Trading in-line looks like a decent result. Checking my notes FY25 that equates to approx 1.30eps so trading on 7x FY25 earnings which is way too low. FY26 drops to 6x. The buyback should also give eps upside to beatUK conditions challenging, GoCompare growth moderates but most importantly the US growth engine has continued....this is how i would summarise the update. |
I guess they tried bringing in a highly thought of outsider (from the US at great expense) which didn't work, so why not try a top company man who knows the business well and is also astute on the tech side. |
Good company man with technology credentials but can he do the Big Vision thing of a CEO? |
The new CEO knows the business well but isn't a big flashly tech name brought in from elsewhere so might not inspire immediate confidence. |
Quiet on here.... |
A substantial portion of my portfolio sure hopes you’re right, alphabeta4 |
I think that's a little unfair - it did a similar thing early June then rebounded. Fundamentally there was relief that the organic numbers have continued to improve and the outlook looks half decent, something that hasn't been the case for a while. Brokers don't upgrade estimates for no reason. |
Trickling right back down to pre-earnings.. None of it was worthy news? |
BERENBERG RAISES FUTURE PLC PRICE TARGET TO 1400 (1310) PENCE - 'BUY'
BARCLAYS RAISES FUTURE PLC PRICE TARGET TO 1310 (1130) PENCE - 'OVERWEIGHT' |
FUTR – Future plc
3*
Future plc the global platform for specialist media, posted FY24 results for the year ended 30 September 2024 this morning. Revenue was flat year-on-year at £788.2m (FY 2023: £788.9m), with +1% organic growth, offset by adverse foreign exchange (mainly USD). Profitability was in line with expectations with a 28% adjusted operating margin reflecting investment from the previously announced Growth Acceleration Strategy (GAS), resulting in an adjusted operating profit decline of (13)% to £222.2m (FY 2023: £256.4m)...from WealthOracle
wealthoracle.co.uk/detailed-result-full/FUTR/1058 |
Indeed, new buyback announced and throwing off free cashflow of over 200m pa for a 1bn company is nuts. Cashcow. Still think Private Equity will have a go here especially with the CEO moving on |
It’s great news to see Go Compare performing so well and a massive chunk of debt repaid, more buybacks. Good luck anyone who held the faith and is strapped in the rocket. |
Just discovered on w8 Ben, that one covers all brokers. |
No, I'm pretty sure you'd need to complete it with each broker you use for US trading. |
Hi quick question, does a W- 8BEN filed with one UK broker cover you with other brokers? |
 Boardroom fight.
"The veteran entrepreneur Sir Peter Wood, one of the largest shareholders in Future, is seeking to oust the chairman of the £1 billion publisher behind Marie Claire after the abrupt resignation of its chief executive.
Shares in Future tumbled by almost a fifth last month when the FTSE 250 company unsettled investors by announcing that Jon Steinberg, 47, was stepping down as chief executive to return to the US only 18 months after taking on the role.
Wood, the founder of Direct Line, who holds a 6.10 per cent stake in Future, according to FactSet data, has told Richard Huntingford, the chairman, that he should stand down to avoid making “another mistake” when appointing a chief executive.
Wood, 77, has also contacted other large Future shareholders in an attempt to build support and to enable a new chairman to oversee the search for a new chief executive. “They’re all a bit disappointed but one large shareholder is totally supportive of my suggestion,” said Wood, who is prepared to become interim chairman.
Future’s magazines and websites include Country Life, Homes & Gardens, The Week and Metal Hammer.
Wood said he had “run out of patience” with Huntingford, 68, after his concerns about the risks of appointing a relocating chief executive went unheeded.
He said he was also frustrated with last month’s stock market communication announcing Steinberg’s resignation, which was “completely mishandled” and “didn’t explain anything” as well as causing a share price collapse.
Future stated last month that Steinberg had informed the board of his decision to step down later next year to relocate back to the US with his family.
He received a relocation fee of up to £260,000 to help with the cost of moving from New York to London with his wife and two children when he was appointed in April last year. He has a 12-month notice period and the board has begun a search for a replacement.
Wood believes that Kevin Li Ying, executive vice-president of Future’s new B2C (business to consumer) unit, would make a “fine choice provided he was supported by an excellent chairman”. Li Ying, Future’s former chief technology and product officer, is also a consultant to SPWOne, Wood’s investment vehicle.
Steinberg had been brought in by Future to replace Zillah Byng-Thorne, who spent almost a decade at the company and oversaw its £594 million takeover of the price comparison website GoCompare. Wood was the founder investor of GoCompare and remained chairman and the largest shareholder through to its sale in 2021.
Byng-Thorne, 49, is now the chief executive of Dignity, one of Britain’s two big funeral companies, which was taken private last year for about £789 million by a consortium including SPWOne.
Analysts at Peel Hunt have said Steinberg’s exit would “cast a shadow over the investment case until a successor is found”.
Shares in Future closed down by 19.2 per cent when his planned departure was announced but have since recovered some of those losses, closing up by 21p, or 2.4 per cent, at 903p on Monday.
Steinberg is credited with overseeing a “growth acceleration strategy”, under which Future added new ways of monetising content and closed less popular titles, including Total 911 and 3D World.
A spokesman for Future said: “The board has expressed its disappointment that Jon will be departing as CEO next year, but respects his personal decision to return to the US with his family. As it did when it appointed Jon, the nomination committee will conduct a thorough search process to identify another high-calibre successor.
November 05 2024, 12.01am |
Aren't they generating 20% of the market cap per year in free cash flow? They have quite a lot of cash to be using |
Dead cat bounce
The amount of buyback is staggering
Couldn't they invest in the business instead? It seems they don't have opportunities to grow organically or make acquisitions and integrate successfully |
*JPMORGAN CUTS FUTURE PLC PRICE TARGET TO 1296 (1415) PENCE - 'OVERWEIGHT' |
Read somewhere that this has had a downgrade. |
Me too, no more than £6 and possibly back to 7-8.
It's highly likely we will go that low.
However I expect s dead cat bounce on Monday/Tuesday and not downside to £6. |
I’m in at £6 |
He founded his own company and sold it for 200 million dollars |
What did he achieve prior to this company? |
Jon Steinberg messed up his CV. Would you hire him as a CEO, knowing he can't deal with a bit of home sickness, or knowing he'd jump ship for more money? Or even worse, after messing up a company in just 18 months of tenure and being 'quietly' ousted?
As Charlie Munger said, reputation is like virginity, it is easier to preserve than getting it back. |
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