Update: Q3 update
A Q3 IMS from STV confirms that trading is on track to meet full year estimates, with advertising revenues up 6% and digital up 15-20%. STV is continuing to extend its brand both locally, including new city TV stations, and on digital platforms such as the recently launched Amazon Fire TV. The shares continue to look very good value on a 2014e P/E of 9.6x and EV/EBITDA of 7.7x, both a material discount to the sector average.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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