2016 has been a hugely disappointing year for investors in ITV (LSE: ITV). That’s because the media company’s share price has fallen by 25% despite it performing relatively well as a business. Certainly, there are clouds on the horizon from the potential impact of Brexit and a somewhat challenging outlook for the TV advertising market. However, with upbeat forecasts and a low valuation, ITV seems to be well-placed to ride such difficulties out and return to strong share price growth.

With ITV trading on a price-to-earnings growth (PEG) ratio of 1.6, it seems to offer a sufficiently wide margin of safety to merit investment at the present time. Moreover, following its share price fall in recent months it now has a yield of 3.5% and has become a viable income play. This status is confirmed with ITV’s dividend forecast to rise by over 16% next year, at which point it’s still expected to be covered 2.2 times by profit. This indicates that further rapid dividend growth is on the horizon.

Long-term potential

Also falling since the start of the year have been shares in easyJet (LSE: EZJ). They are down by 16% year-to-date and much of this is due to general weakness in the European airline and travel industry following the terrorist attacks in the last year.

Looking ahead, easyJet appears to be confident in its recovery potential, with the company expected to increase dividends per share by 46% over the next two financial years. This puts easyJet on a forward dividend yield of 5.6%, which shows that it’s likely to see demand increase for its shares over the medium term as income-seeking investors pile in.

This rapid rise in dividends is expected to be at least partly funded by a bottom line that’s due to increase by 16% in the next financial year. This puts easyJet on a PEG ratio of just 0.6, which indicates that it has superb recovery potential and is worth buying for the long term. Certainly, short-term challenges may persist and its shares may be volatile, but easyJet has significant total return prospects.

Patience required

Meanwhile, shares in Standard Chartered (LSE: STAN) have also disappointed this year, declining by 6% year-to-date. A key reason for this is the difficulties the bank is currently experiencing, with regulatory challenges and disappointing results causing investor sentiment to remain subdued. And with a new strategy likely to take time to implement, it would be of little surprise if Standard Chartered’s share price delivered somewhat modest growth over the near term.

However, looking further ahead, Standard Chartered has exceptional capital growth prospects. Part of the reason for this is its low valuation, with its shares trading on a PEG ratio of only 0.1. And with a new management team and the scope for more robust and resilient financial performance in the long run, investor sentiment could be positively catalysed in the coming years. As such, now seems to be a good time to buy it ahead of a potential recovery.

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Peter Stephens owns shares of easyJet, ITV, and Standard Chartered. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.