Vivendi/Activision: 2 small negatives provide an opportunity to ADD
While GVT can’t be dressed up as core to the Vivendi story, we understand there is some disappointment in Vivendi’s decision to withdraw from the sale process. However, it serves to remind that this is...
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ITV (aviate Buy): the content is the differentiator
“Regardless of the technology, regardless of the access type, or the form of broadcast, the content is the differentiator”. CEO Adam Crozier We agree. Stay long.
View Article“never been a better time to be in content”
The words of ITV’s CEO, Adam Crozier, last night at the flagship AWEurope Conference. No matter how content is accessed, it is demand led. Regardless of the technology, regardless of the access type,...
View ArticleITV: “never been a better time to be in content”
The words of ITV’s CEO, Adam Crozier. No matter how content is accessed, it is demand led. Regardless of the technology, regardless of the access type, or the form of broadcast, “the content is the...
View ArticleITV (aviate Buy): content is king (cont…)
Two positives: Last night, ITV closed out the third most successful midweek drama of the last decade, Broadchurch. Such was the level of interest (with the show shrouded in secrecy) book makers had...
View ArticleITV: content is king (cont…)
2 further positives this week. Thursday night, ITV closed out the 3rd most successful midweek drama of the last decade, Broadchurch. Such was the level of interest in the show (with the show shrouded...
View ArticleConvertible Ideas/Themes May 2013
It’s all about Japan, just a shame there is a limited number of issues to buy. As we have visited our clients over the last few weeks it is clear that after the positive start to the year in terms of...
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Banks vs Miners: biggest U/W in commodities since 2008
The Merrill FM survey highlighted how underweight resources the market is, which matches fund managers biggest “tail risk” fears of a hard landing in China. Will the market shift its allocation if...
View ArticleMedia: evidence of strong content pricing continues, ITV, Lagardere and...
Intel’s push to buy content from media companies for its new TV service is said to be at prices up to 75% above traditional cable rates. New entrants often have to pay premiums as they lack scale...
View ArticleConvertible Ideas/Themes June 2013
Macro concerns have dominated investor consciousness so far this month and are likely to continue as we get more data out of China and the resulting debate over the economy’s prospects. We are in a...
View ArticleTwo convertible deals today: ITV and Alcatel
This from Cameron Footer, our head of Converts: ITV 4% 2016: Company announced today that it has repurchased £28.9m of the 2016 convertible bonds representing 21.4%. Those converts represent 44m shares...
View Article“If you fix (UK) housing… you will fix a lot of things”
UK Halifax June House Prices +0.6% MoM, and 3 month +3.7% YoY both accelerating from previous figures of 0.4% and 2.6% respectively, and above expectations of 0.4% and 3.6%. The YoY pace is the fastest...
View ArticleTV and Cable M&A continues to ramp. It’s all about the same thing; SCALE
Did Tribune’s CEO steal the punchline from the Darth of Vader of Cable, John Malone? As Malone again last month reminded us “the whole name of the game in the cable business is scale”. What was...
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Add to domestic European exposures: Insurance, Media, Defence and Exchanges
It seems the Euro is condemned to being one of the strongest currencies, along with the $. It also seems EMs are grappling with a higher $ given their inability to rally despite a stronger S&P....
View ArticleIs a UK capex cycle about to follow?
CFOs are preparing for ‘Growth’ For several years CFOs have been focused on cost-control, de-leveraging the balance-sheet and cash-preservation. A reluctance to spend due to elevated perceptions of...
View ArticleITV: all time highs. Content is king. Stay long
According to weekend press ITV is considering a bid for Scandinavian TV producer, Nice Entertainment Group. If successful, it would be the latest in a long line of deals adding to ITV’s burgeoning...
View ArticleITV (aviate Buy): differentiated content is… king
The company expects double digit sales growth for ITV studios, online, pay and interactive for 2013. H1 ITV studios sales grew 11% to £395m, taking the studio sales above 30% of the mix, more than...
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ITV: “this is just the start”. Stay long
CEO Adam Crozier’s interview in the weekend press reminds us of the significant progress he has achieved under the transformation plan since his arrival. Broadcasters are desperately searching for...
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Audiences ‘want to binge’, buy more content; ITV, BSY, SKYD
We have made no secret that differentiated content is King, and all that content needs is distribution. We have also highlighted rapid advances in distribution technologies of digital content (namely...
View Article“never been a better time to be in content”
The words of ITV’s CEO, Adam Crozier, last night at the flagship AWEurope Conference. No matter how content is accessed, it is demand led. Regardless of the technology, regardless of the access type,...
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