Financials Future plc

Equities

FUTR

GB00BYZN9041

Consumer Publishing

Market Closed - London S.E. Other stock markets 11:35:03 2024-05-31 am EDT			5-day change	1st Jan Change
1,060 ^GBX	-0.66%		+1.83%	+33.25%

May. 22	Powerhouse resolves claim; PCI-PAL wins court case	AN
May. 22	Future plc commences an Equity Buyback Plan for 11,672,793 shares, representing 10% of its issued share capital, under the authorization approved on February 7, 2024.	CI

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,023	1,885	4,421	1,588	1,046	1,204	-	-
Enterprise Value (EV) ¹	1,063	1,947	4,597	2,012	1,374	1,457	1,321	1,140
P/E ratio	132 x	42.8 x	63.5 x	13.1 x	9.45 x	16 x	13.5 x	11.5 x
Yield	0.08%	0.08%	0.08%	0.26%	0.46%	0.31%	0.33%	0.37%
Capitalization / Revenue	4.62 x	5.55 x	7.29 x	1.92 x	1.33 x	1.53 x	1.5 x	1.43 x
EV / Revenue	4.8 x	5.73 x	7.58 x	2.44 x	1.74 x	1.85 x	1.64 x	1.35 x
EV / EBITDA	19.5 x	19.1 x	21.4 x	6.85 x	4.96 x	6.03 x	5.33 x	4.28 x
EV / FCF	23.6 x	25.2 x	29.7 x	10.5 x	8.01 x	10.2 x	8.7 x	6.51 x
FCF Yield	4.23%	3.97%	3.36%	9.49%	12.5%	9.83%	11.5%	15.4%
Price to Book	4.72 x	4.87 x	4.77 x	1.5 x	0.96 x	1.02 x	0.95 x	0.87 x
Nbr of stocks (in thousands)	83,435	97,079	119,811	120,306	117,698	113,544	-	-
Reference price ²	12.26	19.42	36.90	13.20	8.890	10.60	10.60	10.60
Announcement Date	11/15/19	11/25/20	11/30/21	11/30/22	12/7/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	221.5	339.6	606.8	825.4	788.9	786.5	804.3	842
EBITDA ¹	54.5	101.9	214.9	293.8	276.8	241.7	247.8	266.3
EBIT ¹	52.2	93.4	195.8	271.7	256.4	223.1	228.8	247.6
Operating Margin	23.57%	27.5%	32.27%	32.92%	32.5%	28.37%	28.45%	29.41%
Earnings before Tax (EBT) ¹	12.7	52	107.8	170	138.1	112.7	129.9	149.7
Net income ¹	8.1	44.3	66.1	122.2	113.4	78.22	91.58	106
Net margin	3.66%	13.04%	10.89%	14.8%	14.37%	9.95%	11.39%	12.59%
EPS ²	0.0930	0.4540	0.5810	1.009	0.9410	0.6635	0.7859	0.9215
Free Cash Flow ¹	45	77.4	154.6	191	171.5	143.2	151.8	175.2
FCF margin	20.32%	22.79%	25.48%	23.14%	21.74%	18.21%	18.87%	20.81%
FCF Conversion (EBITDA)	82.57%	75.96%	71.94%	65.01%	61.96%	59.27%	61.25%	65.78%
FCF Conversion (Net income)	555.56%	174.72%	233.89%	156.3%	151.23%	183.13%	165.75%	165.22%
Dividend per Share ²	0.0100	0.0160	0.0280	0.0340	0.0410	0.0331	0.0349	0.0392
Announcement Date	11/15/19	11/25/20	11/30/21	11/30/22	12/7/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 S1	2023 S1
Net sales ¹	404.3	404.7
EBITDA	-	-
EBIT ¹	134.5	130.3
Operating Margin	33.27%	32.2%
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share	-	-
Announcement Date	5/18/22	5/18/23

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40.3	62.1	176	424	327	253	118	-
Net Cash position ¹	-	-	-	-	-	-	-	64
Leverage (Debt/EBITDA)	0.7394 x	0.6094 x	0.8204 x	1.442 x	1.182 x	1.047 x	0.4746 x	-
Free Cash Flow ¹	45	77.4	155	191	172	143	152	175
ROE (net income / shareholders' equity)	4.2%	14.9%	10.6%	20.6%	15.6%	10.7%	11.4%	11.7%
ROA (Net income/ Total Assets)	2.53%	8.88%	5.9%	11%	8.85%	6.14%	7.14%	7.82%
Assets ¹	320.5	498.8	1,121	1,107	1,281	1,275	1,283	1,356
Book Value Per Share ²	2.600	3.990	7.740	8.800	9.310	10.40	11.20	12.20
Cash Flow per Share ²	0.5700	0.8300	1.460	1.680	1.520	1.200	1.380	1.510
Capex ¹	4	4	11.1	11.6	11.3	12.6	13.1	13.7
Capex / Sales	1.81%	1.18%	1.83%	1.41%	1.43%	1.6%	1.63%	1.63%
Announcement Date	11/15/19	11/25/20	11/30/21	11/30/22	12/7/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Future plc

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.6 GBP

Average target price

13.22 GBP

Spread / Average Target

+24.74%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Magazine Publishing

	1st Jan change	Capi.
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RONGXIN EDUCATION AND CULTURE INDUSTRY DEVELOPMENT CO., LTD.	-33.40%	196M
CALTAGIRONE EDITORE SPA	+21.46%	139M
AMARIN PRINTING AND PUBLISHING	+4.33%	118M
DOGAN BURDA DERGI YAYINCILIK VE PAZARLAMA	+174.11%	107M

Magazine Publishing