£1417.2m market cap
1298p last close
Euromoney Institutional Investor is a global, multi-brand information business that provides critical data, price reporting, insight, analysis and must-attend events to financial services, commodities, telecoms and legal markets.
Investment summary
Euromoney’s Q1 update demonstrates the value of management’s focus on Pricing, Data and Market Intelligence, where 9% growth has more than offset well-flagged weakness in Asset Management, down 4%. Full year guidance is unchanged, but we point out that our forecasts do not reflect December’s acquisitions of BoardEx and The Deal yet to complete. Management expects these to be earnings enhancing in their first year. Net cash at end December of £93.8m is prior to payment for these deals of $87.3m (£66.6m), leaving ample resource for further deals.
Y/E Sep |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 428.4 | 110.3 | 106.5 | 76.4 | 17.0 | 12.4 |
| 2018A | 414.1 | 112.9 | 109.2 | 81.3 | 16.0 | 12.8 |
| 2019E | 400.0 | 101.2 | 98.1 | 72.9 | 17.8 | 13.4 |
| 2020E | 412.0 | 106.8 | 103.6 | 76.9 | 16.9 | 13.0 |
| Last updated on 21/02/2019 | ||||||
Industry outlook
The outlook statement suggested another good year in prospect for PDMI. Events are unlikely to show as much progress as they did in 2018, simply through having had such a good year. The larger question remains over the performance of Asset Management, where external factors continue to overshadow, particularly in the run up to Brexit. Given the potential economic and political repercussions, we regard this as a key sensitivity, particularly given the impact of a lack of confidence on customers’ potential willingness to commit to subscription contracts.
Last updated on 21/02/2019
Sector |
|---|
| TMT |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (£m) | 157.4 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Andrew Rashbass | CEO |
| Wendy Pallot | CFO |
Content on Euromoney Institutional Investor
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