Sterling top-line benefits
The AGM trading update shows Q117 revenues up 6%. On an underlying basis, though, the top line dipped 5%. The difference stems from the gain from sterling moves, along with portfolio changes. The statement includes a cautionary note over activities targeted at asset management, with geopolitical factors continuing to play out. The main forecast changes relate to the share buyback earlier this month, boosting EPS and, by implication, dividend. The group has moved to pro forma net debt of £92m, which our model shows reducing to £53m by the year end, thanks to the inherently strong cash flow. Restructuring benefits should be stronger in FY18e, when the rating differential to peers looks more anomalous.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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