Not if you look at the financials. 140eps at the bottom of the cycle so once the business turns which could be confirmed on thursday its a realistic 12 month view |
wow. huge target! |
DEUTSCHE BANK RESEARCH STARTS FUTURE PLC WITH 'BUY' - PRICE TARGET 2120 PENCE |
Hi takeiteasy, you are posting on the old board hence the lack of posts. |
hxxps://www.msn.com/en-gb/money/other/why-is-this-ftse-250-giant-up-35-in-two-weeks/ar-BB1maqRQ
To me, the business has seemed to be undervalued for some time. A discounted cash flow calculation suggests the share price may be as much as 71% undervalued. Clearly, this has increased as the share price collapsed, but for long-term investors, this could be even more exciting an opportunity. The media landscape has been uncertain for some time as consumer trends and demands have evolved. But, by looking at the competition, I still think there is a lot of value here. At a price-to-earnings (P/E) ratio of only 7.8 times, the sector average of 12.4 times makes this look like an appealing investment.
Another dead cat bounce/false dawn or the first real recovery in 5 years, who is right...clearly next to no retail advfn interest any more from the lack of posters here
dyor/nai |
£40 be nice to return to peak £40 |
Share price breakout through 800p :-)) |
Even £10 a share equates to a current per of just 8, not accounting for forward growth. |
ITV announcing strong Q2 recovery in advertising. After RCH last week i am convinced the bottom of the Ad cycle is in. |
Nice recovery from the lows and a well timed scsw update last weekend. Plenty more gas in the tank with a 12 month view imo |
Increased their shareholding but slight decrease in their overall exposure. |
Blackrock increased holding |
The appointment of a CFO should remove one of the bear's arguments |
Appointment of Sharjeel Suleman as Chief Financial OfficerThe Board of Future plc ("Future" or "the Company"), the global platform for specialist media, is pleased to announce the appointment of Sharjeel Suleman to the Company's Board as Chief Financial Officer.Sharjeel is currently Chief Financial Officer at ITV Studios, a role he has held for the last five years. Before this, he held a variety of senior finance roles at ITV plc including Director of Group Finance and Director of Investor Relations. Sharjeel started his career at KPMG, where he qualified as a chartered accountant. |
Big trades there!! |
Quite incredible the web properties these own. I think Gocompare and Marie Claire cost them more than the current m/c alone The Company's brands include Tom's Guide, Marie Claire, PC Gamer, Homes & Gardens, GO.COMPARE, Cyclingnews, Country Life, Space.com, Guitar World, Advnture, Fit&Well, FourFourTwo, Practical Boat Owner, CinemaBlend, TV & Satellite Week, TV Times, Creative Bloq, ImagineFX, Newsarama, Bass Player, and Computer Music, among others. |
Yeah, ad rates seemed to bottom out in 2023. Probably not be a mega fast recovery to higher levels but green shoots etc |
Reach gave a positive update on advertising spend. Bottom of the cycle hopefully in |
Heading up now it seems |
Filled the gap up from trading statement morning, a couple days back. Hopefully that's it sorted and can gain some ground now. |
 Investors's Champion tip sheet comment 4/4/24
hxxps://www.investorschampion.com/channel/blog/an-interesting-business-lurks-in-the-wreckage
Future: why so cheap?
Future (AIM: FUTR), which calls itself the global platform for specialist media and also combines Go.Compare, the financial services comparison company it acquired in 2020 for £594m, updated on trading for the six months ended 31 March 2024.
Future owns more than 230 well-known brands such as Country Life, Homes & Gardens, Decanter, Money Week and plenty of technology and gaming titles. It acquired Money Week through the acquisition of Dennis Publishing for £300m in 2021.
The return to growth in the current year has been driven by a strong performance in Go.Compare, alongside good growth in B2B, and a resilient performance in Magazines. This has been offset by a more challenging performance in affiliate products and digital advertising.
There is lots of marketing speak in the update around the “reorganisation to accelerate the Growth Acceleration Strategy”, which means little to us, and plenty more marketing speak to enjoy in the investor relations section of their website here.
They also stated how “cash conversion in the half has been strong” but gave no indication of what this is and indeed the period end net debt position, which was £327m at the 30 September 2023 year end.
Despite the lack of detail, the market was clearly reassured with the news that Future is “on-track to deliver on expectations for FY 2024”, pushing the shares up 16% to 695 pence and market capitalisation to £800m.
By our reckoning statutory free cash flow in the financial year to 30 September 2023 was £159m (the results gave adjusted free cash flow as £253m, which conveniently ignores interest and tax!), which equates to a highly attractive free cash flow yield of c16% based on an enterprise value of £1 billion.
Forecast adjusted earnings of 121 pence for the year to September 20204 result in a PE ratio of only 5.7x, which suggests the market has little faith in forecasts and indeed the longer term outlook.
The shares are 80% down on the highs hit in August 2021, when the market capitalisation was over £4 billion, as it basked in the glory of an acquisition boom under former CEO Zillah Byng-Thorne, who stepped down in 2023.
If the future isn’t half as bad as the market clearly fears, there could be another good recovery story here and as we commented in our earlier article here, with appealing brands and cash flow it certainly looks vulnerable to a bid. |
Bounce ahead of results. ? |
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