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Future plc (FRNWF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Future plc $21.54, price $4.16, upside +417.8%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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FP
Thin data
Sep 24, 2026
Thin data
Sep 24, 2026
Future plc
FRNWF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $21.54 · Strongly undervalued (+417.8%)
✓Quality 64/100
!Weak Growth (revenue 5y +16.8 %/yr)
!Thin margins · 5.1% net margin (TTM)
✓Low debt · generates free cash flow
✓4.1% dividend yield · Well covered
!Narrow moat 39/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $4.07 – $48.84 · fair‑value band $13.72 – $29.29 · the $4.16 price screens below the $21.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Future plc, together with its subsidiaries, publishes and distributes content for technology, gaming, sports, fashion, beauty, homes, wealth, and knowledge sectors in the United States and the United Kingdom. It operates through Media and Magazine segments.
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Future plc, together with its subsidiaries, publishes and distributes content for technology, gaming, sports, fashion, beauty, homes, wealth, and knowledge sectors in the United States and the United Kingdom. It operates through Media and Magazine segments. The company offers content on various platforms, websites, social platforms, videos, email newsletters, and events; magazines; and eCommerce, a retailer or service provider's website to make a purchase. It also provides content marketing, publishing, price comparison website, comparison shopping, B2B, energy auto switching, and digital media publishing services. Future plc was founded in 1985 and is based in Bath, the United Kingdom.
Stock analysis
Future plc (FRNWF) currently trades at $4.16, while our model-based Fair Value estimate is $21.54, implying the stock looks roughly 80.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $25.23 per share, and 24 of the 26 models we run sit above the $4.16 price.
Bear case: the Earnings-Based group reads lowest at $8.08, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: $13.72 (bear) to $29.29 (bull), the price of $4.16 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Future plc reported revenue of £739M in FY2025 versus £607M in FY2021, a compound +5.0%/yr. Reported net income was £66.2M in FY2025, compounding +0.1%/yr from FY2021.
Key figures
Market cap $444M · P/E ratio 8.3 · P/S ratio 0.75 · EPS (TTM) $0.5000 · Dividend yield 4.1% · Net margin 9.0% · Return on equity 3.5% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 57% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 0% fair-value upside, at 418%, FRNWF screens cheaper than that median.
Fair Value models
Bear $13.72
Fair Value $21.54
Bull $29.29
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.3300 per share) are deliberately not added.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$15.94
$26.22
$40.57
77
Growth DCF
$15.93
$25.52
$38.36
75
EPV
$9.35
$11.18
$12.71
74
All 26 models by family
DCF Models
FCF DCF
$15.94
$26.22
$40.57
77
Owner Earnings
$18.85
$30.63
$47.07
73
5Y Revenue Exit
$14.32
$25.22
$39.26
69
5Y EBITDA Exit
$18.63
$33.54
$51.27
71
5Y P/E Exit
$12.49
$21.69
$31.47
68
10Y Revenue Exit
$14.25
$23.93
$37.25
63
10Y EBITDA Exit
$17.28
$29.30
$45.87
65
10Y P/E Exit
$13.65
$21.65
$31.66
61
Earnings-Based
Graham-Dodd
$6.62
$23.89
$32.21
62
Lynch FV
$5.66
$8.08
$10.50
59
PEG = 1.0
$5.66
$8.08
$10.50
55
EPV
$9.35
$11.18
$12.71
74
Dividend Discount
Gordon GGM
$0.4200
$0.7600
$1.05
65
DDM Multi-Stage
$0.4200
$0.6900
$0.8100
65
Multiples
P/E Multiple
$16.06
$21.42
$26.77
63
P/S Multiple
$12.41
$16.55
$20.69
58
P/B Multiple
$12.41
$16.55
$20.69
55
EV/EBIT
$19.85
$27.82
$35.79
66
EV/EBITDA
$23.29
$32.41
$41.53
67
EV/Revenue
$14.07
$21.84
$29.61
53
Asset-Based
NCAV (Graham)
$7.63
$10.22
$15.25
54
Growth DCF
Growth DCF
$15.93
$25.52
$38.36
75
Rev-Margin DCF
$14.32
$25.23
$38.32
69
Economic Profit
Residual Income
$11.43
$11.41
$12.20
74
ROIC Compounder
$9.35
$11.18
$12.71
70
Growth Earnings
Growth-Adj P/E
$11.06
$15.81
$20.55
65
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Set up alert →Quality Score breakdown
Overall quality
64/100
Of which business quality 62 · Market factors (momentum, volatility) 17
Profitability
34
Margins and returns on capital today
Quality Growth
25
Are margins and returns improving?
Cashflow
78
Earnings quality: real cash, not paper profit
Fin. Strength
54
Balance sheet, leverage, solvency risk
Investment
100
Disciplined investing over empire-building
Low Volatility
43
Calm price path (market factor)
Momentum
10
Price trend over the last 3–12 months (market factor)
52W Momentum
1
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
Start year 2020 (pandemic). Over 10 years: +28.6% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.5%
Dividend (yield on the price)4.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 18%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −9.2% a year for the price and −4.2% for the forecasts.
