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"When a company like itv takes money for brexit ad then blame brexit for not growing ad revenue then something is wrong."
Hi H-hi,
With respect mate, ITV have been complaining about Brexit effecting advertising for the past 2 to 3 years, well before the recent government advertising, about the lead up to the Brexit that wasn't, being the 31st Oct.
NigeCo,
It’s always good to touch on the negatives too even if you are super long. ITV needs an ad specialist drafted in from Facebook or google. This Dame has no clue about making money from adverts. When a company like itv takes money for brexit ad then blame brexit for not growing ad revenue then something is wrong. Rugby, love island, football and all their **** shows should have done it but nope, the Dame doesn’t get cosy enough with Ad agencies who control the flow of ad money.
Just go on YouTube, it is filled with $hit and loads of adverts......ITV must focus on ad revenue and take back market share.
ITV have just announced the sale of it's Southbank property for £145.6mln, with some of the proceeds used to almost wipe out it's £105mln pension deficit, that now stands at only £2mln. Once ITV renew's it's license for SDN, Liberum's valuation of SDN is between £800mln and £1bln. This could almost wipe out ITV's Net Debt that currently stands at £1,167mln. Also in the pipeline is the SKY re-transmission deal (thanks Dallo). Plus the start of Britbox. I see a lot of positives in ITV who have already confirmed their dividend going forward. A swift Conservative win in the December election, that should result with a conclusion to Brexit that could see ITV share price re-rated IMHO.
From what I have seen ITV are looking to team up with Sky again. UEFA want at least some of it on free to air
"A successful renegotiation of the SDN licence could add another 20p+ to the share price as it would copperfasten a valuation of the SDN business at £800 m or more So a lot of hidden gems still under the mattress and may be revealed soon."
Agreed Dallo,
The bonus is knowing about these hidden gems, that Carolyn McCall has well hidden under the mattress.
The true ITV value will be out one day. I just don't know when that day will be. I'm happy to hold on to my holding with a tight fist.
Interesting that there was no mention in the update on the current negotiations with SKY on retransmission rights which based on the deal SKY did with STV could add an extra c£120m to ITV's revenues each year( all to the bottom line) or any mention of SDN revenues ( buried in non advertising revenues)
Liberum think a SKY retransmission deal could add c3p to the EPS which should bump the overall SP by 20p+ all things being equal.
A successful renegotiation of the SDN licence could add another 20p+ to the share price as it would copperfasten a valuation of the SDN business at £800 m or more
So a lot of hidden gems still under the mattress and may be revealed soon.
NigeCo,
Surely ITV would be using the new found partnership to secure some football matches. It might not be the best fixtures but should be good enough for viewers. Bringing BT on board is just great as the new BT CEO is not a fan of going it alone when it comes to TV / Sport.
The Dame could have been super optimistic today if she wanted but hey who knows may be offer is in already.
Hi H-hi,
I was only thinking the other day when it was mentioned that ITV through Britbox my bid for the football Champions League TV rights. I then thought that maybe ITV would possibly team up with BT. Any thoughts on this?
Pension deficit was almost wiped out and divi confirmed, it seems the dame has done some tidying up. Looks great for an offer now if anyone is interested. 60% premium would be a great start. The only thing ITV need is quality shows that can rival HBO and some live sport.
Advertising should pick up in Q4 with the government Brexit advertising and the Rugby World Cup.
Good news that the pension deficit dropped from £105mln to only £2mln.
Bad news Net Debt increased from £1,082mln to £1,167mln
I'm happy with the results. The value is in the ITV content, going forward I'm confident that someone will want this undervalued asset.
Tide turning
Pension deficit of over £100 m cleared -now £2m
Dividend of at least 8% confirmed for 2019
Figures in line with expectations after awful Brexit and political uncertainty in year to date.
Hub now has 30 m users -2 years ahead of forecast
Studios outlook for 2020 only sour note but thats showbiz folks
Happy with results
I think we have turned a corner
Lets see what the market reaction is.
Good results.
Should see an uplift here today.
Fairly bland set of results I thought.
May see small retrace here.
Looks good, at the upper ends of estimates to me. Couple of smaller concerns about debt and Studios earnings in 2020.