Are these the FTSE 100’s best contrarian bets?

Broadcasting bruiser ITV (LSE: ITV) has seen its share price decimated in recent times as fears over advertising revenues have taken centre stage.

The share price has dropped 20% since June’s Brexit vote and 28% since the start of 2016. But for bargain hunters I reckon this provides a brilliant buying opportunity.

ITV has warned on more than one occasion that uncertainty in the run-up to the EU referendum had shaken advertiser sentiment, a situation that looks likely to persist as Britain adjusts to what life wil be like outside the bloc.

Still, things are far from gloomy at ITV, and the company certainly remains better positioned than many of its rivals. Indeed, the Footsie play advised that “we again expect to outperform the television advertising market” in the current financial year.

Meanwhile, the producer of hits like Coronation Street and Love Island advised in July that “ITV Studios is on track to deliver double-digit revenue and adjusted EBITA growth over the full year, driven by the acquisitions we have made.” And the company’s global expansion scheme should help it to ride out near-term turbulence in the ad market and deliver stunning returns in the coming years.

Sure, the TV giant may have formally withdrawn its interest in acquiring Peppa Pig maker Entertainment One in August. But last month’s decision to buy a 16.5% stake in dedicated  ‘e-sports’ channel Ginx TV for £1.55m illustrates ITV’s desire to keep building its presence in fast-growing TV segments.

I reckon a prospective P/E rating of 10.6 times — far below the FTSE 100 average of 15 times — makes ITV a fantastic pick for those seeking great growth stocks at exceptional prices. And a dividend yield of 4.1% for 2016 sweetens the investment case still further.

The right medicine

Drugs developer Hikma Pharmaceuticals (LSE: HIK) has also been a major casualty in recent times. A 3% dip since the start of the year is hardly a stratospheric drop. But a 24% decline since August’s profit warning certainly is, and represents a fresh opportunity for shrewd investors to load up, in my opinion.

Hikma advised in the summer that delayed product approvals are likely to take a bite out of the bottom line in the current fiscal year, with higher costs due to litigation issues providing a double whammy.

But investors shouldn’t take their eye off the pharma giant’s long-term promise. The company is a major player in the fast-growing emerging nations of the Middle East and North Africa, while Hikma’s rising position in the Injectables market provides plenty of opportunity. The company is already a key name in this particular area in the US.

A forward P/E rating of 23.9 times for the current period may be a tad strong on paper. But I believe Hikma’s growth story remains compelling — indeed, a double-digit earnings rise is due for 2017 — and I’m convinced the medicine’s mammoth expertise across multiple markets warrants serious attention.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Hikma Pharmaceuticals and ITV. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.