Update: Scottish media play
STV continues to strengthen its position as Scotland’s leading commercial TV broadcaster. Digital is growing strongly and City TV is successfully attracting new advertisers to television, although start-up losses left H115 profits lower, as expected. H215 has started well and our full year PBT estimates are unchanged. Net debt continues to reduce and management reaffirmed both its intention to pay a 10p full year dividend (the interim was lifted by 50%) and its target of 10% CAGR EPS growth (2014 to 2017). The FY15e EV/EBITDA of 8.4x is still low for a media business.fSTV 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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