Sky has exclusive rights to NZ rugby for the next five years. The company has a market cap of NZ$ ~300 million and trades at 2x EBITDA, with zero net debt.

Replay this LIVE session (streamed on April 15):

slide presentation audio recording

About the instructor:

Peter Kennan is the founder of Black Crane Capital. Prior to founding Black Crane in 2009, Peter was a leading corporate financier with UBS Asia Pacific. He has 25 years of investment and corporate finance experience across a diverse range of sectors and transactions. With UBS, Peter was Head of Asian Industrials Group for UBS Asia, a corporate finance sector team covering energy, infrastructure, resources, consumer/retail and general industrial companies. He achieved number 1 team rating in Asia in 2006 and 2007. Peter was also the Head of Telecoms and Media sector team for UBS Australia specializing in M&A, advising on many large, complex transactions. Prior to UBS, Peter spent 7 years with BP in a variety of engineering and commercial roles.