FY21 Trading Future has announced a trading update for FY21 this morning, with results expected to be materially ahead of expectations, driven by strong performance from both digital ads and eComm (incl a strong Amazon Prime Day), with magazines and GoCo both in line with expectations. Regarding GoCo, the company reports the integration is progressing well and it is on track for the delivery of £15m synergies. The strong performance and strong cash generation has enabled the continuation of de-levering post the GoCo deal. Our View This represents another strong set of results from Future, which is continuing to leverage and grow its global reach to provide compelling content to its audiences. The GoCo performance is re-assuring, with the company continuing to build a platform for growth. As we move further into the world of internet and data privacy, we believe Future is well positioned to capitalise and continue on its strong growth trajectory. Future currently trades on an FY22e EV/EBITDA of 17.6x. We place our forecasts and target price under review for this update.