DDM Analysis: ITV.L

Valuation Snapshot

Stable Growth	$1.16 - $1.71	$1.43
Multi-Stage	$2.15 - $2.36	$2.26
Blended Fair Value	$1.84
Current Price	$0.82
Upside	123.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.15%	-4.48%	0.05	0.05	0.05	0.00	0.00	0.08	0.08	0.13	0.17	0.12
YoY Growth	-	-	-1.49%	0.00%	0.00%	0.00%	-100.00%	1.59%	-36.23%	-25.49%	44.44%	46.65%
Dividend Yield	-	-	6.82%	8.05%	6.78%	0.00%	0.00%	5.37%	6.39%	7.54%	8.16%	4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	598.00
(-) Cash Dividends Paid (M)	327.50
(=) Cash Retained (M)	270.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.60	74.75	44.85
Cash Retained (M)	270.50	270.50	270.50
(-) Cash Required (M)	-119.60	-74.75	-44.85
(=) Excess Retained (M)	150.90	195.75	225.65
(/) Shares Outstanding (M)	3,946.32	3,946.32	3,946.32
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	-2.11%	-1.11%	-0.11%
Fair Value	$1.16	$1.43	$1.71
Upside / Downside	41.21%	73.00%	107.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	598.00	591.37	584.81	578.33	571.92	565.58	582.55
Payout Ratio	54.77%	61.81%	68.86%	75.91%	82.95%	90.00%	92.50%
Projected Dividends (M)	327.50	365.54	402.70	438.99	474.43	509.02	538.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	-2.11%	-1.11%	-0.11%
Year 1 PV (M)	334.78	338.20	341.62
Year 2 PV (M)	337.78	344.71	351.72
Year 3 PV (M)	337.23	347.67	358.33
Year 4 PV (M)	333.79	347.63	361.91
Year 5 PV (M)	327.99	345.09	362.89
PV of Terminal Value (M)	6,829.61	7,185.65	7,556.38
Equity Value (M)	8,501.18	8,908.96	9,332.85
Shares Outstanding (M)	3,946.32	3,946.32	3,946.32
Fair Value	$2.15	$2.26	$2.36
Upside / Downside	161.27%	173.81%	186.83%

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ITV plc (ITV.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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