Analysts at Berenberg raised their target price on media firm Future from 4,890.0p to 5,225.0p on Wednesday following the publication of the group’s solid full-year results.
Berenberg said Future had delivered “very strong” full-year 2021 results, with its positive growth and margin trajectory, as well as strong first-quarter trading in the new year, leading management to upgrade full-year 2022 adjusted underlying earnings guidance by more than 10%.
The German bank said Future’s results capped off “an exceptional year” for the firm, during which it upgraded its 2021 and 2022 full-year earnings per share estimates for by 63% and 89%, respectively, while its shares doubled in size year-to-date.
“We believe that 2022 will be very strong also, and we anticipate further upgrades from: organic growth, integration synergies, margin expansion and additional M&A,” said Berenberg, which kept Future as its ‘top pick’ in the sector.
“Future’s valuation remains very attractive at 22x FY 2022 P/E, which – in our view – materially undervalues its EPS growth outlook.”
