Share Name Share Symbol Market Type Share ISIN Share Description
ITV Plc LSE:ITV London Ordinary Share GB0033986497 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.4964p +0.85% 177.8964p 175.90p 176.00p 177.8964p 175.40p 176.70p 5,411,140 11:21:46
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 3,064.0 553.0 11.2 15.9 7,161.06

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Date Time Title Posts
20/10/201708:32ITV - 2014 - The New Programme Makers6,137
17/10/201707:42Sharp drop in consumer ads sends ITV shares plunging?2
03/2/201712:44DEAD CERT ITV BID Or Merger459
22/12/201619:42Analysts' Viewpoints on ITV plc (ITV)-
29/10/201603:46ITV (formerly Granada and Carlton)12,203

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10:21:46177.901,075,2001,912,742.09NT
10:21:46177.901,075,2001,912,742.09NT
10:21:46177.901,075,2001,912,742.09O
10:21:46177.901,075,2001,912,742.09O
10:18:08175.903,0005,277.00AT
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ITV (ITV) Top Chat Posts

DateSubject
20/10/2017
09:20
ITV Daily Update: ITV Plc is listed in the Media sector of the London Stock Exchange with ticker ITV. The last closing price for ITV was 176.40p.
ITV Plc has a 4 week average price of 165.50p and a 12 week average price of 152.40p.
The 1 year high share price is 221.70p while the 1 year low share price is currently 152.40p.
There are currently 4,025,409,194 shares in issue and the average daily traded volume is 17,035,516 shares. The market capitalisation of ITV Plc is £7,064,593,135.47.
22/9/2017
08:29
nige co: Amazon and Facebook could enter the bidding for Premier League TV rights. This could be the reason for the sudden turnaround in the ITV share price? Maybe its felt ITV could get in bed with one of these and use their expertise. HTTP://www.bbc.co.uk/sport/football/41352801
15/9/2017
19:17
raffles the gentleman thug: Don't want to be a killjoy here but maybe the strength in ITV share price today against a falling market (which we have seen a few times) is nothing more than general deleveraging. At times of higher volatility hedge funds don't just play about with net exposure but reduce their gross - i.e. selling longs and covering shorts. ITV might just be a beneficiary of such deleveraging. But I hope not and would love to believe folks are starting to get more constructive on what is patently a mis-valued share
05/9/2017
09:50
raffles the gentleman thug: UBS: Upgrade ITV to Neutral on valuationSince H117 results on 27th July, ITV has underperformed FTSE 100 by 11% and 25% YTD. ITV is now trading on 10x FY17 PE, at the bottom of its five year FY+1 EPS trading range of 9-17x and average of 14x. Note that as ITV has increased investment in scripted drama, its cash flow conversion has fallen from close to 100% to 85% making historical PE trading ranges less relevant. Given our DCF valuation of ITV Studios at 12x FY17 EBITA pre- earn-outs, the market is currently valuing ITV's Broadcast assets at 9x FY17 EBITA. This implies long-term TV NAR growth of 0 % to +0.5% which we view fairly reflects structural pressures and is in line with our forecasts.Still not cheap enough to own, given structural and cyclical concernsDespite the share price correction we view ITV is still not cheap enough to own due to: 1) Continued weak advertising momentum. Based on media buyer feedback, today we cut ITV FY17 TV NAR growth to -6% (from -5%), with Q317 -5% and Q417 -3%, resulting in a c2% cut to FY17-19 EPS; 2) UK linear TV audiences are shifting online and are down c15% since 2012. Netflix now has 7m UK subs with the ability to fund content up to c$20m per hour (vs c$2m for ITV). 3) ITV is wedded to long-running franchises that are in decline, e.g. Coronation Street and Got Talent are both down 5% YTD. 4) Ad spend is shifting to digital. In 2017, Group M still expects UK ad spend to grow +4.1% while we expect ITV NAR to fall -6%. 5) Content inflation will likely drive margin declines if NAR doesn't grow. Broadcast margins potentially peaked in FY15; 6) ITV Studios EBIT is stalling. In FY17 we see flat EBIT despite cost-out and FX gains, due to US Scripted losses, and further believe ITV will struggle to scale Studios in the US.High leverage, risks dividend and limits strategic optionsAdjusted Net Debt/EBITDA is now at 2.4x (vs 1.6x June-16). Consequently, we view ITV's new CEO may need to trade-off new investment against dividends. As discussed in our note, How should ITV's new CEO respond to structural challenges we believe ITV should prioritise shareholder returns as we think good investment opportunities are limited. However, the special dividend is clearly at risk.Valuation: DCF-SOTP £1.60 (previously £1.70)Broadcast assets are valued at an implied c9x FY17E EBITA and Studio assets on 12x
