Future (FUTR)

Company name:	Future Plc
EPIC:	FUTR	Trading Currency:	GBX
Market Sector:	F25T	ISIN:	GB00BYZN9041
Market Segment:	STMM	Share Type:	DE
WWW Address:	https://www.futureplc.com/	Description:	ORD 15P
Industry Sector:	ELECTRICITY

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,505.00	-40.0 [-2.59]	1,494.00	1,496.00	1,538.00	1,540.00	1,490.00	451,951
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,818.87	120.86	0.62	59.30	2.80	25.38	0.19	3,466.00 - 1,119.00

Future Key Figures

(at previous day's close)
Market Cap.	1,818.87	m
Shares In Issue	120.86	m
Prev. Close	1,545.00
PE Ratio	25.38
Dividend Yield	0.19	%
EPS - basic	59.30	p
Dividend PS	2.80	p
Dividend Cover	21.18
Cash Flow PS	137.11	p
Return On Equity (ROE)	7.67	%
Operating Margin	17.77	%
PEG Factor	0.91
EPS Growth Rate	27.80	%
Dividends PS Growth Rate	75.00	%
Net Debt	444.50	m
Gross Gearing	47.13	%
Quick Assets	428.00	m
Net Working Capital	238.70	m
Intangibles / Fixed Assets	96.06	%
Turnover PS	502.09	p
Pre-Tax Profit PS	89.20	p
Retained Profit PS	54.69	p
Cash PS	268.34	p
Net Cash PS	110.88	p
Net Tangible Asset Value PS *	-241.94	p
Net Asset Value PS	713.50	p
Spread	2.00 (0.13%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Future Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,624.00	1,490.00
4 weeks	1,624.00	1,284.00
12 weeks	1,624.00	1,201.00
1 year	3,466.00	1,119.00

Share Price Chart (5 years)

Future Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,504.00	1.00	0.07	1,490.00	0.45		1,565.15
4 weeks	1,288.00	217.00	16.85	1,284.00	0.45		1,484.26
12 weeks	1,301.00	204.00	15.68	1,201.00	0.52		1,423.99
26 weeks	1,848.00	-343.00	-18.56	1,119.00	0.48		1,445.81
1 year	3,112.00	-1,607.00	-51.64	1,119.00	0.51		1,823.97
3 years	1,546.00	-41.00	-2.65	489.50	0.48		1,946.63
5 years	397.00	1,108.00	279.09	347.00	0.45		1,584.98
† periods calculated are whole weeks rather than calendar months

Future Key Management Ratios

Future Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	46.29
PE Ratio	25.38
Tobin's Q Ratio	1.62
Tobin's Q Ratio (excl. intangibles)	6.12
Dividend Yield	0.19	%
Market-to-Book Ratio	2.11
Price-to-Pre-Tax Profit PS	16.87
Price-to-Retained Profit PS	27.52
Price-to-Cash Flow PS	10.98
Price-to-Sales PS	3.00
Price-to-Net Tangible Asset Value PS	-6.22
Price-to-Cash PS	5.61
Net Working Capital PS	197.51
Price Pct to Working Capital PS	7.62	%
Earnings Yield	3.94	%
Average PE	78.88
Years in average	5
PE to PE average	32.17	%

