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Research update: Sky Deutschland November 10, 2011  Media / Broadcasting / Pay TV A solid set of 9M figures should provide Sky Deutschland, one of the worst performing MDAX stock in the third quarter, with some ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland October 05, 2011 TV football broadcasting is not about to change A six-year battle between a pub landlady and BSkyB could be over after the European Court of Justice (ECJ) ruled yesterday that she could use Greek set-top box decoder cards to screen Saturday 3pm Premier League football matches in her pub. There is some misinterpretation of the ECJ ruling in our view: Even though the ECJ made clear that there can be ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland August 15, 2011 Equity ratio down to 21% - and falling Operational highlights Operational numbers slowed in the seasonally weak Q2 with 97k gross vs. 107k in Q2/10. Ongoing investments in programme, however, kept churn rate low at ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland May 12, 2011 Q1 in line with estimates, ... Operational highlights Gross adds were 140k in Q1/11, similar to Q1/10’s gross additions of 123k. Net subscriber growth was 73k, after Sky Deutschland added approximately ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland February 24, 2011 Where is the turnaround? ... But where is the financial turnaround? Notwithstanding the solid operational metrics, Sky Deutschland was not able to improve profitability: For the full year, Sky Deutschland’s EBITDA loss was ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland November 11, 2010 Playing the HD game Q3 overview Sky Deutschland’s Q3/10 results are operationally improving, with another 45,000 net subscriber additions, with 90,000 HD subscriber adds, rising ARPU and falling churn. Notwithstanding these improvements, the results ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland September 30, 2010 The last one? The current capital injection could be the last one In the latest capital increase, a total of 168.9mn new shares were placed at a price of €1.05 per new share, resulting in proceeds of ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland August 03, 2010 How deep are the pockets of News Corp.? The current capital injection could be the last one Sky Deutschland plans financing measures to raise gross proceeds of at least € through a combination of a rights offering, the issuance of a convertible bond and/or a shareholder loan from News Corp. Major shareholder News Corp. has agreed to ... ...Subscribe to VISCARDI Research... |
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Research update: Sky Deutschland November 13, 2009 Lessons learnt? Germany is different. This seems to be one of the lessons, the management of Sky Deutschland should have learnt during the third quarter, since Q3 came in ... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG February 17, 2009 Two more years in the red ... Our 12-month price target of €0.50 per share implies -79% potential downside and is derived from a standardized three-stage DCF model (WACC 9.3%, g 2.0%). Our price target ... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG December 23, 2008 Doesn’t this sound familiar? The implementation of a new financial structure is a prerequisite to the survival of Premiere. Following the recapitalization, Premiere will make considerable investments in programming, technology and marketing. Nevertheless, Premiere will post significant... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG December 02, 2008 Not nearly enough We advocate a return to consideration of Premiere's fundamentals in the company's valuation, as the stock's recent price performance has been purely emotionally driven. The fact that Premiere has been awarded the Bundesliga rights is a non-event and... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG November 14, 2008 Greetings from the very bottom We think that the business model of a pay TV provider has failed in Germany. Premiere will close 2008 with a record loss, its subscriber numbers are declining despite the broadcasting of... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG October 06, 2008 Imaginary subscribers and fictitious bookings 1million subscribers have disappeared Bad news from Premiere is no longer a great surprise. But the announcement made last Thursday took the biscuit – Premiere has been setting its subscriber figures far too high for years: 3.6mn subscribers at the end of the half-year shrunk to ... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG August 07, 2008 Rising churn rate; Piracy + Bundesliga uncertainty Weak Q2 figures While Premiere reported Q2/08 revenues of €272.4mn, hitting our estimates of €271.7mn, both the EBIT of €-14.1mn and the net income of €-37.8mn fell short of our estimates of €-10.7mn and €19.7mn, respectively. Notably, the number of subscribers declined to... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG February 15, 2008 Piracy, one-off effects and ARPU weakness Unlike the customary optimistic statements made by Premiere management, our view of the published quarterly figueres is that they are a disappointment. Unsolved piracy problems should hinder the first half of 2008, the ARPU is far from target levels and the EBITDA guidance was only able to be achieved with... ...Subscribe to VISCARDI Research... |
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Research: Premiere AG January 09, 2008 Every three years again Between a rock and a hard place We anticipate that Premiere will either lose the Bundesliga rights again in the coming year or will have to pay a significantly higher amount to retain the same level of exclusivity. The defensive tactic adopted by the management of only paying more for greater ... ...Subscribe to VISCARDI Research... |
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Research Update: Premiere AG September 22, 2006 Business Model challenged Since losing pay-TV broadcast rights to the German Bundesliga football, Premiere has seen increasing questions over its strategy. An agreement with the cable group Arena to show football in some regions gave Premiere some consolation. However, Arena retains.... ...Subscribe to VISCARDI Research... |
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Research update: Premiere AG December 21, 2005 Misjudgement further hits valuations Germany’s pay-TV group has lost the key German football broadcast rights for the next three years. With possibly most current subscribers ... ...Subscribe to VISCARDI Research... |
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Research note: Premiere AG November 18, 2005 New competition and format risks Premiere is Germany’s main pay-TV group, but the country is dominated by free-to-air networks so high quality content is essential to attract customers. Subscription numbers may rise to ... ...Subscribe to VISCARDI Research... |