Update: A solid start to the year
STV is on track for a good first half with growth across the board, particularly in digital and production. On a 9.5x FY16e P/E with dividend support, the share offers good value. Furthermore, the valuation of the defined pension deficits will conclude in this quarter, which should clarify STV’s cash commitments for the next three years and may pave the way for special dividends further out.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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