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ITV (first-half earnings 25 July)
ITV is expected to report earnings of 6.8p per share, down 11.3% year-on-year, while revenue rises 2.5% to £1.5 billion. The average move on the day is 4.16%, while current options pricing indicates a move of 4.6%.
Investors will be hoping that the firm can paint a more positive picture than was seen in the full-year numbers in February, when the firm suffered a tough year thanks to political and economic uncertainty. The group will continue to talk up the performance seen over the World Cup, which will have boosted revenues, helping to offset last year’s tough performance. Further improvement in content and its broader video offering should help it compete in an increasingly difficult marketplace.
At 11.1 times earnings, the share are trading below their five-year average of 13.3, while a 4.3% dividend adds to the attraction of the stock for income investors.
ITV shares have rallied sharply since the March lows, and the surge shows little sign of slowing. Crucially, the price broke above the 170p zone of resistance that prevailed in late 2017 and early 2018, and a turn higher would target 183p and then 201p, last seen in mid-2017. A close below 170p would suggest a broader retracement.