Member Info for BigEgo

This is a useful site - click the “FTSE Rankings” tab.

Updated 28 Mar - shows ITV now sits at FTSE position 121 with a market cap just under £3bn

But note automatic FTSE 100 re-entry isn’t until way up near £4.3bn…

https://www.stockchallenge.co.uk/

Fitch Restarts Coverage of ITV Amid Integrated Business Model

March 28, 2024 at 04:43 pm

(MT Newswires) -- Fitch Ratings on Thursday published ITV’s (ITV.L) BBB- long-term issuer default rating, with a stable outlook.

The rating agency said the action highlights the British television network’s integrated business model, which comprises a global content production and distribution unit, a strong UK commercial free-to-air broadcaster, and a rising free ad-supported streaming platform.

Fitch in 2014 withdrew ITV’s ratings as the company decided to stop participating in the rating process.

Calculated As At Last RNS Dated : 28-Mar-2024

Available Funds : £235,000,000

Total Number Of Shares Repurchased : 16,530,947

Average Price Paid (p) : 71.49

Total Value Of Shares Repurchased (Using Average) : £11,818,289

Remaining Funds : £223,181,711

Remaining Funds As % Of Available Funds : 95.0%

Used Funds / % Of Buyback Completed : 5.0%

Original Voting Rights Before Buyback : 4,052,409,194

Current Voting Rights : 4,035,878,247

Current Reduction In Voting Rights : -0.41%

* Estimated Total Number Of Shares Repurchased At Completion : 328,708,547

* Estimated Voting Rights At Completion : 3,723,700,647

* Estimated Reduction In Voting Rights At Completion : -8.1%

* Based on remaining funds and current average price paid, will vary as buyback progresses

** Estimated Completion Date Assuming Current Velocity : 08-Feb-2025

** Based on current average shares repurchased per day, will vary as buyback progresses

Calculated As At Last RNS Dated : 27-Mar-2024

Available Funds : £235,000,000

Total Number Of Shares Repurchased : 15,579,957

Average Price Paid (p) : 71.37

Total Value Of Shares Repurchased (Using Average) : £11,118,931

Remaining Funds : £223,881,069

Remaining Funds As % Of Available Funds : 95.3%

Used Funds / % Of Buyback Completed : 4.7%

Original Voting Rights Before Buyback : 4,052,409,194

Current Voting Rights : 4,036,829,237

Current Reduction In Voting Rights : -0.38%

* Estimated Total Number Of Shares Repurchased At Completion : 329,284,351

* Estimated Voting Rights At Completion : 3,723,124,843

* Estimated Reduction In Voting Rights At Completion : -8.1%

* Based on remaining funds and current average price paid, will vary as buyback progresses

** Estimated Completion Date Assuming Current Velocity : 31-Jan-2025

** Based on current average shares repurchased per day, will vary as buyback progresses

Nice to close at 73.55 as this marks the first close where ITV is north of 70p whilst also taking into consideration that once it goes ex-div on 11th April 3.3p will be deducted from the market price.

Or in other words for those who don't understand - if you buy a share today for 73.55p you are actually buying 2 things:

1) an ITV share priced at 70.25p

2) an income stream of 3.3p

I would like it to stay north of 70p ex div now! :)

Calculated As At Last RNS Dated : Mon 25-Mar-24

Available Funds : £235,000,000

Total Number Of Shares Repurchased : 14,414,599

Average Price Paid (p) : 71.24

Total Value Of Shares Repurchased (Using Average) : £10,269,039

Remaining Funds : £224,730,961

Remaining Funds As % Of Available Funds : 95.6%

Used Funds / % Of Buyback Completed : 4.4%

Original Voting Rights Before Buyback : 4,052,409,194

Current Voting Rights : 4,037,994,595

Current Reduction In Voting Rights : -0.36%

* Estimated Total Number Of Shares Repurchased At Completion : 329,868,319

* Estimated Voting Rights At Completion : 3,722,540,875

* Estimated Reduction In Voting Rights At Completion : -8.1%

* Based on remaining funds and current average price paid, will vary as buyback progresses

** Estimated Completion Date Assuming Current Velocity : 25-Dec-24

** Based on current average shares repurchased per day, will vary as buyback progresses

A detailed review of TV production in Europe…

“Cause for optimism?”

