Future - All systems go
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.Future is an international media business organized into two divisions, Media and Magazine. The Media segment comprises websites and events and the Magazine segment comprises magazines. The Media division operates in a number of sectors, including the technology and games markets, and has a number of brands, including TechRadar, PC Gamer, GamesRadar+, The Photography Show, Generate and Golden Joysticks. The Magazine division creates magazines and bookazines. The Magazine portfolio spans technology, games and entertainment, music, creative and photography, field sports, knowledge and home interest verticals. Its titles include T3, Total Film, How It Works, Edge and All About History.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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