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I think the December presentation was fairly AI focused. Explaining why the threat wasn't as great as people think to Future. How they saw it as a tool for monitisation. I'm with you totally TP re the Board bashing. Is a tech savvy leader who wants Future as a tech business not the best approach ATM.

This share price has Sheerluxe purchase at almost 10% of Mcap, while 4.25% of EBITDA. Nonsensical!!

I would love to see 50k a day shares bought back minimum but think they are eyeing net debt at H1. sooner this is into mid 80m the better, won't cost much either.

Management need to get on with their day to day strategy and forget the market rubbish going on.

When all news is dire, retail capitulates, and the share strangely moves up.

I'm not sure that some analyst from Panmure trying to spin a narrative that justifies them reducing there forecast by over 50% is necessarily the holy grail.

Revenue last year was down a few percent, closure and forex had contributing factors. If this company is uninvestible, Why would anyone pay close to market value for GoCo, smacks of desperation, especially if as a consequence of an analysts view.

The most important part of the article is that the valuation is absurd. price/ operating cash flow of 2.4 when generally below 10 shows value.

Only 3 weeks ago the share jumped 10+ % on 40m Sheerluxe aquisition. take that off and the business is 400m. Add to that guaranteed 25m for share bbacks and we are really looking at £375m. that's less than 3x adj profit. I think investors are shying away from it due to AI pressures so if no one else wants the shares, ramp up Buy backs over next 18-24 months.

I see where Panmure are coming from. Statutory profit should be roughly 2025 figure 66.3m + 15m [taxed impairment& bonus pool exceptional items]= 81.3m

81/95m shares= 85p[+30% on last year] x 10. The market reaction however seems unjustified. £8.75 by year end sept30 with 90m [if not less at these prices],we would stand at £787mcap. about 6x adj profit. All conservative for a company generating around £190m cash.

I do find it interesting that Fidelity has upped its stake to +12%, hopefully their boffins see a bargain.

It would be great to see 90k shares bought back per day at these prices, but I guess they want net debt to look reasonable for H1 results.

Yes and Fidelity international have upped their stake from 10.4million to 11.6m shares. That's positive. 3rd largest investment firms around.

All the Ftse 100 stocks hit by this AI wobble are recovering a bit, but after the drop.

Experian 23x earnings

Sage 22

Rightmove 17

LSE 38

Relx 21

I think at a market cap of £455m on suggested £130m profit , 3.5x earnings a fair amount of disruption is built in.

You feel that even if the CEO was wearing an Elon Musk mask he would struggle to turn sentiment at the moment, but if they hit their targets, sooner or later the figures will dictate the narrative.

Sheerluxe was only going to be 7 months this year, and they mention inflationary pressure on GOCO. A lot depends on there initiatives coming to fruition in H2 I assume. Paying for the purchase and getting debt down to 1.1x, then hopefully a full year where Sheerluxe hits circa 20% revenue growth suits me.

MONY has dropped this week, but only to 11x earnings. This is all pre meditated. Fidelity holds 10%, Blackrock 5%, Vanguard 5%, presumably they are liquidating some stock to account for reduced shares, but no RNS about major selling yet.

The share price got to 65x statutory earnings under Zillah, not totally surprising it has dropped back.

I think a likely senario is the market sees Futures jewel in the crown, GoCo something very vulnerable to AI.

He's no vaudeville act, but under his tenure share price has been pressured by AI disruption concerns.

This update implies profits much as last year. net debt down to 255m and probably shares in issue of 90m

If so the real EPS would be 130m/ 90m = 145p, which for a company the market see so vulnerable to AI would be fairly satisfying year.

2 downgrades to the mid 80s is certainly going to stifle vertical share price action. I bought and sold this a couple of times last year, was very bullish about it, but it has had consistently tepid or disappointing updates/ results. Hopefully the trend between revenue heading north, and pre tax profit heading south changes dramatically by reducing capex up to 2% , synergies and logistic savings also, but until then, even with the World Cup, I get the feeling this has a strong resistance at £1. Statutory profit will show as 9p, so 11xs, or 8x adjusted.

