Why I think the ITV share price is a FTSE 100 bargain Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Image source: Getty Images. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. “This Stock Could Be Like Buying Amazon in 1997” The ITV (LSE: ITV) share price has fallen by more than 50% so far this year. That’s roughly double the 26% drop suffered by the FTSE 100.I’d understand if you were a little nervous about buying into this business. But I think that the ITV share price is currently offering investors a fantastic buying opportunity. I’ve been adding to my personal holding of ITV stock in recent weeks. Here’s why.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Why has the ITV share price fallen so far?I admit that ITV is facing a few challenges at the moment. Even before the coronavirus pandemic, advertising revenues from broadcast television were falling. Although online viewing is rising, this doesn’t generate as much ad revenue.Covid-19 has made the situation much worse. Most filming has been halted. And many advertisers are cancelling planned ad campaigns. I suspect that companies that are still advertising may be paying lower rates than usual.I’m not surprised that the ITV share price has crashed this year. But I think that investors are in real danger of going too far.Here are three reasons why I’ve been buying ITV shares in recent weeks.1. The ITV share price looks too cheap to meUsing last year’s performance as a guide, ITV shares currently trade on less than six times earnings.The shares also look cheap to me on other measures. At the last-seen share price of 70p, ITV trades on just seven times 2019 free cash flow. And the group’s earnings yield – a measure of profitability used by business buyers – is high, at 14%.Of course, 2020 profits are likely to be lower than in 2019. But this business hasn’t been shut down. It’s still ticking over. Ad revenue is still coming in, although at lower levels, and the group expects to benefit from a higher level of “library sales” to other broadcasters who need extra content to fill their schedules.The latest forecasts from City analysts suggest that ITV’s earnings will fall by around 25% this year.If correct, that would put the shares on a price-to-earnings ratio of 6.8. That’s roughly half the FTSE 100 average of 13. I think that’s too cheap.2. Still very profitableThis company isn’t some loss-making tech start-up. ITV is a big and profitable business.In 2019, the group generated a return on capital employed of 23%. Its operating profit margin was a healthy 16%. These numbers suggest to me that this business will probably remain profitable in 2020, despite the pandemic.Although the firm has decided not to pay a final dividend for 2019, my calculations show that last year’s payout would have been covered by surplus cash from the group’s operations.3. Look at the big pictureThe UK economy is in a tough place at the moment. I expect the ITV share price to stay low for a little longer yet.But this situation won’t last forever. ITV’s transition to content production and digital streaming will continue. Advertisers will need to spend money to support a return to business as usual.The group’s production business is also a valuable asset, in my view. Last year, ITV Studios generated an operating profit of £267m. If the shares remain this cheap for too long, I think this business could attract a bidder.Whatever happens, I expect the ITV share price to be much higher in a few years’ time. Our 6 ‘Best Buys Now’ Shares Roland Head | Saturday, 25th April, 2020 | More on: ITV Enter Your Email Address See all posts by Roland Head Roland Head owns shares of ITV. The Motley Fool UK has recommended ITV. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!