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So true Dallo,
It fooled me, but I'm no accountant. I'll look further into the accounts. Cheers.
Indeed Halfpenny, director dealings detailed on Morningstar took advantage of summer overselling and bargain prices:
Director/Date/Type Amount Price (GBX) Value (£) Amount %
Mrs. Mary Elaine Harris
28/06/2019 | Purchase 3,113 107.72 3,353.00 38,478 < 0.001 Fees
Mrs. Mary Elaine Harris
24/05/2019 | D 1,638 109.56 1,795.00 35,365 < 0.001 Dividend Reinvestment Plan(DRIP)
Ms. Anna Manz
24/05/2019 | D 290 109.56 318.00 33,558 < 0.001 Dividend Reinvestment Plan(DRIP)
Ms. Carolyn J McCall OBE
15/05/2019 | Purchase 44,589 111.00 49,494.00 226,187 0.006
Sir Peter Lytton Bazalgette
14/05/2019 | Purchase 43,748 114.00 49,873.00 357,245 0.009
(with thanks for extract)
Nige
On perusing the half-year figures you will find SDN revenues hidden away under
" Broadcast and Online revenues" with a figure of £34 million out of total Group revenues
for the half-year of £1,476 million or just 2.3% of the total.
No wonder nobody spotted it but the SDN revenues go straight to the bottom line
and so the true value was hidden from most ordinary investors and a lot of so-called experts.
It's good to see so many director buys in 2019 that's the reason I invested here.
Agreed Dallo,
Not forgetting that SDN is a non-core asset, that only contributes to 7% of earnings, yet potentially worth £1.1bln. A little gem that most people didn't even know about. Myself included.
Withoutatrace
It is not the posters on this board that claim that" SDN IS A HIDDEN GEM NOT CURRENTLY
REFLECTED IN THE SHARE " but a statement by Liberum in its recent note.
I , for one, have not seen an SDN valuation mentioned by any other ITV analyst over the past number of years
and that is why it has come as a bolt from the blue in terms of its potential value.
Today's SP weakness on minimal volume smacks of the usual antics of a certain US bank who
is allied to Liberty Media imho.
The true value of ITV will be recognised soon so patience required by us ITV " Remainers".
Halfpenny, there is almost daily volatility at present with professionals favouring oversold value stocks including ITV some days and defensives on other days (plus oil-related at present), depending on geopolitics (including drone strikes!) exchange rates, interest rates, interest rate prospects, such is life as equity owner:-) The share is still significantly higher than when many investors knew little about the SDN hidden gem, it's just that the best immediate rises were presumably seen by active own Liberum clients, fair enough they're the ones who pay for the analysis team these days. And the premium to the peak of despair (and maybe short-selling?) only five weeks ago is still very pleasant - on 15 August when I wish I'd had dividends to spend the low was 102.85p and the close 103.6p.
I agree, surely a £1 billion asset can't be just discovered?!
Why then is this not reflected in the sp? I hold ITV so not meant to be a de ramp.
Liberum comment...."There is no doubt that SDN’s value is hidden at the moment within ITV. The ITV share price certainly does not reflect the value of the £1.1bn asset and SDN gains very little attention from either analysts or investors."
After reading the full analyst report yesterday from Liberum, I'm very happy with their report. Well done to Liberum for their excellent analysis, and also Alan for posting the well informed report. Cheers.
And finally SDN COULD INCREASE IN VALUE once
the licence in renewed, this renewal is almost certain imho.
It does not matter if ITV sells SDN or not.
What is important is that the £ 1 billion hidden jewel is now revealed to the investing public and
now should be recognised in the overall ITV market cap.