STV Group hosted a CMD on 20 May updating on strategy under new CEO Rufus Radcliffe. A clear path to long-term growth was laid out, in our view, including the launch of a new radio station, new reach and targeting propositions in broadcast, and further strong growth for the successful Studios business. STV targets EBITA of £30-35m in 2030 versus £18.5m now forecast for this year (CAGR of 10%-14% pa) with an additional £10m pa uplift in FCF when pension deficit payments cease in October 2030.