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STVG

Stv Group PLC

Media First-pass screen £46m
220/1000 Overall fit
AI beneficiary 35% 15
Operating leverage 25% 25
Valuation 25% 30
Downside protection 15% 20

First-pass take

STV is a traditional UK broadcaster with zero AI exposure facing cord-cutting headwinds. Revenue down 6%, advertising revenue down 10%. Statutory loss £4.0m, negative equity £18.1m, rising net debt to £45.3m, dividends suspended. Covenant amendments indicate lender stress.

Flags

loss-makingnegative-equityrising-debtcovenant-amendmentspension-deficitno-valuation-datalegacy-businessdividend-suspendeddeclining-revenue