Future Financial Ratios

(Leverage Ratios)
Debt Ratio	40.15	%
Debt-to-Equity Ratio	0.67
Debt-to-Equity Ratio (excl. Intgbl)	-1.98
Debt-to-Equity Market Value	0.32
Net Gearing	27.25	%
Net Gearing (excl. Intangibles)	93.30	%
Gross Gearing	47.13	%
Gross Gearing (excl. Intangibles)	161.38	%
Gearing Under 1 Year	11.67	%
Gearing Under 1 Year (excl. Intgbl)	39.95	%
Assets/Equity	1.89
Cash/Equity	37.61
(Liquidity Ratios)
Net Working Capital to Total Assets	14.63	%
Current Ratio	2.25
Quick Ratio (Acid Test)	2.25
Liquidity Ratio	1.70
Cash & Equiv/Current Assets	75.59	%
(Solvency Ratios)
Enterprise Value	2,073.07	m
CFO/Sales	0.27
CFO/Attributable Profit	2.51
CFO/Assets	0.10
CFO/Debt	0.22
Total Debt/Equity Market Value	0.42
Total Debt/Sales	1.27
Total Debt/Pre-Tax Profit	7.13
Total Debt	768.80	m
Total Debt/Net Current Assets	3.22	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	81.61	%
5 yr Compound Earnings Growth	69.01	%
10 yr Compound Earnings Growth	89.37	%
Earn drops > 5% in 10yrs	9

Beta (60-Mnth)	Beta (36-Mnth)
0.6203	1.4487

Future Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	7.48	%
Return On Assets (ROA)	5.90	%
Net Profit Margin	10.89	%
Assets Turnover	0.54
Return On Equity (ROE)	7.67	%
Return On Investment (ROI)	6.88	%
Dividend Payout Ratio	4.72	%
Plowback Ratio	95.28	%
Growth from Plowback Ratio	10.13	%
Net Income Of Revenues	10.89	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.98
Fixed Assets Turnover	0.71
Current Assets Turnover	2.31
Net Working Capital Turnover
Inventory Turnover	713.88
(Other Operating Ratios)
Total Assets-to-Sales	1.85
Debtors-to-Sales	14.86	%
Debt Collection Period	54.26	Days

Future Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
30 Nov 2021	Final	GBX	2.80	30/09/2020	30/09/2021	13/01/2022	14/01/2022	09/02/2022	2.80
25 Nov 2020	Final	GBX	1.60	30/09/2019	30/09/2020	14/01/2021	15/01/2021	16/02/2021	1.60
15 Nov 2019	Final	GBX	1.00	30/09/2018	30/09/2019	16/01/2020	17/01/2020	14/02/2020	1.00
23 Nov 2018	Final	GBX	0.50	30/09/2017	30/09/2018	17/01/2019	18/01/2019	15/02/2019	0.50
22 Nov 2013	Final	GBX	0.20	30/09/2012	30/09/2013	12/02/2014	14/02/2014	14/03/2014	0.20
20 May 2011	Interim	GBX	0.50	30/09/2010	30/09/2011	17/08/2011	19/08/2011	03/10/2011	0.50
24 Nov 2010	Final	GBX	0.60	30/09/2009	30/09/2010	16/02/2011	18/02/2011	01/04/2011	1.10
20 May 2010	Interim	GBX	0.50	30/09/2009	30/09/2010	18/08/2010	20/08/2010	01/10/2010	-
26 Nov 2009	Final	GBX	0.50	30/09/2008	30/09/2009	10/03/2010	12/03/2010	01/04/2010	0.90
20 May 2009	Interim	GBX	0.40	01/10/2008	31/03/2009	27/05/2009	29/05/2009	30/06/2009	-
28 Nov 2008	Final	GBX	0.60	30/09/2007	30/09/2008	07/01/2009	09/01/2009	29/01/2009	1.10
23 May 2008	Interim	GBX	0.50	01/10/2007	31/03/2008	04/06/2008	06/06/2008	03/07/2008	-
28 Nov 2007	Final	GBX	0.60	30/09/2006	30/09/2007	02/01/2008	04/01/2008	30/01/2008	1.10
04 Jun 2007	Interim	GBX	0.50	01/10/2006	31/03/2007	20/06/2007	22/06/2007	12/07/2007	-
29 Nov 2006	Final	GBX	0.50	30/09/2005	30/09/2006	27/12/2006	29/12/2006	31/01/2007	1.00
05 Jun 2006	Interim	GBX	0.50	01/10/2005	31/03/2006	14/06/2006	16/06/2006	05/07/2006	-
29 Nov 2005	Final	GBX	1.30	30/09/2004	30/09/2005	28/12/2005	30/12/2005	27/01/2006	1.80
14 Jun 2005	Interim	GBX	0.50	01/10/2004	31/03/2005	11/07/2005	24/06/2005	22/06/2005	-
07 Dec 2004	Final	GBX	1.50	30/09/2003	30/09/2004	29/12/2004	31/12/2004	31/01/2005	1.50
10 Mar 2004	Final	GBX	1.25	31/12/2002	31/12/2003	21/04/2004	23/04/2004	24/05/2004	1.25

