Itv Share Discussion Threads

[nobilis] 12/11/2020 10:43

closer than yesterday or much closer than last week

[jarega85] 12/11/2020 10:41

Is over 11% close

[nobilis] 12/11/2020 10:39

100p very close

[piedpiper2] 12/11/2020 10:34

Now we have today`s admin out of the way......onwards & upwards

[netcurtains] 12/11/2020 10:33

Nice to see it head into blue. Its clearly a bargain via PE ratio alone.

[alex1621] 12/11/2020 10:29

Also, the net debt position is down 33% compared to the same period last year. I'd expect the dividend to return in 2021.

[stansmith3] 12/11/2020 10:09

seems to me the results didnt make enough of the vaccine news - presumably they were prepared before the news brokebut in very rough numbers, withholding the dividend will offset next years incomeso, short of another lockdown and a return to some kind of normality next year, covid has only cost itv a few hundred million this and possibly nothing next year (no dividend) - a blip in a ten year time period, so starting to look underpriced?

[alex1621] 12/11/2020 09:50

By the look of it Goldman Sachs' position consisted of put and call options, and contracts for difference. I'm no expert on these instruments but I'm guessing there is a counterparty who originally owned the shares? I'd guess on unwinding that counterparty simply continues to retain them. So I'm not sure anyone new bought shares from Goldman. The only RNS that we have seen these past months is Goldman, with no major new buyer. If anyone has a particular expertise on this I'd be happy to hear from them ... from a learning perspective. It's not entirely clear to me how these derivative positions constitute ownership.

[nige co] 12/11/2020 09:28

Have GS given up? they have sold off almost 12% of their 21% since August. The big question is still unanswered.... Who purchased the shares? Keep an eye out for future RNS announcements. Have GS been acquiring shares on behalf of a potential predator with GS manipulating the share price all the way down to 50p? With a little help from Covid. Now with the share price trading around 90p and ITV reporting solid Q3 results today, with expected increase in advertising in Q4, its now or never for a takeover bid IMO. ITV won't stay at half price forever.

[hamhamham1] 12/11/2020 09:20

NB. Investments can go down as well as up :)

[ivanborsky] 12/11/2020 09:08

Where's this tree shake Goldmans ? C'mon I'm getting bored now !!

[tlobs2] 12/11/2020 08:50

Good morning all and welcome to the hamhamham1 investment centre ......

[hamhamham1] 12/11/2020 08:37

Just bought ted baker

[hamhamham1] 12/11/2020 08:21

Bought some hostelworld, Senior and Menzies this morning.

[ivanborsky] 12/11/2020 07:55

Just left some buy orders on at 87,86,85 and 84p. If GS want to play their games again today after been caught with their pants down on Monday then bring it on ! The days of selling ITV are now gone !!

[scooper72] 12/11/2020 07:55

I'm hoping the news this week about the vaccine will hopefully be factored in this morning as it focuses on these particular results.

[scepticalinvestor] 12/11/2020 07:46

well fingers crossed

[netcurtains] 12/11/2020 07:44

I always look at trading updates/results etc and say: "does this give us a higher or lower forward PE ratio than the FTSE average".... Looking at the figures ITVs PE ratio is still way too low for a FTSE media stock. This should really be trading at about £2 a share. However I can see that price will take about a year. But getting over £1 should be a bit quicker!

From google:
ITV trades on a P/E ratio of 7.9, which is below the GB market average of 15.1. The company does have a little debt, and EPS is moving in the right direction

[nige co] 12/11/2020 07:38

Q4 advertising expected to be up on Q4 2019. Improving picture, expect broker upgrades in the next few days.

[scepticalinvestor] 12/11/2020 07:31

nothing like the STV update though...bit of an anti-climax imo

[amaretto1] 12/11/2020 07:27

Happy with them

[nobilis] 12/11/2020 07:24

-- We saw advertising trends improve in Q3

[nobilis] 12/11/2020 07:15

100p coming

[ivanborsky] 12/11/2020 07:14

Happy with those numbers. I was expecting a bit worse but with the advertising outlook upgraded and more to come no doubt I think the days of 60p, 70p are now long gone. Lets see what the market does, I've got my buying boots on again just in case !!

