Given the current uncertainty we are withdrawing our market guidance for 2020. In addition, the Board has decided that it is prudent not to propose the final dividend of 5.4 pence per ordinary share (£216 million in total) for the year ended 31 December 2019 at the forthcoming AGM, and to withdraw its previously announced intention to pay an 8p full year dividend for 2020. The savings from not paying the 2019 final dividend, taken with the cash impact of our cost and capex savings, will ensure that more than £300m of cash will be retained within the business. The Board recognises the importance of the dividend to our shareholders and will consider the quantum of any interim dividend for 2020 in light of this and of circumstances at that stage.
As we stated on 16th March 2020, ITV has good access to liquidity. We have £150m of unrestricted cash, a £630 million Revolving Credit Facility expiring in December 2023, of which £100 million is currently drawn, and a £300 million undrawn bilateral facility expiring in June 2021. In addition, we have no bond repayments until September 2022. Could they pay an interim divi?
The Deutsche analysts added that she believes the structural pressures caused by the influx of streaming video services such as Netflix and Amazon Prime have been priced into the sector, particularly following the de-rating of shares in 2020.
ITV’s recent share price, having sunk below 60p in March and April, has returned to those lows last seen in 2011, in early August ahead of this Thursday's interim results.
That level makes for an “attractive entry point”, said Naizer, leading to the recommendation being bumped up to ‘buy’ from ‘hold’ and the target price hiked to 120p from 80p.
Strange post Rbrand posted that reply to Francyn over a week ago . You shorters must ne getting twitchy. This has already started to unwind and If results are even slightly positive tomorrow this will head North. GLA
So I've been looking at the wider market and my thoughts are we should not be so fixated that this is an ITV issue / manipulation etc. The whole market is coming back to Covid crash levels. This is a bear market. Good if you have cash if you dont if you can afford it hold on. The direction is down. Look at Ftse futures again. Ftse will be 5800 again on Monday. I've given up trying to guess this market. Let's hope for a positive update next week GLA
Francn79 appears all your posts on ITV are negative just had a read of your posts. I wont be taking any advice you give on board. I actually think the SP finished reasonably well considering the big drop on the FTSE today.
Not a bad day here putting things in perspective. Market is almost going back to March lows . Look at BP , Cine, Lloyds, Rolls Royce today. We have been pulled down with the rest of the market in my view. Lots of uncertainty. So encouraging we seemed to of bounced off this recent low. Let's hope for a good run up to results. GLA
RE: Interesting moves this morning !27 Jul 2020 21:04
Nigeco cant see the divi being reinstated until at least 2021. Most FTSE companies have cancelled this year and withdrawn earnings forecasts. ITV SP is being shorted down, big seller etc and very bearish stock market atm. Look at the price of gold today! Either stick here for 6- 12 months or sell out and take the hit. Think we all know these are way undervalued but it's all market sentiment being on the negative at this moment in time. Could be worse we could of been in travel or airline stocks today.... GLA
RE: Interesting moves this morning !27 Jul 2020 18:19
I'm £3k down here in less than 2 weeks. I think it's not particular to market maker shenanigans. The general market is bearish and fearful. Just hold on and dont get too hung up on daily 3% drops. This will correct upwards in time . GLA