06/7/2017
06:30
raffles the gentleman thug: EasyJet's Carolyn McCall is favourite to take over at ITVChief executive had successful seven years at the airline and has media experience from running Guardian Media Carolyn McCall, the chief executive of easyJet, has emerged as the leading candidate to be the new chief executive of ITV.McCall, who is understood to have been interviewed for the role, is considered to be one of the strongest candidates on ITV's shortlist and if she is successful she would become Britain's most powerful female TV executive.The broadcaster is understood to have settled on its preferred candidate to take over from Adam Crozier, who left at the end of last month after seven years in charge.ITV could announce Crozier's successor as soon as this week with the broadcaster's interim results later this month viewed as the latest it is likely to wait.One source said that ITV has been seeking to "persuade" McCall to take the role, as ITV faces headwinds including tough TV advertising conditions faced by all broadcasters as the business climate deteriorates."The board has a well developed succession plan in place and is in the process of finding a successor," said a spokesman for ITV.McCall is part of a shortlist thought to include Paul Geddes, the chief executive of insurance company Direct Line, and Rob Woodward, the outgoing chief executive of STV, which holds the ITV broadcast franchises for Scotland.It is not clear if Geddes, who was appointed to the board of Channel 4 as a non-executive director last year, who has been considered a strong candidate is still in the running.The hunt for Crozier's successor is being led by ITV chairman Sir Peter Bazalgette, the former creative chief and chairman of Big Brother maker Endemol, who took over from Archie Norman last May.Bazalgette, who started a "succession planning" exercise at the end of last year and the formal hunt for Crozier's replacement in May, is understood to have wanted a candidate with solid experience at a publicly listed company. Such a move would boost investor confidence as Bazalgette has no experience in chairing a listed business.Last month, Channel 4 appointed Alex Mahon, the former boss of the maker of MasterChef and Broadchurch, who went on to run the special effects firm behind Hollywood blockbusters including Gravity and Guardians of the Galaxy, as its chief executive.Mahon's appointment made her the first woman to run a UK broadcaster larger than Channel 5, and the first female Channel 4 chief executive in the broadcaster's 35-year history.Since joining easyJet in 2010, McCall has turned the airline into one of Europe's best-performing airlines. She was previously the chief executive of Guardian Media Group, the owner of the Guardian and Observer newspapers. McCall comes with a strong background in media sales. She came up through the commercial ranks at the Guardian after joining in 1986, and her listed company experience will help balance Bazalgette's lack of plc experience. She was appointed a dame for services to the aviation industry last year.In November, easyJet revealed a sharp fall in annual pre-tax profits – its first decline in six years – and expects a further drop this year after the budget airline was hit by the weak pound and was forced to cut prices. McCall said the company's performance had been "resilient", after profits fell 27.9% to £495m. Since then easyJet's share price, which had fallen steeply, has recovered almost 30%.ITV is likely to be able to match McCall's pay expectations, Crozier earned about £27m during his almost seven years running the company. Crozier, 53, left the broadcaster at the end of June and said he does not intend to take on another chief executive role, but to build up a portfolio of positions.ITV has put in place an interim measure in which Bazalgette will take the temporary role of executive chairman. Finance director Ian Griffiths will run the company as chief operating officer until Crozier's replacement starts. Griffiths is highly rated by the City but is not thought to have applied for the top job.When ITV announced Crozier's departure at the beginning of May, Bazalgette said the company had a "well-developed succession plan" in place.The chairman was questioned by investors at ITV's annual meeting later that month and said: "Nothing has gone wrong, we are in a good place."