[hamhamham1] 12/11/2020 07:07

1. Unless otherwise stated, all financial and operating figures refer to the 9 months ended 30 September 2020, with growth compared to the same period in 2019.



2. Group financial performance

Revenue for 9 months to 30 September (£m)

2020

2019

%

ITV Broadcast

1,270

1,464

(13)

ITV Studios

902

1,116

(19)

Total revenue

2,172

2,580

(16)

Internal supply

(312)

(371)

(16)

Total external revenue

1,860

2,209

(16)



Revenue for 9 months to 30 September (£m)

2020

2019

%

Total advertising revenue

1,043

1,249

(16)

Non-advertising revenue

1,129

1,331

(15)

Internal supply

(312)

(371)

(16)

Total external revenue

1,860

2,209

(16)



3. Total advertising, which includes ITV Family NAR, online VOD and sponsorship, was down 16% over the 9 months to end of September and was down 7% in Q3, with July down 23%, August up 3%, and September down 2% compared to the same periods in 2019. We forecast total advertising to be slightly up year on year in Q4. Total advertising was down 1% in October and is forecast to be up around 6% in November compared to the same periods in 2019. This assumes the current Covid restrictions in England end as planned on 2 December. Figures for ITV plc are based on ITV estimates and current forecasts.



4. Broadcast key performance indicators

Nine months to 30 September

2020

2019

%

ITV Total viewing (hrs)

12.2bn

12.0bn

2

ITV Family Share of Viewing (SOV)

22.2%

23.2%

(4)

Long form online viewing (hrs)

356m

378m

(6)

ITV Hub registered user accounts

32.1m

30.1m

7

● ITV Total viewing is the total number of hours spent watching ITV channels live, recorded broadcast channels within 28 days, third party VOD platforms, ITV Hub on owned and operated ad funded platforms and ITV Hub+.

● SOV data based on BARB/AdvantEdge. SOV data is for individuals and is based on 7 days (C7). ITV Family includes: ITV, ITV2, ITV3, ITV4, ITV Encore, ITVBe, CITV, ITV Breakfast, CITV Breakfast and associated "HD" and "+1" channels. All viewing on a TV set, therefore includes catch up and Hub on television.

● Long form online viewing is the total number of hours ITV VOD content is viewed on owned and operated ad funded platforms, and Hub+ viewing on owned and operated platforms, based on data from Crocus.

● A registered user account is an individual viewer who has signed up to the ITV Hub using one email address. The individual has to have been active within the last 3 years to remain a registered user.

● % change for performance indicators is calculated on unrounded numbers.



5. Total Studios organic revenue at constant currency was down 19% at £903m for the first 9 months of 2020. The unfavourable translation impact of foreign exchange on revenue was £6m over that period. Our definition of constant currency assumes exchange rates remain consistent with 2019.



6. ITV continues to have good access to liquidity and its financial position remains robust. At 30 September 2020 ITV had;

- Reported net debt (including IFRS 16 liabilities) of £775 million at 30 September 2020 (30 June 2020: £783m, 31 December 2019: £893 million)

- Total liquidity at 30 September 2020 was £1,229m (30 June 2020 £1,214m, 31 December 2019: £1,101m) comprising:

- £400m of unrestricted cash

- £630m undrawn Revolving Credit Facility (RCF) expiring on 15 December 2023

- £300m bilateral facility of which £199m is available



7. The net pension surplus of the defined benefit schemes at 30 September 2020 on an IAS 19 basis was £6m (30 June 2020: £26m surplus). The movement in the quarter was driven by an increase in corporate bond yields along with our deficit funding contributions, which were offset by an increase in both inflation and gilts yields.



8. Figures presented in this Trading Statement are not audited