olivLaw · European equity research
STV Group plc STVG.L
United Kingdom · London Stock Exchange · ISIN GB00B3CX3644 · Vertical: Listed companies from United Kingdom
STV Group is Scotland's leading broadcaster and content producer, combining the STV channel, the STV Player streaming service and the STV Studios production division. In 2025 the company went through a difficult period with a weak advertising market, and it now focuses on cost reduction, the launch of a commercial radio station and growth in digital revenue.
At the close of 05 Nov 2026, STV Group plc (STVG.L) stock was 1.00 GBP (+0.00% on the day), with market capitalisation 46.0 m GBP, P/E 9.3 on diluted EPS of 0.11 GBP over the last 12 months, dividend yield 7.40%, beta 0.35, 52-week range 0.96–1.20 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.4
- neutral
- Bollinger (20, 2)
- 0.96 – 1.05
- in the lower half of the band · %B 0.44 · band width 8.7%
- SMA 50 / 200
- 1.03 / 1.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.0% | −0.6% | −0.3 pp | — |
| 3 months | −6.1% | −4.2% | −1.9 pp | — |
| 6 months | −2.9% | +4.3% | −7.2 pp | — |
| Year to date | −5.2% | +7.5% | −12.7 pp | — |
| 1 year | −11.1% | +9.9% | −21.0 pp | +5.8% |
| 3 years | −49.4% | +49.8% | −99.2 pp | +26.3% |
| 5 years | −71.0% | +42.8% | −113.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.4, median 9.8, max 20.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 168.4 m | 188.0 m | 176.9 m |
| Revenue YoY | unavailable | +11.6% | −5.9% |
| Net income | 4.5 m | 10.8 m | -5.0 m |
| Net income YoY | unavailable | +140.0% | −146.3% |
| Diluted EPS | 0.09 | 0.23 | 0.11 |
| Diluted EPS YoY | unavailable | +148.9% | −53.8% |
| net % | 2.7% | 5.7% | -2.8% |
| Free cash flow | 3.0 m | 8.0 m | -200.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.3 m GBP
- Financial debt
- 57.6 m GBP
- Net debt
- 45.3 m GBP
- Equity
- -18.1 m GBP
- Total assets
- 161.9 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.50x
- ROE
- unavailable
- ROA
- -3.0%
- FCF margin
- -0.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 168.4 m | 188.0 m | 176.9 m | esef· 22 Apr 2026verified |
| Operating income | 6.4 m | 13.2 m | 3.8 m | esef· 22 Apr 2026verified |
| Interest expense | 6.2 m | 7.6 m | 8.8 m | esef· 22 Apr 2026verified |
| Pre-tax income | 0 | 10.4 m | -5.9 m | esef· 22 Apr 2026verified |
| Income tax | -5.3 m | -2.7 m | -1.9 m | esef· 22 Apr 2026verified |
| Net income | 4.5 m | 10.8 m | -5.0 m | esef· 22 Apr 2026verified |
| Diluted EPS | 0.09 | 0.23 | 0.11 | esef· 22 Apr 2026verified |
| Dividend per share | 0.11 | 0.11 | 0.07 | esef· 22 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.9 m | 11.1 m | 12.3 m | esef· 22 Apr 2026verified |
| Receivables | 38.9 m | 46.3 m | 43.7 m | esef· 22 Apr 2026verified |
| Inventories | 24.4 m | 28.8 m | 24.5 m | esef· 22 Apr 2026verified |
| Current assets | 77.2 m | 87.9 m | 82.1 m | esef· 22 Apr 2026verified |
| Property, plant & equipment, net | 8.9 m | 6.8 m | 7.1 m | esef· 22 Apr 2026verified |
| Total assets | 153.9 m | 169.7 m | 161.9 m | esef· 22 Apr 2026verified |
| Accounts payable | 37.9 m | 48.1 m | 51.2 m | esef· 22 Apr 2026verified |
| Short-term debt | 4.6 m | 10.2 m | 2.3 m | esef· 22 Apr 2026verified |
| Long-term debt | 41.6 m | 39.6 m | 55.3 m | esef· 22 Apr 2026verified |
| Current liabilities | 43.7 m | 59.1 m | 54.7 m | esef· 22 Apr 2026verified |
| Total liabilities | 166.5 m | 182.6 m | 180.0 m | esef· 22 Apr 2026verified |
| Equity | -12.6 m | -12.9 m | -18.1 m | esef· 22 Apr 2026verified |
| Shares outstanding at year end | 46.4 m | 46.0 m | — | esef· 22 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.8 m | 8.7 m | 2.3 m | esef· 22 Apr 2026verified |
| Capex | 800.0 k | 700.0 k | 2.5 m | esef· 22 Apr 2026verified |
| Free cash flow | 3.0 m ≈ | 8.0 m ≈ | -200.0 k ≈ | esef· 22 Apr 2026derived |
| Investing cash flow | -13.9 m | -2.5 m | -4.3 m | esef· 22 Apr 2026verified |
| Financing cash flow | 8.1 m | -4.4 m | 3.2 m | esef· 22 Apr 2026verified |
| Share repurchases | — | 4.4 m | 0 | esef· 22 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 46.0 m GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2.8% | 26 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.3x | 83 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.4% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
STV GROUP PLC (STVG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 176.9 m GBP in 2025; YoY growth -5.9%; net margin -2.8%.
The estimated value range is 0.76–1.75 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 1.14 GBP, the price of 1.00 GBP leaves a potential of 13.8% (value / price − 1) and a margin of safety of 12.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 9.3x
What contradicts it
- Net margin: -2.8%
- Interest coverage: 0.4x
- FCF yield: -0.4%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| STVG.LStv Group PLC | 46.0 m | 9.3 | — | -2.8% | −5.9% | −7% / −48% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for STVG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
STV Group is Scotland's leading broadcaster and content producer, combining the STV channel, the STV Player streaming service and the STV Studios production division. In 2025 the company went through a difficult period with a weak advertising market, and it now focuses on cost reduction, the launch of a commercial radio station and growth in digital revenue.
