We have spoken to a broad range of investors following our recent initiation on STV Group. In this note we summarise the principal areas of debate arising from these discussions and highlight an encouraging reaction to our positive investment case and the company’s recent strategy refresh. Specifically, we believe that a growing understanding of its underlying qualities and growth potential creates scope for STV’s share price to re-rate from an extremely modest valuation. We retain our 268p target price and BUY recommendation.