11/5/2017
21:39
katie priceless: Special dividends have long been overshadowed by share buybacks. The latter has proven popular with company management due in part to its positive effect on EPS, which is often linked to bonuses, and the flexibility it brings. This contrasts with ordinary dividends, which the market expects to be repeated in future years once they have commenced. However, ITV (LON:ITV) is one of the few companies in the FTSE 100 which pays a special dividend. In 2016 it amounted to 5p per share. It took the company’s total yield including ordinary dividends to over 6%, which puts it in the top decile of large-cap income stocks. In my view, ITV’s special dividend means more than just a high yield. It signals a confident outlook and a business model which has been drastically improved in the last few years. Despite obvious risks from Brexit and a change in CEO, this makes ITV a sound long-term buy. Special dividend appeal Special dividends could become more valuable over the medium term due to the forecast rise in inflation. It has already risen from 0.8% at the time of the EU referendum to 2.3%. The Bank of England expects it to reach 2.7% by the end of 2018, although numerous other forecasts have the figure at closer to 4% than 3%. In such a scenario, investors may begin to favour companies which can offer a relatively large real dividend yield. With ITV yielding over 6% when its special dividend is added to its ordinary dividend, this could make it a prime income target. This contrasts with other FTSE 100 stocks which are engaging in share buybacks. On paper, it may be a logical means of returning excess cash to investors. As mentioned, share buybacks have a positive effect on EPS and can help to support a company’s share price. Further, I believe they make sense when a company’s share price is relatively low and offers good value for money. However, a key part of investing is investor sentiment. Looking ahead, special dividends could cause a step-change in sentiment towards a company’s shares, while a share buyback may have a rather more muted effect on a company’s stock price. Risks While investors buying ITV shares have now missed the 2016 special dividend of 5p per share, the company paid a special dividend in 2015 of 10p per share. Therefore, a special dividend does not seem to be a one-off event. While there is no guarantee of more special dividends, there is a good chance they will be repeated in future due to the improving nature of ITV’s business model. Of course, ITV faces two clear risks to its financial performance over the medium term. The first is the potential impact of Brexit. Already, the UK retail sector is experiencing some disruption from a higher rate of inflation caused by weaker sterling. As mentioned, this situation could worsen and force real disposable incomes even lower. In such a scenario, UK-focused consumer companies may find their sales and profitability fall. This could impact negatively on their advertising budgets. The second major risk facing ITV is the resignation of its CEO, Adam Crozier. During his eight-year tenure, ITV has become a much stronger business. For example, adjusted EPS has increased by 844%, as the company has benefited from a greater international focus and more diversification. Clearly, the rest of the ITV management team deserve some credit for recent success. However, while a new CEO is likely to continue with the current strategy, change inevitably brings a degree of risk for investors in ITV. Investment opportunity As mentioned, the outlook for the business is uncertain. In the company’s Q1 results, it reported a fall in external revenue of 3%. This was in line with its expectations, with the company anticipating further challenges in Q2. However, it expects to grow its share of the broadcast market this year, and is due to deliver strong growth in Online, Pay & Interactive, where demand for online advertising remains strong. Further, ITV Studios is expected to report good organic revenue growth, with over 75% of expected sales secured for the year. ITV is also making encouraging progress with operational efficiencies. It expects to deliver £25 million in overhead savings this year, as well as a £25 million reduction in the programme budget due to the absence of a major sporting event. These savings should help to offset the expected fall in revenue to at least some degree. The company is forecast to report a fall in EPS of 5% this year and a rise of 4% next year. In my opinion, guidance is of limited use in ITV’s case, since Brexit and a change in CEO present the potential for major change which could have a positive or negative impact on its outlook. Its P/E ratio of 11.5 suggests the market is pricing in a large margin of safety, which I believe gives its shares appeal from a long-term investment perspective. Outlook Special dividends could become increasingly sought after. While share buybacks are a logical means of returning excess capital to investors and improving share price performance through increasing EPS, I feel investors may place a greater value on a higher income return. Inflation is forecast to move higher, which could prompt a shift in attitudes towards dividend stocks. Since ITV’s yield including ordinary and special dividends is over 6%, I feel it could become more popular among investors. The company faces an uncertain future due to risks including a change in CEO and Brexit. While this is expected to cause a fall in its profitability in financial year 2017, its share price could perform relatively well. The company is increasing its market share and generating efficiencies in order to create a stronger business for the long term. Therefore, since it has a relatively low P/E ratio and a sound long-term strategy, it seems to offer good value for money. From Master Investor Magazine.
28/3/2017
09:35
srpactive: The chart just shows how itv share price is being held back, three months of trading between 200p and 211p. One thing imho it does prove is the company that everyone is assisting will only want to pay around 275p for itv. Ironically that is the figure LM quoted, strange that is'nt it? dyor
28/6/2016
06:06
mikeran: oversold and manipulated by the US computers my view. ITV share price down but it’s still a ‘top pick’ Shares in ITV (ITV) may have fallen last week after the referendum vote was announced but nothing has changed in the fundamentals of the broadcaster. Liberum analyst Ian Whittaker reiterated his ‘buy’ recommendation and target of 375p on the stock. The shares were trading at 166.8p yesterday, down 28.9% since the referendum result was announced. ‘ITV’s share price fell c.20% on Friday post-the Brexit vote,’ he said. ‘Yet nothing has changes with the fundamentals and, even if we did assume an advertising decline of post-Lehman’s proportions, ITV would still look cheap with a very attractive dividend yield. ‘The decline in the share price and the fall in sterling also potentially increases the chances of mergers and acquisition activity. Reiterate as a top pick.’
01/6/2016
20:30
amaretto1: im alright jack farmai !! Not even a shareholder, till recently.... I thought u were actually on ITV board of directors, with your moral high ground approach to every one !! U r just constantly wrong........... ITV share price performance is a absolute basket case over the last 2 years!! And the above is fact ...
