ITV PLC (LSE:ITV) interim results are due on 25 July with how much of a bump England’s Euro 2024 run has given ad revenues a key point of interest.
Some commentators have suggested that ITV’s TAR (total ad revenue) could be ahead by as much as 20% year-on-year during the second quarter, with a small tailwind for an improving backdrop ex-the football as a kicker.
Shore Cap currently estimates 3% year-on-year TAR growth for ITV during 2024 overall but might nudge this up a point or two depending on what it says about Euro '24 with the interims.
“We also maintain our positive view on the medium-term outlook for ITV Studios, which looks well placed to capitalise on strong demand for quality content by dint of its status as a major, multi-format, multi-genre international producer.”
Consensus figures suggest first-half revenues, EBITDA and adjusted EPS of £1.6bn (flat YoY), £195.0m (£176m in H1 FY23A) and 2.4p accompanied by a 1.8p dividend (1.7p) and period end net debt of £553m (£710 million 12 months earlier).
”A share price of comfortably over 100p is justifiable. Buy says the broker.”
Shares were up 1.7% to 84.45p.