STV’s interims provided a reminder of the challenges behind July’s profits warning, but saw management reiterate guidance and announce a range of measures to help protect profitability, provide balance sheet flexibility and ensure it is well-placed when conditions improve. The arrival of a new Chair will also bring a fresh perspective. We maintain our profit estimates and, notwithstanding a more cautious dividend outlook, regard the group’s stock as attractively valued following a period of pronounced share price weakness. BUY.