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.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A 59.8 3.6 0.2 2.7 86.5 N/A
2016A 59.0 4.7 1.6 5.7 41.0 28.0
2017E 76.5 9.6 7.2 16.4 14.2 21.0
2018E 77.5 12.6 10.5 22.0 10.6 13.9

Last updated on 22/05/2017

Latest research

Global platform strategy starts to pay

Update | Media | 19/05/2017


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

Investment summary

Future has produced strong H117 figures, as per April’s trading update, boosted by growing e-commerce revenues and a strong showing from events. Momentum into H2 is good and we have raised our FY17 and FY18 forecasts for revenue, profits and earnings. Progress on reducing net debt was also ahead of our forecast. The strategy to build a global media platform business around Future’s high-profile brands, backed with quality content and across multiple revenue streams, is starting to deliver meaningful returns and growth well above the sector average. The market valuation of the shares has yet to reflect this differential.

Last updated on 01/06/2017

Industry outlook

Given the shift in Future's business model, magazine circulation figures are a poor guide to the health in its markets. Nevertheless, it is relevant that the latest ABC stats show digital circulation reaching 1m in H216 (compared to print totalling 39.5m). Magazine sector reach is being much further boosted by its online/mobile presence, particularly among the demographic most targeted by the titles in Future's stable. e-Commerce growth rates vary by category, but broadly fall into a range of 15-20% in both the UK and US. Future's quality content is a driver.

Last updated on 01/06/2017

Key management

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

Company address

Quay House, The Ambury
United Kingdom
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