Thread by @rubicon59

Future PLC ( #futr ). Another great UK rollup compounder. 50%-CAGR. Now cheap. But, boy, an ad-based business model now?

Another day, another 50% cagr/share. IDK how #FUTR does it, but they do. 👍H1 results, esp for an ad-based business. Outlook seems fine despite virus. investegate.co.uk/future-plc--fu…

Results are so good vs price, this is either a fraud or a steal. #FUTR

A company run by Amasons and a Wonderwoman CEO?

#FUTR in London. Transforming failing print magazinse to money-making digital properties. Showing how it’s done - 50% fcf cagr. Eduring short hit jobs. Judging from valuation, market still not a believer.

I wonder if #futr is one place where they pay men less than women?

Looking back. Rince & repeat. #futr

Strategy laid down 10 years ago. Now reaping rewards? #futr

https://twitter.com/proactive_uk/status/1285118760685391872?s=21

https://t.co/H2DtMh3Bii

#futr up 14% today on a positive trading update. Still super cheap on what it delivers, but too-good-to-be-true (?)doubts remain.

Future PLC in UK , a 50% media rollup compounder is unleveraged at ~14x fcf & under “suspicion” from a Feb short hit. On track to double fcf this year ending in Sept. #FUTR

#futr seems universally hated by those who missed the 4x gain in 2 years. Performance so good, perhaps any truth to the short thesis?

#FUTR in London is quietly up 50% since April while silence of the shorts. A 50% rollup-grower still @ just ~15x cash earnings multiple.

I’ll be darned #FUTR
“FY20 results expected to be materially ahead of market expectations”

investegate.co.uk/future-plc--fu…

#FUTR Another ATH. A 50%/share media-rollup grower still at ~18x FCF. Gonna squeeze a lot from the giant TI Media April acquisition. After that? Who knows.

Berenberg, Barclays, & Deutsche Bank raise $FUTR price target to £19.
(Still <20x fcf multiple for > 50% fcf/share compounder.)

While shorts bash, others like enough to put #futr execs on their boards.

https://twitter.com/proactive_UK/status/1258315148315459584

Nice chart. One would think a crazy multiple now, but wrong. #FUTR

#FUTR at 19yr high and still within reason val. How long before shadowsleaze strikes again?

#futr - filling an ocean with a dropper doesn’t get the headlines.

#FUTR execs buy £140k worth of stock. The #GoCO acquisition drop seems silly.

Not a bad set of results for mid-teens FCF multiple. #FUTR

Look at this amazing FCF gen w no material debt. Then look at track record & valuation. #FUTR

CAGR track record. #FUTR Maybe they are just making stuff up?

Track record indicates will make a lot of hay with the #GOCO acquisition, though market now is clearly skeptical. #FUTR

Diversifying e-comerce away from Amazon.

"We were staggered by the amount of money that Future was able to make from its former (acquired) assets. I think Future will make the $GoCo purchase work – it has a fantastic record." #FUTR

Interestingly, #FUTR CEO is a board member of #GOCO which they are acquiring.

Now 15x 2021 FCF by my estimates. Not bad for a 50% CAGR which will likely continue at high rates. #FUTR

#FUTR reporting this week, though already pre-announced. A monster debt-free rollup 50% CAGRer at 15x next years fcf.

I guess no #FUTR trading update as usual bec finalizing the Goco acquisition.

Last year adjusted operating profit increased 79% to £93.4m. Better than #FUTR’s 50% historical cagr🔥🔥Looks about 15x FY’21 FCF & performance should continue.

Hard to belive that a Web media company with this track record & no material debt can be selling at 15x FCF multiple, but it apparently is.

#FUTR trading update:
"Following a robust start to the year, we expect full year profitability to be materially ahead of current market expectations." Oh my....

#FUTR: £99m 2020 FCF. I bet £130m-150m this year, with full-year TI contribution, organic growth, and #GOGO acquisition. 13-15x multiple now. For a reliable 50% CAGRer?

#FUTR Mr. Market is asleep on it.

#FUTR
2,350m MC, min debt, 50% grower, 14x 2021 FCF multiple
96m FCR FY20 (w only 5 months of TI Media)
Give 15% organic growth, full-year TI media, & 7% return on 600m GOGO acquisition -> 166 pro-forma FCF FY2021

How long before #FUTR re-rates to 2.5x the current MC and still be reasonably priced?

#FUTR Ever so slowly. Earnings not till May, so everyone is happily asleep, while the business is 🚀

#FUTR will report FY on May 19. Guessing will surprise upside despite an earlier update. High-teens FCF multiple on a 50% CAGRer.

I can see clearly now the shorts are gone... #FUTR

#FUTR A heck of a H1 result
-Revenue +89%
-FCF +140%
- "Expect full-year results to be materially ahead of market expectations, underpinned by exceptional H1 performance"
- Still only about ~20x FCF multiple...

Only 11% jump on this kind of result, guidance & val? Still up 50% YTD & more to come I am sure. #FUTR.

“Integration of GoCo - acquired in February 2021 - well advanced with a very strong performance in the period. Cost synergies arising from the transaction are now expected to be £15m per annum (versus earlier forecasts of £10m per annum).”

I expect will get close to £60m fcf/yr out of GOCO. Almost none of this is in the current H1 results #FUTR

Adjusted for exceptional acquisition costs, H1 fcf was actually £94m. If get ~$£30m from #GOCO, run rate is ~ £218/yr. EV is £3.4b.

Market digesting #futr earnings, but slow?

#futr beat expectations of beating expectations.

#FUTR doubled fcf *per share* each year since 2017 & without adding material debt. Hypergrowth should continue. Current multiple is ~15x FCF. LOL

Stock up *20x* since 2017 just flowing earnings and despite two Shadowfall” short attacks. Sill near zero fintwit brainpower on it,including UK investors. #FUTR

The few UK investors that are in it as far as I can see, have been, as they say, “topslicing” :-(.

Yet despite the 20x gain, multiple is still low, and plain to see a long growth runway.

##FUTR

fintwit hates no-brainers for some reason

Up 50% since mid Feb and still 17x or so multiple, because earnings are outpacing the stock #FUTR.

Priob top 10-best performing stock & business worldwide over any reasonable time slice since 2017, oddly still cheap and anyone barely pays attention? #FUTR

My largest holding for years that keeps getting larger bec growth

Psst…no one will ever know, but #futr in the UK is the best rollup ever & quietly crossed £30 today.

#FUTR ATH @ £30. Means sombody besides me owns it??

#FUTR @ £30/sh
£3.6b MC
£200m FCF run rate (FY end Sept)
£220-£250m next (at least. IMHO)
~100%/75% historical FCF/sh CAGR
Stock price >100% CAGR since 2017 (current CEO)
15-18x multiple

Mr. Market: “Why pay less?”

#FUTR
- Next 7 months.
- Beat than ANY stock that cares to challenge?

Bye £30? 🚉 #FUTR

“Future PLC (FUTR:LN) PT Raised to GBP33.21 at Deutsche Bank”

Made another haiku:
Want richr?
Here is #FUTR

A massive 1st-party Web ad-space investment/eCommerce opportunity that market ignores. Yeah, not Pullizer-worthy content. But results speak volumes and growth should continue. #FUTR

https://twitter.com/futureplc/status/1410260851693604864

Never ceases to amaze. #FUTR stock at ~120% CAGR for 4 years, basically tracking cash earnings. Yet still low multiple, while future (😂 just as bright.

“I want to fly like an eagle, to the sea…”

At this creeping rate, £40 soon?