Daniel Gladiš presented his in-depth investment thesis on ITV (London: ITV) at European Investing Summit 2016.

ITV (London: ITV) is a producer and broadcaster operating the largest commercial family of channels in the UK. ITV is also the largest production company in the UK, with significant operations in the U.S. and several European countries. ITV has a strong and underlevered balance sheet, high returns on invested capital, is highly cash-generative and has strong growth opportunities. Six years into its transformation plan, the business model is more balanced than ever. Well-managed and shareholder-oriented, ITV trades in the post-Brexit world at low multiples both relative to its own past and to its peers. At a P/E of 11x, FCF yield of 8%, dividend yield of 4%, and net debt to EBITDA of 0.7x, the stock represents a combination of a quality company and a low price.

About the instructor:

Daniel Gladiš, based in the Czech Republic, has amassed a market-beating track record since starting VLTAVA Fund in 2004. VLTAVA Fund is a value-oriented, research-driven investment fund focused on investing in good companies run by quality management. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. Daniel is a graduate of VUT Brno and has authored the best-selling book Naučte se investovat (Learn to Invest).

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