17/5/2016
19:52
farmai: I am interested in his views Boix but they are completely opposite to mine both on Europe, the market and ITV share price. I enjoy his posts because they help me test my conviction. Not remotely worried about ITV. The pain in this company was taken in January and February, The performance since has just been noise. With the dividend we are at 220p, so its really just a 5% drop since mid March, which in understandable to a degree given the deterioration in April. But right now I am very happy with the shares and expect a Q3 recovery in business trends. Its nice to see the volatility disappear but maybe thats just a Monday thing ! I dimply recall them being up last Monday before getting wrecked.
12/5/2016
14:10
soundbuy: UBS Event: Weak TV NAR Q116 trading update and soft H1 outlook ITV Q116 revenues grew 14% to £755m driven by ITV Studios +44% to £322m (driven by M&A, organic +2%) as NAR fell -0.5% to £433m. Non-Broadcast revenue grew +11.6% with consumption up +22%. ITV Family SOV improved +20bps to 21.2% with ITV1 SOV +50bps to 15.3%. ITV Family SOCI however fell -70bps to 34.4% despite better ratings underpinned by BBC losses, a better Formats performance, and bringforward of drama (Midsummer Murders) despite key soaps posting continued declines. ITV has guided for flat H116 TV NAR implying flat Q216 growth which is soft in the context of the Euros in June 10th to July 10th and weak comps pcp (Q215 -0.5%). ITV Studios is expected to grow FY16 revenue and profits by double digits (UBS +12%/10%). Impact: Adjusted EPS cut by 5-12% in FY16-19E Post Q116 we cut FY16-19E EPS by 5-12%. Downgrades stem from a weaker TV NAR. We now expect FY16 TV NAR to grow +1% from +4% previously and +1% in 2017 from +2%. Post 2018 we think TV NAR will struggle to grow as linear audience fragmentation offsets underlying CPM inflation. Our 2016 forecasts assume a Q416 recovery (+3%) but this could be at risk depending on the macro environment in H216. Our revised forecasts see ITV deliver an adjusted FY15-19E EPS CAGR of only 1% with growth primarily driven by ITV Studios. Broadcast EBITA is forecast to grow less than 1%. Action: Sell Maintained despite a 17% share price fall ytd On lower earnings, ITV trades on 16.8x FY16E P/FCF and 13.8x FY16E EV/EBIT, a premium to International peers (10x). With EPS set to slow with a softer TV NAR outlook, EPS should increasingly become dependent on Studios execution and potential M&A. Studios momentum is positive but we remain concerned over the long-term appeal of non-scripted and the associated cost to build a scripted model in an increasingly competitive environment. Moreover, SOV and SOCI are at deflated levels. Improving programming ROI is likely to be challenging and take time and investment to recover. Valuation: Cut to £1.95 DCF-based target price We cut our DCF price target to £1.95 from £2.30. Broadcast and Online are valued at an implied 9.2x FY16E EBITA and account for 72% of our EV. Studios are valued at an implied 12x FY16E EBITA adjusting for £303m in future commitments. Credit Suisse. ■ Q1 revenues ~6% ahead; Studios very strong, NAR in line: ITV’s brief Q1 IMS ahead of the AGM today reported revenues approximately 6% ahead of consensus driven by a strong beat in Studios. NAR growth was -0.5%, broadly in line with consensus and guidance of “flat”. ■ Q2 outlook muted as expected: ITV expects Q2 NAR to be flat (cons 1% to 2%), with April -13%, May 0%, and June +15% (driven by Euro2016) due to uncertainty surrounding the referendum. ■ Buyers lower forecasts again: Feedback from a large buyer this week suggests 2016 NAR will now be 1.6%, from 2.9% in our last survey. We lower our 16E NAR forecast to 1.2% from 2.9%. Despite significant revisions in 2016 we still think buyers’ expectations are generally accurate, but believe there is a decline in their reliability when forecasting one-off “shocks” to the ad market (i.e. EU referendum, UK general election, FIFA World Cup). ■ Audience share in first 17 weeks continues to grow: Encouragingly ITV core channel grew SOV +3% while SOCI was flat. ITV Family SOV grew +1%, SOCI fell -2%. This should moderate structural concerns that ongoing SOV declines will lead to ITV ad share declines. ■ Good expected H1 profit growth despite NAR concerns: Despite softer NAR and H1 loaded production costs, ITV expect “good profit growth” in H1 (CSe 2%) driven by Studios as well as Online, Pay and Interactive. ■ Valuation, TP lowered to 255p from 270p: ITV is trading on 9.6x 16E EV/EBITDA, 12.6x 16E P/E (-15% and -35% discount EU Media ex internet) and 7.4% 16E FCFY. We believe concerns around ITV are cyclical and attempts to attach a structural rationale are misplaced. ITV’s attractive content business and potential for future cash returns (CSe 16E leverage, 0.5x) creates an attractive long-term investment case, in our view.
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