Forecast 2026 (sales)−2.5%
Forecast 2027 (sales)−2.5%
Projected 2028 (sales)−2.0%
Projected 2029 (sales)−1.4%
Projected 2030 (sales)−0.8%
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Compare Future plc with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Publishing · 102 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Publishing median · lower = cheaper
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Communication Services
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Publishing stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The New York Times Company NYT | $63.70 | $42.10 | −34% |
| Xinhua Winshare Publishing and Media Co 601811 | ¥21.12 | ¥21.02 | +0% |
| Jiangsu Phoenix Publishing & Media Corporation 601928 | ¥8.34 | ¥9.14 | +10% |
| China South Publishing & Media Group 601098 | ¥10.27 | ¥10.70 | +4% |
| People.cn CO., LTD 603000 | ¥16.51 | ¥4.23 | −74% |
| China Science Publishing & Media Ltd 601858 | ¥22.11 | ¥10.08 | −54% |
| Zhejiang Publishing & Media Co 601921 | ¥7.56 | ¥7.45 | −1% |
| John Wiley & Sons, Inc WLY | $47.76 | $61.05 | +28% |
| Shandong Publishing&Media Co 601019 | ¥6.84 | ¥11.60 | +70% |
| TX Group TXGN | CHF 167.40 | CHF 43.33 | −74% |
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Frequently asked questions
Is Future plc (FRNWF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $21.54 versus the last price from Sep 25, 2026 of $4.16, about +418% upside (undervalued).
What is the fair value of FRNWF?
Our model-based fair value for Future plc is $21.54 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $4.16.
What is the quality score of FRNWF?
Future plc has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Future plc (FRNWF)?
Our model-based price target is the fair value of $21.54 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $13.72, optimistic scenario $29.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Future plc stock forecast for 2026?
Our models put fair value at $21.54, about +418% upside versus the last price from Sep 25, 2026 of $4.16 (undervalued). Cautious scenario $13.72, optimistic scenario $29.29. The calculation is refreshed regularly with new filings.
What is the revenue of Future plc (FRNWF)?
Future plc reported trailing-twelve-month revenue of about $710M (latest available figure, as of Sep 24, 2026).
Does Future plc pay a dividend?
Future plc currently shows a dividend yield of about 4.09% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Future plc (FRNWF)?
For today's price to be fair in a discounted-cash-flow model, Future plc would have to grow free cash flow by -7.1 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FRNWF use?
Our models discount Future plc at 12.1 %: a base by market capitalisation (small), damped by beta 1.29, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Future plc that is -7.1 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Future plc (FRNWF) delivered so far?
Over the past 5 years revenue at Future plc grew +16.8 % a year. The price currently implies -7.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Future plc (FRNWF) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into Future plc (-7.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Future plc (FRNWF)?
The free-cash-flow yield on the price is 25.65 %: that much free cash flow Future plc produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Future plc (FRNWF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Future plc it is $21.54 per share (as of Sep 24, 2026), against a price of $4.16. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Future plc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FRNWF trades below its calculated fair value: price $4.16, fair value $21.54, a gap of about +418% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRNWF?
No. The price is what the market pays today ($4.16); the fair value is what the company's own numbers justify ($21.54). For Future plc the two are $17.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Future plc worth?
The market values Future plc at about $444M (market capitalisation, as of Sep 24, 2026). Per share that is $4.16; our models calculate a fair value of $21.54 per share.
What do the bullish and bearish scenarios say about FRNWF?
Our models span a range for Future plc: cautious scenario $13.72, base $21.54, optimistic $29.29 per share (as of Sep 24, 2026, price $4.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRNWF?
Future plc trades at a price-to-earnings ratio of 8.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $21.54 is built from several models across several years. Other multiples: P/B 0.4, P/S 0.6, EV/EBITDA 3.9.
How solid is the balance sheet of Future plc (FRNWF)?
Balance-sheet figures for Future plc (as of Sep 24, 2026): return on equity 3.5%, debt of 0.29 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FRNWF from its 52-week high?
Future plc trades at $4.16, about 57% below its 52-week high of $9.61 and 2% above the low of $4.07 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $21.54 is for.
Which stocks are comparable to Future plc?
From the same area (Communication Services) we also value The New York Times Company, Xinhua Winshare Publishing and Media Co, Jiangsu Phoenix Publishing & Media Corporation, China South Publishing & Media Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Future plc stock attractive at the current price?
The data as of Sep 24, 2026: price $4.16, calculated fair value $21.54 (+418%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FRNWF calculated?
We run Future plc through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $21.54, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Future plc currently trades 81 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Future plc (FRNWF)?
The latest price we hold is from Sep 25, 2026 and stands at $4.16. Our model-based fair value is $21.54, about +418% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Future plc right now?
The price is below even our cautious bear case ($13.72). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($13.72 to $29.29) leaves room in how you read the outcome.
Key figures of Future plc
How large is the market capitalisation of Future plc (FRNWF)?
The market capitalisation of Future plc is $444M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Future plc (FRNWF)?
The price-to-sales ratio of Future plc is 0.75 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Future plc (FRNWF)?
Earnings per share at Future plc are $0.5000 (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Future plc (FRNWF)?
The dividend yield of Future plc is 4.1% (payout 34.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Future plc (FRNWF)?
The net margin of Future plc is 9.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Future plc (FRNWF)?
The return on equity (ROE) of Future plc is 3.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Future plc (FRNWF)?
On an EBIT basis the return on assets of Future plc is 8.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Future plc (FRNWF)?
The operating margin of Future plc is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Future plc (FRNWF)?
Revenue at Future plc is growing −7.7% versus a year earlier (3y avg −3.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Future plc (FRNWF)?
Earnings per share at Future plc are growing −66.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Future plc (FRNWF) carry?
The net debt of Future plc is $309M (fiscal year 2025, ≈ 2.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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