Berenberg reiterates 'buy' rating on Future

Analysts at Berenberg took a fresh look at media giant Future on Tuesday following the group's latest trading update a day earlier.

Berenberg said full-year trading for Future was on track to be at the top end of consensus expectations - 5% ahead of its own estimates.

The German bank also credited Future for being "one of very few companies" in the UK mid-cap market to have only made positive earnings revisions in 2020, illustrating the resilience of the company's business model and strategy.

With Future trading on a 17.6 times price-to-earnings ratio and a 6% free cash flow yield, Berenberg said it continues to view the group as "one of the most attractive UK mid-cap media equity stories".

Berenberg, which reiterated its 'buy' rating and 1,600p target price on Future, also highlighted that the group had already secured £9m of annual cost synergies following its acquisition of TI Media in October 2019 - of which roughly £3m will benefit its 2020 results.