Future’s Capital Markets Day yesterday highlighted the Group’s continued success in identifying, developing and monetising new audiences and content and driving strong organic growth. The CTO’s run through of the tech stack presented a platform in complete alignment with Group strategy, able to spin-up new sites impressively quickly, fully integrated with Ecom and Adtech back-ends. The walk-through of an example article life-cycle also shows the strength of RoI potential for individual editorial pieces which are still being monetised years after first publishing. Data analytics and insight remain core to identifying opportunities for exploitation early, with examples given of how early trend spotting has enabled strong organic audience growth performance for the business (5GRadar.com/ Cordcutters). The Future opportunity was articulated well by management, and alongside this week’s positive profits upgrade, strengthens our conviction in the long-term organic growth story. FY’21E OpFCF yield is 7% based on our forecasts, with EV/ FY’20 proforma EBITDA <12.0x.
