Itv Share Discussion Threads

[netcurtains] 07/3/2024 07:45

CURRYs V ITV

a) Currys announced it had sold a division for X millions with the cash it was getting rid of all debt.
b)It then issued a trading update doing a bit better than market expected.
c) the a week or so later US and Chinese companies started offering cash for the entire business.

Since up to this point Currys and ITV have similar stories for this part of the year, do you think its possible - while ITV share price is low, we might get a bid from USA or China?

[trader465] 07/3/2024 07:44

Down 5% on open?

[blackhorse23] 07/3/2024 07:44

Total revenue was down 2% and total external revenue was down 3% at £3,624 million, with record revenues in ITV Studios, up 4%, and 19% growth in digital revenues substantially offsetting a 15% decline in linear advertising due to a challenging advertising market? Group adjusted EBITA[1] was down 32% at £489 million which reflects the decline in linear advertising revenue and the previously guided investment in ITVX. Adjusted EPS1 was down 41% at 7.8p? EBITA[2] was £404 million (31 December 2022: £668 million). Statutory profit before tax was £193 million (31 December 2022: £501 million) and statutory EPS was 5.2p (31 December 2022: 10.7p)

[netcurtains] 07/3/2024 07:42

Up up and away...

[blackhorse23] 07/3/2024 07:41

Revenues down 3%

[the imperialist] 07/3/2024 07:40

Only KY Boy could try and bash a stock on the day a 235M forced-buyer programme kicks-in. LOL

[ny boy] 07/3/2024 07:39

Media & Entertainment (M&E) revenue was down 7% at £2,090 million, with total advertising revenue (TAR) down 8% as guided and outperforming the TV ad market🤦995;‍♀️🤡€169;

[tlobs2] 07/3/2024 07:37

Best news of the morning .....

"Prior to the Company's Annual General Meeting scheduled to be held on 2 May 2024 (the "2024 AGM"), the maximum number of ordinary shares which may be purchased by the Company under the Programme is 402,500,000 Shares , which is the maximum pursuant to the authority granted by shareholders at the Company's Annual General Meeting held on 4 May 2023"

[the imperialist] 07/3/2024 07:37

We know where it should rise-to by the 29th August. We know the max price too.

[netcurtains] 07/3/2024 07:34

How far do you think it will rise today?

[netcurtains] 07/3/2024 07:29

Share buy back starts today.....

[loginname] 07/3/2024 07:26

&Smurfy2001

“So they are NOT cancelling the shares. This buyback is NOT returning to shareholders. Time for this CEO to walk.”

What do you mean?

“Unlike capital stock, treasury stock does not pay dividends.”
hxxps://www.investopedia.com/ask/answers/050115/whats-difference-between-capital-stock-and-treasury-stock.asp

[loginname] 07/3/2024 07:18

“Strong cash generation with 102% profit to cash conversion”

Greater than 100%? What sorcery is this?!

Looks great. Dividend solid.

[smurfy2001] 07/3/2024 07:17

So they are NOT cancelling the shares. This buyback is NOT returning to shareholders. Time for this CEO to walk.

[isis] 07/3/2024 07:15

2p up 3p down

[isis] 07/3/2024 07:14

Overall Good - nothing to get to excited about:-

Outlook

We have made great progress towards our 2026 KPIs. 2023 was the year of peak investment for Streaming, which together with the successful execution of our strategy and the efficiencies delivered to date, have made ITV more robust. ITV has a leading, scaled, global Studios business, a high growth Streaming service and a cash generative linear advertising business. This ensures that we are well placed to grow profits from here as we continue to drive material efficiencies, invest behind our strategic priorities and deliver returns to shareholders.



ITV Studios:

● ITV Studios is on track to deliver total organic revenue growth of 5% on average per annum from 2021 to 2026 - ahead of the market, and at a margin of 13 to 15%

● Going forward we expect to see growth in key segments in which we operate - content licensing, demand from streaming platforms for unscripted content and cost effective premium scripted content which we are well positioned to take advantage of

● We are confident that we will continue to grow our market share to 2026 driven by our scale; our diversification by customer, geography and genre; a strong track record of high-quality content; a very strong slate for 2024 and beyond; and our leading creative talent

● As previously guided, 2024 will be impacted by the 2023 US writers and actors strikes, which will delay around £80 million of revenue from 2024 to 2025 as well as weaker demand from free-to-air broadcasters in Europe who are holding back spend until they see more certainty in the advertising market



