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On 30 April, Euromoney updated that it no longer expects to be running events in the group’s Q4 to end September, having previously updated in March about postponements and cancellations for Q3. This will take a further £34m off our revenue forecast (not yet adjusted) and £25m off gross profit (including £7m of irrecoverable associated costs). There will be no interim dividend when the half-year figures are announced on 4 June, with a decision on the final dependent on the situation in November. It has also closed the strategic review on the Asset Management segment, concluding that the best solution is to retain the business. In addition to earlier costs mitigation measures, members of the board are taking a 25% salary cut, with the CEO taking a 40% reduction.
Y/E Sep |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 390.3 | 105.0 | 99.9 | 73.6 | 11.3 | 8.3 |
| 2019A | 401.7 | 108.2 | 104.6 | 77.7 | 10.7 | 9.7 |
| 2020E | 335.5 | 58.5 | 50.0 | 37.0 | 22.6 | 19.0 |
| 2021E | 400.0 | 94.6 | 84.0 | 62.2 | 13.4 | 9.0 |
Industry outlook
Management’s strategy remains to recycle capital to align the group with its 3.0 objectives and the last three years have seen a considerable realignment of the portfolio. Some of this is self-help; some is M&A driven. In the current situation, priorities are obviously shifting and the group’s subscription revenues (60% of FY19 revenue) are a clear advantage, albeit that new sales may be harder to achieve.
Last updated on 11/08/2020Content on Euromoney Institutional Investor
Sector |
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 44.3 |
| Forecast gearing ratio (%) | 11 |
Price performance
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1m |
3m |
12m |
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Key management |
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|---|---|
| Leslie Van de Walle | Chairman |
| Andrew Rashbass | CEO |
| Wendy Pallot | CFO |
| Chris Collett | Investor relations |
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