Looking for a high-yielding ASX All Ords dividend stock that could also offer some market-smashing share price gains?

Then you may want to have a look into All Ordinaries Index (ASX: XAO) listed Sky Network Television Ltd (ASX: SKT).

Shares in the dual-listed, New Zealand-based satellite TV provider are up 4.3% on the ASX today, trading for $2.42 apiece.

On the passive income front, the ASX All Ords stock paid out 18.7 Aussie cents a share in unfranked dividends over the past year. At the current share price, that sees Sky Network shares trading on a juicy 7.7% trailing dividend yield. 

But according to the analysts at Macquarie Group Ltd (ASX: MQG), both Sky Network's dividends and its share price are poised for outsized growth. 

Why Macquarie is bullish on this ASX All Ords stock

In a research report released this week, Macquarie labelled Sky Network "one of the most undervalued stocks" on the New Zealand stock market, "especially if it delivers on its published 3-year plan".

That's despite the broker noting that macroeconomic headwinds will likely see the ASX All Ords stock deliver in the low end of its full-year guidance range.

Macquarie believes Sky Network is delivering on its strategic growth plan, which the broker said leverages its proven content advantage.

According to the research report:

While cognisant of the value of the satellite subscribers, SKT's more recent investment in technology and enhanced streaming services, together with refreshed pricing, means that it is becoming increasingly agnostic as to the content delivery platform selected by its subscribers.

On the passive income front, Macquarie said this will support a doubling of the FY 2023 dividend of 15 NZ cents per share by FY 2026, and a further lift in FY 2027. 

The ASX All Ords stock has previously stated it expects to pay an FY 2026 dividend of at least 30 NZ cents per share.

Investors will also want to keep an eye on the upcoming rugby broadcasting rights negotiations. According to Macquarie:

Retention of the valuable rugby rights will be the final plank in the journey. While SKT values the rugby rights, they no longer enjoy the historic must have sacred cow status. Accordingly, we expect SKT to negotiate a commercially prudent outcome, consistent with delivering on the programming cost as a percentage of revenue target of 47-49%.

What's the expectation for the Sky Network share price?

Macquarie has an outperform rating on the ASX All Ords stock.

The broker noted:

Sky Network has invested in locking in core Entertainment/Sports content and delivery technology. Stabilisation of its core subscriber base while continuing to grow streaming subscribers, would underpin operating leverage, boosting future dividends.

Macquarie has a 12-month price target of NZ$3.56 on Sky Network shares, which is 34.3% above the current share price of NZ$2.65 on the New Zealand exchange.

While returns on the ASX won't exactly match this forecast, with factors like foreign exchange rates playing a role here, Aussie investors can expect a similar story to play out.