Future is a global platform business for specialist media with diversified revenue streams.
More Future content >Investment summary
Future has delivered a very good set of FY18 numbers – better than the upgrades put in place with the September update. This came through both the acquisitions and the organic growth as the group leverages its platform, with Media showing organic growth of 40%. There is plenty still to go for and we have again raised our FY19 expectations and published indicative FY20e forecasts. The group now has scale in the important US market, accounting for nearly half of group revenues on a pro-forma basis. In our view, the valuation does not reflect the premium growth or expanding margins.
Y/E Sep |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2017A | 84.4 | 11.0 | 8.3 | 17.5 | 33.5 | 24.9 |
2018A | 124.6 | 20.7 | 17.4 | 24.0 | 24.4 | 34.1 |
2019E | 176.0 | 33.8 | 29.3 | 26.9 | 21.8 | 22.1 |
2020E | 179.0 | 35.4 | 32.4 | 30.4 | 19.3 | 16.7 |
Content on Future
Future – All systems go
TMT
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research Update
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23 November 2018




Future – Strong finish to FY18
TMT
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research Update
|
10 September 2018




Future (FUTR); completes acquisition of B2C business of Purch
TMT
|
Edison Sparks
|
6 September 2018



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TMT
Access more TMT content
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Share price graph
Balance sheet |
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Forecast net debt (£m) | 1.2 |
Forecast gearing ratio (%) | 1 |
Price performance
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3m |
12m |
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*% relative to local index |
Key management |
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Zillah Byng-Thorne | CEO |
Penny Ladkin-Brand | CFO |
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