Future (FUTR)

Business description

Future is an international media group and leading digital publisher. It operates two separately managed brand-led divisions: Media and Magazine.

Stock data

Market cap.£175.7m
Last close384.88p
High / Low (52 weeks)398.5p / 159.1p
Stock market listingLN
Forecast net debt (£m)4.3
Forecast gearing ratio (%)7
TeamMedia
SectorMedia

Price performance

%1m3m12m
Actual5.822.697.4
Relative *4.720.581.5

* % Relative to local index

Other companies in sector Show

Company news

Future looks bright as media company mulls resumption of dividend payments

Fri, 24 Nov 2017 08:15:00 GMT

Future Publishing chairman to step down

Wed, 04 Oct 2017 14:26:15 GMT

Future shares jump as the magazine publisher reports strong first half earnings

Fri, 19 May 2017 09:45:00 GMT

Future Plc poaches Time Inc's Matt Downs and TMG's John Burke for commercial ...

Fri, 18 Mar 2016 12:53:50 GMT

No need to fret: Metal Hammer magazine saved from closure

Sun, 08 Jan 2017 19:53:01 GMT

Investment summary

Future has assembled a strong platform on which to develop its specialist media. With a growing portfolio of brands, it is successfully diversifying its revenue streams and building recurring and repeatable income, giving a more robust business model. Acquisitions have brought scale and added range and reach, building on organic growth from leveraging of the brands with their highly engaged audiences. Cash flow is strong, with tight working capital management, and the balance sheet is modestly geared. This progress has resulted in impressive share price performance, but we still consider that the rating does not yet fully reflect the opportunity.

Last updated on 13/12/2017

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2016A 59.0 5.2 2.3 9.2 41.8 38.5
2017A 84.4 11.0 8.3 21.0 18.3 13.4
2018E 91.4 16.7 13.6 22.1 17.4 18.6
2019E 92.1 17.9 14.6 23.1 16.7 12.1

Last updated on 12/12/2017

Latest research

Platform, brands and fans

Outlook | Media | 24/11/2017

Expanding on the Home front

Update | Media | 07/07/2017

Global platform strategy starts to pay

Update | Media | 19/05/2017

e-Commercial

Update | Media | 11/04/2017

Leveraging brands and data

Update | Media | 24/11/2016

Imagining the Future

Update | Media | 12/10/2016

A brighter Future dawns

Initiation | Media | 01/08/2016

Latest video

Executive interview - Future

Industry outlook

As Future migrates its content to digital it becomes inherently more profitable, unlike many other media companies. By buying print assets at modest valuations, it can leverage the brands and the content by adding them to its existing proprietary platform. With its data-centric approach, it is in a strong position to drive digital revenues and also to add e-commerce opportunities. Content can generate further revenues at high margin by being reused across the group’s range of channels. A growing events portfolio further increases brand engagement and brings attractive working capital characteristics.

Last updated on 13/12/2017

Key management

Peter Allen, Chairman
Zillah Byng-Thorne, CEO
Penny Ladkin-Brand, CFO

Company address

Quay House, The Ambury
Bath
BA1 1UA
United Kingdom
View website