CTAs are almost max long in equities, have very limited room to buy: UBS
On Monday, Deutsche Bank (ETR:DBKGn)’s analyst Gareth Davies adjusted the price target for Future PLC (LON:FUTR:LN), a global platform for specialist media, to GBP18.75, down from the previous target of GBP19.15. Despite the price target reduction, the analyst sustained a Buy rating on the company’s stock.
In his analysis, Davies noted that the first half results were in line with expectations. Future PLC reported a slight 1% organic revenue decline, ending at £378.4 million, which was slightly above Deutsche Bank’s estimate of £373 million. The decline was attributed to a challenging macro environment in the United States, which affected advertising revenue in March.
The company’s operating margin remained robust at 27%, leading to an adjusted operating profit of £100.7 million, which was nearly in step with Deutsche Bank’s projection of £100.8 million. Adjusted diluted earnings per share (EPS) were reported at 59.7p, surpassing the bank’s estimate of 57.2p.
Future PLC’s net debt at the end of the period stood at £241.2 million, which was marginally lower than Deutsche Bank’s expectation of £243 million. The company also returned £43.2 million to shareholders through buybacks and dividends during the period.
Furthermore, management at Future PLC confirmed an additional buyback program of £55 million, with £30 million still remaining from the existing buyback initiative. This move signals the company’s confidence in its financial health and commitment to delivering value to its shareholders.
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