Update: New EPS growth targets
Excellent final results were accompanied by a surprise hike in the dividend to 8p (forecast 6p) and a new target for 10% CAGR in EPS over the next three years. Most of the growth will come from digital and local services as STV leverages its brand across its family of channels, with the margin on national airtime sales now broadly locked in, de-risking the business. The 2015e P/E is only 9.3x, well below the peer group, and the yield is 2.7%, suggesting plenty of scope for further share price outperformance.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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