Future Fundamentals

	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)
turnover	124.60	100.00%	221.50	100.00%	339.60	100.00%	606.80	100.00%	m
pre tax profit	4.40	3.53%	12.70	5.73%	52.00	15.31%	107.80	17.77%	m
attributable profit	2.90	2.33%	8.10	3.66%	44.30	13.04%	66.10	10.89%	m
retained profit	2.90	2.33%	8.10	3.66%	44.30	13.04%	66.10	10.89%	m
eps - basic (p)	5.10		9.90		46.40		59.30
eps - diluted (p)	4.70		9.30		45.40		58.10
dividends per share	0.50		1.00		1.60		2.80

Future Balance Sheet

	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)


	30 Sep 2018 (GBP)		30 Sep 2019 (GBP)		30 Sep 2020 (GBP)		30 Sep 2021 (GBP)
ASSETS
fixed assets	1.70	0.67%	2.50	0.65%	20.90	3.42%	47.40	2.91%	m
intangibles	203.40	79.86%	329.00	85.14%	493.60	80.76%	1,154.70	70.79%	m
fixed investments	0.20	0.08%	0.20	0.05%	-	-%	-	-%	m
current assets - other	-	-%	1.40	0.36%	-	-%	-	-%	m
stocks	-	-%	-	-%	0.70	0.11%	1.00	0.06%	m
debtors	43.00	16.88%	46.70	12.09%	76.70	12.55%	103.70	6.36%	m
cash & securities	6.40	2.51%	6.60	1.71%	19.30	3.16%	324.30	19.88%	m

TOTAL	254.70	100%	386.40	100%	611.20	100%	1,631.10	100%	m

LIABILITIES
creditors - short	58.00	22.77%	116.60	30.18%	130.00	21.27%	190.30	11.67%	m
creditors - long	24.10	9.46%	56.40	14.60%	99.90	16.34%	578.50	35.47%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	82.10	32.23%	173.00	44.77%	229.90	37.61%	768.80	47.13%	m

EQUITY
ord cap, reserves	172.60	67.77%	213.40	55.23%	381.30	62.39%	862.30	52.87%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	172.60	67.77%	213.40	55.23%	381.30	62.39%	862.30	52.87%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Future Cash Flow Statement

	30 Sep 2018 (GBP)	30 Sep 2019 (GBP)	30 Sep 2020 (GBP)	30 Sep 2021 (GBP)
Operating CF	9.80	49.10	81.40	165.70	m
Pre-Financing CF	-109.70	-20.70	1.60	-14.70	m
Retained CF	-3.40	-2.50	13.70	306.80	m

Future Brokers

Name	Activity	Type	Mnemonic	Code
THE ROYAL BANK OF SCOT N.V.	Market Maker(MME)	Broker/Dealer	RBSM	ABNAGB22
Altium Capital Limited	Market Maker(MME)	Broker/Dealer	ALTI	APCFGB21
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
Canaccord Genuity Limited	Market Maker(MME)	Broker/Dealer	CANA	HOARGB21001
Investec Bank Plc	Market Maker(MME)	Broker/Dealer	INV.	IHCSGB21002
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Shore Capital Stockbrokers Ltd	Market Maker(MME)	Broker/Dealer	SCAP	SHOCGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC