Good morning, it's Paul here!

I don't have a lot of time available today, so apologies but won't be able to do any reader requests today.

3 companies have caught my eye, so here goes;




Future (LON:FUTR)

Share price: 346.3p (up 8.9% today)
No. shares: 45.4m
Market cap: £157.2m

Trading update - for the year ended 30 Sep 2017.

I'm not terribly familiar with this company, not having looked at it personally for over 3 years. Graham did a nice review of the latest interim results here on 19 May 2017, flagging potential value if growth continues. Well growth has continued, and the share price has risen by 68% in less than 5 months - so well done to shareholders here!

The activities of this group are publication of special interest consumer magazines, Apps, and websites. That sounds a little bit like what XLMedia (LON:XLM) do - although XLM seems focused mainly on feeding new customers to gambling websites, in return for a revenue share. I know XLM are diversifying into other areas too.

Anyway, things seem to be going well;

 

Overall trading for the year has been positive and it is anticipated that results for the full year will be ahead of the Board's expectations.
The Group has achieved good growth in operating profitability and has benefitted from strong cash conversion in the period, with year-end leverage less than 1x adjusted EBITDA.
The Group's Media division is performing well with fast revenue growth, particularly in eCommerce and events.


I like the sound of that - particularly the strong eCommerce revenue growth, which could drive the PE ratio higher - as we're in a market which loves online growth companies. Although I note from the last interim results that eCommerce was only 10.5% of total revenues.

Various other details are given.

Note that some growth has come from acquisitions.


Forecasts - I haven't seen any new broker updates today yet. So working on the existing Stockopedia broker consensus EPS figures, which are 15.2p for 09/2017 (which we now know will be exceeded). For 09/2018 the existing consensus is 20.5p.

Valuation - at 346p per share currently, I make the forward PER 16.9, which sounds reasonable for a growing company.

Balance sheet

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