He may be monotone, but what he says in a monotone way is more important than delivery. That pudding still needs eating, but upping the divvy by 5 fold

from nothing, shows intention. Importantly they could comfortably double it next year, with reductions in shares that's 34p, and 30m outlay on 90m shares,

All depends on maintaining operating profit around 200m but a balanced approach over 18/24 months and this could yield 40/50p div if they see that as the catalyst. The market isn't going to send this share to the moon on a 3% div, and i'm sure the board weren't expecting it to. But it is a showing the move towards share holder value over purchases is'nt just buybacks.

Apologies, couldn't help myself being facetious. You meant wait and see if it drops lower. Wasn't trying to teach a granny how to suck eggs. This stock is a bit like watching a granny sucking lemons today though.

Why would you buy at 80p if it is going to go lower?

A Buy, is an order fill, and visa versa, at the moment the buy offers are at low 5.20s .

I hope this is an attempt to shake retail traders into selling before the AGM/trading update.

Barclays downgrade to £6.40 from £8.20 yesterday won't help, and the bullish sentiment probably kept it afloat.

There is a pattern emerging of selling through the morning , recovery in the afternoon recently.

With 1/3 of the year gone, the CEO stating they expect net debt to be 1.1x EBITDA after 40m purchase and what will be minimum 57.5m of share buybacks and 16m div suggests they are confident in the performance so far. They did say profit would be H2 loaded, but presume they must be on track if making those predictions.

Surely unless you are trading the share regularly or overstretched in your position, then price is just noise until it gets to what you believe to be good value, then you make decisions.

Shorters aren't going to do any damage to this company, they may undermine confidence in retail investors, The company generates close to 4million a week in operating cash flow. Its utilised this very effectively by wiping out almost all the shares it issued for the GoCo and T I Media purchases. [31m to raise £550m , 26m bought back for £205m] Debt brought down by 200m in 3 years.

2021 600m rev and £1.31 Adj EPS shares were £38+ market created that euphoria for the outlook, 2025 £1.23 Adj EPS £5, market creates the despair of the outlook. 2021 was a great profit taking opportunity, today is a good buying one.

The CEO seems very tech savvy, while reiterating that revenue growth is the number 1 goal. Markets can vote thumbs down on him, but if he does what he says, then more fool the market. Pretty sure the shorters were hedging those positions at £5

I look at this business, and would want to see a 1billion market cap on it before I consider selling. which is only 7.5x adj profit. In the mean time who knows where this price may go. It makes for entertainment though.

Importantly this has held for a few days above previous resistance of £5.30.

A good acquisition I think, google zero, younger eyes, good growth potential, intro into US may be a lot easier.

I liked the comment about de leveraging and being back to 1.1x by 30 Sept. That suggests paying for this plus extra cash in bank.

End of year 5-6m shares bought back, debt@1.1x, Divi of 17p and the addition of Sheerluxe. That's a good year without any improvements in LFL numbers.

Certainly emphasises how cheap the buybacks are.

Fidelity, Morningstar and Hargreaves all have ex Div 15Jan and record date 16th. Be nice to see this recover the dividend drop by close today

RNS 4th Dec- Dividend correction date. Div paid on 11/2/26 to all those on the register at close of business 16th Jan 2026.

Dump will be on Monday morning .

Totally agree with that. Sentiment always in the gutter when it gets to close to a turnaround.

I had Rolls Royce at the end of Covid. Big debt, no one flying,

BAT, move to vaping, legislation and debt.

BP when oil price was at rock bottom, move to green energy no one would need oil.

Barclays, new modern banks [Revolut,Monzo] taking chunks of the industry, very poor reputation,

They all took off from those bases.

In the transcript for the 2025 results presentation , Q&A they are asked about reduction in working capital being the biggest ever. The reason was, one off payments, as well as the 2nd Buyback was more done implemented faster than the rest, eating up cash. Maybe without instructing AB Amro they subtly suggested a more conservative approach. I would have thought they would have gone all out to wipe as many shares off before ex div. There is a cap of 2.8m until AGM approves a figure for 2026.