“Future deal-making“

https://www.screendaily.com/features/in-focus-the-major-european-production-and-distribution-groups/5191336.article

Calculated As At Last RNS Dated : 21-Mar-24

Available Funds : £235,000,000

Total Number Of Shares Repurchased : 12,197,801

Average Price Paid (p) : 71.24

Total Value Of Shares Repurchased (Using Average) : £8,690,266

Remaining Funds : £226,309,734

Remaining Funds As % Of Available Funds : 96.3%

Used Funds / % Of Buyback Completed : 3.7%

Original Voting Rights Before Buyback : 4,052,409,194

Current Voting Rights : 4,040,211,393

Current Reduction In Voting Rights : -0.30%

* Estimated Total Number Of Shares Repurchased At Completion : 329,849,873

* Estimated Voting Rights At Completion : 3,722,559,321

* Estimated Reduction In Voting Rights At Completion : -8.14%

* Based on remaining funds and current average price paid, will vary as buyback progresses

** Estimated Completion Date Assuming Current Velocity : 01-Dec-24

** Based on current average shares repurchased per day, will vary as buyback progresses

Https://seekingalpha.com/news/4081745-paramount-jumps-on-report-of-11b-offer-from-apollo

“Apollo's offer is more than the entire market capitalization of Paramount Global, which is currently around $7.7 billion”

$11bn vs $7.7bn - I make that a 43% bid premium… Nice!!!

ITV Buyback Analysis

Calculated As At Last RNS Dated : 20-Mar-24

Available Funds : £235,000,000

Total Number Of Shares Repurchased : 10,906,667

Average Price Paid (p) : 71.25

Total Value Of Shares Repurchased (Using Average) : £7,771,366

Remaining Funds : £227,228,634

Remaining Funds As % Of Available Funds : 96.7%

Used Funds / % Of Buyback Completed : 3.3%

Original Voting Rights Before Buyback : 4,052,409,194

Current Voting Rights : 4,041,502,527

Current Reduction In Voting Rights : -0.27%

* Estimated Total Number Of Shares Repurchased : 329,809,028

* Estimated Voting Rights At Completion : 3,722,600,166

* Estimated Reduction In Voting Rights At Completion : -8.14%

* Based on remaining funds and current average price paid, will vary as buyback progresses

** Estimated Completion Date Assuming Current Velocity : 20-Nov-24

** Based on current average shares repurchased per day, will vary as buyback progresses

I recall license renewal was mentioned in a recent press article we talked about here a few weeks ago - as being a positive factor any potential bidder would want confirmed before taking things further. So that's nice to see today.

https://www.sharecast.com/news/Company-Announcement-General/ITV-Renewal-of-PSB-Licences--dl34167829.html

Peter Chernin's wiki page mentions ITV i noticed after googling Chernin Entertainment...

https://en.wikipedia.org/wiki/Peter_Chernin

Source: tipranks

“ ITV Plc. (ITV:LN) (ITVPY) PT Raised to GBP0.80 at Morgan Stanley

March 15, 2024

Morgan Stanley analyst Miriam Josiah raised the price target on ITV Plc. (ITV:LN) (OTC: ITVPY) to GBP0.80 (from GBP0.73) while maintaining a Equalweight rating...”

Personally I think the shift in primary revenue source is not fully reflected in ITVs valuation.

But it will become increasingly obvious in years to come as ITVS keeps growing - as content is in such demand globally and they’re really good at it!

The inevitable rethink and rerating will pay for my retirement! :)

Just keep an eye on these ratios in future results…

Also from the same site - not much is being said about the fact that the 2023 results showed for the first time that ITV Studios generated more revenue than M&E.

Technically then - ITV is now primarily a studio / content generation business with a terrestrial broadcast subsidiary (!!!).

(Which is essentially the strategic direction I think to protect ITV from variable advertising conditions going forward).

https://www.statista.com/statistics/298268/itv-revenue-by-source/

Yes so look at the graph below and you can see ITV Studios US is making a growing contribution- Hollywood strike impacting 2023 which would otherwise probably have shown further growth…

https://www.statista.com/statistics/298327/itv-studios-revenue-by-source-uk/

ITV Studios producing new detective drama commissioned by BBC starring David Mitchell.

https://catalogue.itvstudios.com/news/1272

Coming soon - epic collaboration between Apple TV+ and ITVS America

https://www.itvstudiosamerica.com/productions/franklin/

Gets a lot more eyeballs than Sky managed…

https://www.aol.com/entertainment/itv-oscars-broadcast-brings-peak-120442012.html