SWOT
Strengths
- Strong reach in Scotland across the linear channel and the streaming platform, with a leading regional position in advertising.
- A long-term contract with ITV links content costs to advertising revenue, protecting margin.
- Studios has a production portfolio and rights to returnable formats that can generate repeat revenue.
Weaknesses
- Operating margins have been under pressure due to the weakness of the UK advertising market.
- The company decided not to declare a dividend for 2025, reflecting current financial constraints.
- The Studios division depends on commissions from a limited number of large clients, and the commissioning market has been weak.
Opportunities
- The launch of STV Radio and expansion into audio could bring new revenue from local and national advertisers.
- Rising investment in regional production in the UK could bring new commissions to Studios.
- Digital advertising and VOD, which sell at a premium over linear equivalents, could support margin growth.
Threats
- The long-term decline of national linear advertising could reduce the company's traditional revenue.
- Competition from global streaming platforms could draw audiences and advertising budgets.
- Uncertainty over the funding of public service media in the UK could affect the long-term business model.
Risks
- Weak advertising markethigh
If the recovery of the advertising market is delayed, advertising revenue could stay below expectations and affect profitability.
- Debt and liquiditymedium
Net debt, including non-recourse production financing, limits financial flexibility, and the company relies on its revolving credit facility.
- Weak commissioning market for Studiosmedium
If production budgets remain low, the Studios division could see delayed projects or lower margins.
- Defined benefit pension obligationsmedium
Obligations to the defined benefit pension scheme may limit capital available for investment and for dividends.
- Regulation and licenceslow
Changes the company has requested to its news obligations in licences, and the evolution of public service media regulation, could change operating conditions.
Investment thesis
What would need to be true (bull case)
- If the advertising market recovers, the leading position in Scotland and the ITV contract could support revenue growth with better margins.
- If STV Radio and AI-enabled digital advertising reach their estimated potential, they could open new sources of revenue.
- If the cost savings programme and the 2025 restructuring continue to deliver, profitability could gradually recover.
What would break the thesis
- If linear advertising keeps declining, traditional revenue could weaken faster than digital revenue grows.
- If the commissioning market stays weak, the Studios division could have fewer projects and lower margins.
- Debt and pension obligations could limit the company's ability to invest and to return to paying dividends.
What to watch
- First quarter results and the trend in advertising revenueQ1 2026
- Official audience figures for STV Radio2026
- Delivery of the cost savings expected from the restructuring2026
- Level of net debt and use of the revolving credit facilitynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
STV operates through two divisions: Audience, which includes the STV channel, the STV Player streaming service and a new audio division with the STV Radio station, and Studios, Scotland's largest production business with bases in Glasgow, Belfast, Manchester, London and Brighton. The business model rests on four revenue streams: advertising, commercial partnerships, programme production and distribution, and direct revenue from customers. The company also owns rights to a programme library that can be monetised through advertising or licensing. The Channel 3 licences for the north and central regions were renewed for ten years from January 2025.
Segments
Audience
The Audience division combines the STV channel, STV Player and STV Radio and offers broad advertising reach in Scotland. The channel reaches more than two thirds of Scots every month, and STV Player is pre-installed on three quarters of UK connected TV homes. The long-term partnership with ITV for content and VOD advertising sales supports digital revenue at higher margins.
Studios
The Studios division produces content for the BBC, Channel 4, Channel 5, Apple TV, Netflix and Sky, with a focus on returnable formats and IP with international appeal. The company says the commissioning market was subdued in 2025, and recent projects include Amadeus for Sky and The Witness for Netflix.
Radio and audio
The new commercial radio station STV Radio, launched in January 2026, extends the Audience division into audio. Management says early sentiment from advertisers and listeners is positive, and official audience figures are expected later in the year.
Market context
The UK advertising market remained weak and shows no clear sign of recovery into 2026, according to management, and national linear advertising is in long-run decline. The production commissioning market was also subdued, which slowed the Studios business. However, demand for nations and regions production in the UK and for content from international streamers remains an opportunity.
Trends
- Viewing shifting from linear to digitalmixed
Audiences are moving increasingly to streaming, and STV Player recorded its highest annual viewing hours in 2025. However, total viewing declined and linear advertising revenue remains under pressure. The company is trying to offset this with digital advertising and VOD.
- Weak UK advertising marketheadwind
Management says the advertising market remains weak and that a clear recovery is not visible in 2026. If this persists, advertising revenue could stay under pressure in the coming years.
- Regional and international productionmixed
Rising investment in production in the north and central UK, and demand from international streamers, could help the Studios division. The commissioning market remains subdued, however, and projects may be delayed.
- Digital and audio advertisingtailwind
Hyper-targeted advertising using AI tools and the expansion into audio could open new sources of revenue. These initiatives are still at an early stage and results depend on execution.
Competitive position
STV competes for advertising budgets and audiences with other UK television channels and streaming platforms, and with independent producers for production commissions. Its advantages are strong reach in Scotland and partnership relationships with ITV. Competitive pressure remains high, and the company needs to show it can maintain its audience share.
- ITV
Content and advertising sales partner of STV, but also a direct competitor in UK advertising and streaming.
- BBC
Competitor for audiences and production commissions, and an important client of the Studios division.
- Channel 4
Competitor in television and advertising, and a client of the Studios division.
- Sky
Competitor in television and streaming, and a client of the Studios division.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202522 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / STV Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.