Media & Entertainment:

● We remain on track to deliver at least £750 million of digital revenues by 2026

● We have had a good start to 2024 and will build on ITVX's successful launch year through continuous improvements in content, product, distribution and marketing

● ITVX's strong performance in 2023 has shown us that we can grow viewing significantly with slightly lower overall content spend. Therefore we expect to marginally reduce our content cost in 2024 to around £1,275 million as we further optimise linear, evolve our windowing strategy and improve personalisation. At the same time we will increase our marketing spend by £15 million to drive both streaming and linear viewing

● Non-TAR M&E revenues will come down year on year in 2024. This will reflect lower partnership revenues following our decision to revise our partnership agreements to improve the viewer proposition and our monetisation. In addition subscription revenue will be broadly flat as we simplify our paid streaming proposition and migrate subscribers from BritBox UK onto ITVX Premium

● Compared to the same period in 2023, TAR is expected to be up 3% in Q1, with continued strong growth in digital advertising revenues.

[huckers] 07/3/2024 07:11

ITVX

"On track to deliver AT LEAST 750m of digital revenue by 2026".

(Their emphasis in italics)

[hamhamham1] 07/3/2024 07:09

That's approx 10% of shares in issue being bought back based on current market cap, starting from today.
Get the hoover out :)

[hamhamham1] 07/3/2024 07:07

Total revenue was down 2% and total external revenue was down 3% at £3,624 million, with record revenues in ITV Studios, up 4%, and 19% growth in digital revenues substantially offsetting a 15% decline in linear advertising due to a challenging advertising market

● Group adjusted EBITA[1] was down 32% at £489 million which reflects the decline in linear advertising revenue and the previously guided investment in ITVX. Adjusted EPS1 was down 41% at 7.8p

● EBITA[2] was £404 million (31 December 2022: £668 million). Statutory profit before tax was £193 million (31 December 2022: £501 million) and statutory EPS was 5.2p (31 December 2022: 10.7p)

● Strong cash generation with 102% profit to cash conversion[3] and robust balance sheet, with net debt of £553 million (31 December 2022: £623 million) and net debt to adjusted EBITDA leverage of 1.0x (31 December 2022: 0.8x)

● In line with ITV's dividend policy, the Board has declared a final dividend of 3.3p (2022: 3.3p), giving an ordinary dividend of 5.0p per share for the full year 2023 (2022: 5.0p)

● On 1 March 2024 we announced that ITV had sold its 50% holding of BritBox International to the BBC for a total consideration of £255 million. The Board intends to return the entire net proceeds to shareholders through a £235 million share buyback, which is expected to commence today.

[trader465] 07/3/2024 07:04

Group adjusted EBITA[1] was down 32% at £489 million which reflects the decline in linear advertising revenue and the previously guided investment in ITVX. Adjusted EPS1 was down 41% at 7.8p

[huckers] 07/3/2024 07:02

Dividend being paid. 3.3p.

Net debt 553m (623m).

Profit before tax 193m (501m).

Adjusted EPS 7.8p (-41%).

235m share buyback starts today.

150m cost saving has delivered 130m to date. 150m by 2025, which is one year earlier than planned.

[jonnybig] 06/3/2024 21:45

I've also got to add I think the britbox sale is a great deal for itv.

Not only has a big profit been made on the sale, but using the proceeds to buy back shares potentially saves paying approx 18 million quid a year in dividends (based on average 65p sp) which dwarfs the profit contributed by britbox.

[loginname] 06/3/2024 21:44

Jonnybig - that’s a really good point. The Britbox transaction will be officially detailed in the next annual results not tomorrows.

This might explain why they wanted to release it on 1st March - many were asking why they didn’t just wait a few more days - but of course that wasn’t appropriate.

[jonnybig] 06/3/2024 20:18

Britbox was an asset valued at £113 million, so there is a profit on disposal of £235 million (proceeds) less the £113 million = £122 million profit which won't show in the accounts reported tomorrow anyway because it happened after the year end.

[netcurtains] 06/3/2024 20:07

In the accounts does ITV write the investment in Brixbox off as a giant loss?
If that is the case, is it possible ITV will show a huge loss tomorrow?

(I'm not an accountant - just guessing - anyone know?)

If so do we worry about that or just ignore it as a one off loss?