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Neither do I petrencf. Only thing I can think of is market sentiment. Advertising is a sector traditionally hit hard in recession...even one that turns out to be mild or short lived. The converse is also true in that it is one of the first sectors to recover once green shoots start appearing.
Struggling to see how AI makes an impact, if that is what the shorters are banking on. Good cash flow company.
It can be more tax efficient to use share buybacks instead of paying out dividends, depending on the circumstances.
It is OK for Future to do this because it is highly cash generative, unlike some other companies.
Not sure buybacks are the greatest thing…witness ABDN…an apparently never-ending buyback programme, share price unimpressively weak and yield 10%
If there is so much money sloshing around for buybacks , why not pay special dividends?
Shorts are still increasing a bit, I dont get what is the reason for these movements after the last update. Any idea?
Ok, thanks. Well, it isn't having the required effect on the share price. Perhaps they need to make it more meaningful! If enough shares are purchased and cancelled, earnings per share will rise strongly and eventually the market will wake up. I'm a big believer in buybacks, esp right now.
They are currently in a buy back.
Yes petrencf, once they get net debt down they should initiate buybacks because nothing spooks shorters more than a meaningful buyback programme.
Outstanding on earnings basis, no geopolitical risks, i call 900p in bound, top analysts suggest Future as a best buy in the media sector.
A highly cash generative company and a return to organic growth makes the company a very strong buy, expect a buyback with results announcement next month
I'm always amazed how shorts so often target companies with very weak sentiment whose SPs are already very depressed. Sure, you might push it down even further but there's the danger of a turnaround. It could also be here that they're betting on AI disruption, but it seems to be it's too early to tell how that will pan out. Personally I think that for a company to be growing organically in a difficult context and to be generating tons of cash on a p/e of 5 makes no sense. Fair value would be somewhere in the £10-16 range. Under £7 is still a bargain though I'm not necessarily expecting a rapid recovery yet. That will probably only happen if and when we get into serial interest rate cut territory.
Surely, means that MONY must be decent at these prices - so I went straight for MONY on the bell this morning., since MM pushed up offer +10%.
Do you think that the shorts should start to close now?
Alessandro: In answer to your question, the RSN states "The return to growth ...". I would interpret that as meaning that there is a net return to growth.
This should be valued 8-10x FCF to fend off any takeover approach imo. Net debt should be down significantly at year end. No share buybacks this year?
I think that this indicates a change in direction from previous RSN's.
It looks like the company is keeping the B2B part of the business, whereas previously is was looking to dispose of it (as per my understanding).
That all helps with generation of cash, which still looks very strong. The indication on the cash generation suggests that the share price should be much higher than it is right now, 1200+ according to some sources. All as previous information provided.
Does this mean that there is no net growth?
"The return to growth has been driven by a strong performance in Go.Compare,
alongside good growth in B2B, and a resilient performance in Magazines. This
has been offset by a more challenging performance in affiliate products and
digital advertising as macroeconomic pressures and low visibility continue to
impact the wider sector."
Good update today, the company on track to meet expectations. I am wondering when the shorters would like to close their positions. Next year?
As long as Mark is holding then so am I....he knows the company well over many years from his Slater Recovery Fund.
At the same time, old Mark Slater was indulging in a little top-slicing yesterday. He can't be in profit on that.
Indeed! I’m going to take that as a positive. Much at play with this at the moment it seems. 4 fairly substantial shorts still knocking around as well. I’ve been adding when can around the £6 level
Substantial investment
🤨
Personally, I would keep it and I would bring in the right resource to get it working right. I can imagine that the board have already done this, although this is only speculation on my part.
The improvements in the B2B sector can only impact positively on either advertising or business disposal income.
In fact, I imagine that this may affect the board's stance on disposing of that part of the business.
Is it time for the board to make an updated statement to reflect the change in prospects?
Perhaps they may seek to consolidate that part of the business instead of disposing of it.
Interesting article from the company which Future hired to sell Smartbrief.
https://www.siia.net/jegi-clarity-conference-panel-b2b-media-poised-for-growth-and-robust-ma/
Yeah no director buys at this level but Jon S did buy 90,000
at over £8 May last year which is not an insignificant purchase but also not unusual for an incoming CEO. Still like tonto see that as having a decent degree of confidence in the business and himself as could have made much smaller purchase. Tend to think the shorts will exit soon as macro hopefully improves, rates come down and Jon delivers on his strategy.