ITV must now be a bargain. The current team clearly are an issue but you'd think the big American companies would recognise the bargain.

The yield is also high and can be reinvested. That really does limit the down side. You can even win here if it drops further!

Credit Suisse Outperform 179.30 220.00 250.00 Reiterates

186.20 the recent high.

ITV Liberum Capital Buy 178.90 178.90 230.00 230.00 Reiterates

Pleased with this broker report:

Relief was palpable among English football fans after World Cup qualification was secured this week, but Liberum suggests a few glasses will have been raised at broadcaster ITV (LON:ITV) as well.

The broker sees next year’s football carnival giving an additional hefty kick to a TV advertising market that is already bubbling up nicely.

Second half advertising momentum is building due to competitive pressures and rising economic sentiment and Liberum has raised its forecast for the Downton Abbey and X Factor maker's ad growth this year to 3.4% from 2.6%.

Next year is set to be even better. Indeed, after England’s qualification, it is looking “particularly good” says the broker, which now forecasts 6%-7% growth for the market overall boosted by the footie and rising economic growth.

“ITV is in an excellent position to take share,“ adds Liberum which expects ITV’s own ad growth now to run at a table topping 6.9%, up from a previous forecast of 5.4%, with the main risk to this being it is too conservative given the weakness of the terrestrial TV opposition.

Earnings are now forecast at 12.6p and 15.6p in 2013 and 2014, a rise of 1.7% and 5.5% respectively on its previous estimates, while its fair value estimate rises to 255p from 230p. In short, it’s a ‘buy’ say the broker.

Just back a little today at 194.2 so perhaps a slow march forward tomorrow! But very pleased to be sitting at this price and I am sure (this is just a gut feeling) that a break through 200 will be there soon!
Long live X Factor!!

Exane BNP Paribas Outperform 192.95 192.10 - 210.00 Reiterates

Following the rest of the market. But 210.00 seems to be the brokers target.
200 will do me!

ITV eased 0.5p to 191.4p when Berenberg downgraded the broadcaster to sell from hold, although upping its target price to 155p from 91p. Is that Irish or what?

StockMarketWire.com
Citigroup has downgraded its recommendation on free-to-air broadcaster ITV (LON:ITV) to "neutral" from "buy" believing it is likely to be most impacted by BT's (LON:BT.A) acquisition of Champions League and Europa League rights, starting from the 2015/16 season. The broker stated that it is concerned that the deal 'totally undermines the group's sports offering'. Despite downgrading their stock rating, analysts have increased their price target to 191 pence per share (from 180 pence) on the back of the improving UK advertising outlook.

Although I like this company, I sold at 192.3 last week on a down grade. Do not think we will see the magic 200 very soon.

Added on the dip this am @ 185.9

Good luck Chris. Do not think you will come to much harm!!

Thanks David, long term hold for me.

By Christopher Williams

8:15PM GMT 16 Nov 2013

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ITV is favourite to take the spoils in a battle with the BBC for rights to highlights of the European Champions League.


The terrestrial broadcasters are in the final stages of the competition for the secondary rights, after BT’s defeat of ITV and BSkyB in the auction of live European rights.


Insiders said a decision on the highlights Champions League package was expected in the next few days and that ITV was close to prevailing.


Just as the live rights attracted a record £900m fee, it is predicted UEFA will extract a higher price than before for highlights, particularly as BT has said it will broadcast only one live match free-to-air per season.


ITV’s defeat means that from 2015 it will have live rights only to some FA Cup matches and some England internationals.



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Champions League highlights are now understood to be the priority for the broadcaster. Its strategy of increasing the proportion of its revenues that come from selling its own rights means the company is less dependent on the boost in advertising sales that a big sporting occasion can bring.

The present live deal costs ITV £55m per year, and that money can be invested elsewhere from 2015.

The rights battle with the BBC is reaching its climax as ITV prepares to update shareholders this week on the progress of chief executive Adam Crozier’s turnaround effort as it reports third-quarter results.

The shares have more than trebled in value in the past three years as the company has benefited from the economic recovery and investors have applauded the growth of its content rights business.

Although the volatile advertising market still contributes the largest proportion of group revenues, analysts expect ITV’s resurgence to continue, in spite of the loss of the prized live football rights.

Roddy Davidson, of Westhouse, said: “We do not believe the recently announced loss of Champions League rights from 2015 onwards significantly dents this positive investment case.

“We are bulls of ITV, based on this positive backdrop, the increasing breadth of its content portfolio, the quality and consistency of its management team and strategy, and its compelling cash-flow characteristics.”

Liberum Capital suggested ITV could also soon benefit from up to £100m a year from BSkyB and Virgin Media and other pay-TV operators who carry its channels. Under rules dating back to the foundation of the cable and satellite industries, ITV pays the operators for carrying its channels, but it is lobbying –with BBC support – to reverse such transaction fees.

Observers and insiders expect ITV to win the highlights package, in part because of the complications for lucrative sponsorship deals that would be involved in a BBC victory.

The Champions League has seven main sponsors, who currently include MasterCard, Heineken and Gazprom, and these are promoted as part of advertising breaks on commercial television.

Both BBC and ITV representatives declined to comment on their negotiations with UEFA officials.














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Interim Management Statement

ITV plc Interim Management Statement - 9 months to 30 September 2013
ITV strategy delivers continued growth

· Total external revenues up 6% to £1,664m (2012: £1,573m)
· Non-NAR revenues up 11% at £810m (2012: £730m)
· Broadcast & Online revenues up 3% driven by 1% growth in NAR and 17% growth in Online, Pay & Interactive
· Good on-screen performance with ITV Family SOV up 4%
· ITV Studios revenues up 11%, with a strong Q4 to come
· Total cost savings of around £25m in 2013 - £5m ahead of original target
· Expect ITV Family NAR to be up around 2% over the full year

Nomura has reiterated its 'buy' rating for terrestrial broadcaster ITV on the back of this week's solid trading update from the company combined with continuing advertising momentum.

"ITV trades at a 2014 price-to-earnings ratio of 14.6x, which is a 8% discount to ProSieben while ITV’s current multiple remains 6% below its median through the cycle 2005-09 level and 35% below its peak 2007 multiple. With ITV benefiting from its leveraged position on UK macro/advertising improvement, we remain 'buyers'," Nomura added.

ITV retains rights to European highlights http://www.bbc.co.uk/sport/0/football/25058618

STV Group plc < 3%

Fingers crossed 200p stays breached.

Full year results 26th Feb.