Outlook: A Scottish family affair
We expect a return to revenue growth in FY16. Investment in Production should start to deliver and in Consumer STV is finding an increasing number of ways to leverage its strong brand. The target of 10% CAGR in EPS to FY17 looks achievable and forecasts may benefit from changes in regulation. On a c 40% P/E discount to peers, the shares look good value.STV Group is engaged in the production and distribution of content across various devices and platforms, including television broadcasting, and the sale of advertising airtime and space in these media. Co. is focused on its television and digital media businesses and is also involved in supporting charitable activities including the operation of its subsidiary, STV ELM Limited, to provide services to the Scottish Children's Lottery. Co. has three reportable segments: Consumer, Productions and External Lottery Management.
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