Horizon at FY18
Euromoney’s (ERM’s) final figures were modestly ahead of expectations, with the boost from favourable currency moves limiting the drag from those parts of the group identified for disinvestment. The year-end net cash position has built to £83.8m, a result of inherently strong cash generation. This has allowed a maintained dividend, with management indicating a good pipeline of acquisition opportunities. The FY16 figures confirm the initial phase of the strategy, with FY17 set to be a year of transition before the benefits kick in more strongly in FY18. The valuation is currently at a discount to other B2B media stocks, financial publishing groups and software companies in the financial vertical, marking time for further newsflow.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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