Edison Investment Research - Euromoney Institutional Investor PLC (ERM) Broadly favourable events

Report

Edison Investment Research

Fiona Orford-Williams

Broadly favourable events

Euromoney’s Q3 trading update shows overall performance continuing as expected, with positives from events, subscriptions and content, partly offset by a jittery asset management sector facing regulatory changes. RISI, acquired in early April, is performing well and contributed £5.4m of subscription revenue to the quarter’s total of £118.4m, a figure 13% ahead of the comparative period. Underlying growth was 2% (currency adjusted) and our forecasts are unchanged, putting the shares on a discount of c 9% to peers. Given the improved share liquidity and the growth in forecast earnings and dividends, we regard the rating as overly cautious.

21/07/2017 3 EN

Underlying

Euromoney Institutional Investor PLC

Euromoney Institutional Investors is an international business information group. Co.'s segments are: Asset management, which provides independent research; runs networks and conferences; and provides news and data that are critical for the industry; Pricing, data & market Intelligence, which provides prices, data, analysis and events that are critical for business processes and workflow across a number of industries, such as metals and mining industries, telecoms, insurance, airline and banking; Banking & finance, which provides market intelligence, news, training and conferences; and Commodity events, which consists of conferences in the metals, agriculture and energy sectors.

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GB0006886666 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Fiona Orford-Williams

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Broadly favourable events

Form 8.3 - The Vanguard Group, Inc.: Euromoney Institutional Investor plc

Form 8.3 - The Vanguard Group, Inc.: Euromoney Institutional Investor plc

Form 8.3 - The Vanguard Group, Inc.: Euromoney Institutional Investor plc

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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