Future PLC

Future PLC shares fell 7.4% after the company said it will pause its share buyback program to focus on reducing debt in fiscal 2027. The global specialist media platform said trading trends in the second half have been largely as expected and that it will deliver results in line with market expectations for fiscal 2026, with the company-compiled consensus for the year ending September 30, 2026, consisting of revenue of £707 million, adjusted EBITDA of £180 million, and adjusted EPS of 101 pence, with leverage at 1.7x. The Board decided to pause the current share buyback, of which approximately £24 million of the £30 million program has been executed, to focus on deleveraging in fiscal 2027. The company confirmed it will continue with its current dividend policy and said it is executing against its strategy as part of its continuous review of capital allocation priorities. Future will announce its full-year results on December 3, 2026.

Simply Wall St's fair value estimate for Future edged down from £5.02 to £5.01, reflecting a sharp revision in revenue growth assumptions from 22.72% growth to a 47.14% decline. The profit margin estimate ticked up to 8.23% from 8.05%, while the P/E multiple moved to 8.63x from 8.68x and the discount rate eased to 9.75% from 9.86%. Analyst price targets now span from £3.55 to £7.40, with JPMorgan maintaining an Overweight rating and a 740 GBp target, while Stifel cut its rating to Hold and slashed its target to 355 GBp from 990 GBp, highlighting deep divisions over Future's growth reliability and execution risk.