DMGT reduces stake
DMGT has reduced its holding in Euromoney from 67% to 49%, meaning results will no longer be consolidated and removing a major barrier to investment in ERM for some potential shareholders. Of the 32.2m shares involved, 13.0m have been placed with investors and 19.2m bought back for cancellation, all at 975p, a discount of 13% to last night’s close. The reduced share capital mechanistically boosts the EPS and management has also indicated a review of the dividend payout ratio. We will formally adjust our forecasts when the buyback and cancellation are completed.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.
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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