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Euromoney Institutional Investor 11 February 2020 Update
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Euromoney Institutional Investor

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Analysts’ presentation

Media

11 February 2020

Price

1,212p

Market cap

£1,324m

$1.30/£

Net cash (£m) at 31 December 2019

27.3

Shares in issue

109.2m

Free float

99%

Code

ERM

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(7.5)

(8.2)

(6.8)

Rel (local)

(6.0)

(10.1)

(12.9)

52-week high/low

1,498.00p

1,152.00p

Business description

Euromoney Institutional Investor is a global, multi-brand information business that provides critical data, price reporting, insight and analysis to global and specialist markets.

Next events

Interim results

21 May 2020

Analysts

Fiona Orford-Williams

+44 (0)20 3077 5739

Russell Pointon

+44 (0)20 3077 5700

Euromoney Institutional Investor is a research client of Edison Investment Research Limited

Euromoney’s teach-in focused on Finance & Professional Services (FPS) within the newly reconfigured Data & Market Intelligence (DMI) segment. FPS represents 37% of pro forma group FY19 revenues including Asset Management; 59% without. Its attributes epitomise Euromoney’s journey to becoming a fully embedded partner to its clients, with a high proportion of recurring revenues. Uncertainty regarding the Asset Management strategic review continues to undermine the share price, with the valuation at a wide discount to peers (c 37%), which we view as unjustified on fundamentals.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

09/18

390.3

99.9

73.6

32.5

16.5

2.7

09/19

401.7

104.6

77.7

33.1

15.6

2.7

09/20e

415.5

105.0

77.8

33.7

15.6

2.8

09/21e

428.0

111.0

82.3

35.0

14.7

2.9

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

FPS infrastructure in place

FPS now has a management and operational structure in place to enable it to grow its brands. It offers services in workflow solutions, market intelligence and support for business development. The group’s shift towards a ‘3.0’ business model, embedded in a client’s workflow and with a growing proportion of licensing income, should accelerate top-line progress. Margin expansion potential is balanced by the need to continue to invest in product, sales and service. The top 11 brands in the portfolio account for 83% of FPS pro forma revenues, which are split 45% subscription, 42% events, 8% advertising and 5% other, with subscriptions the fastest-growing element (revenue CAGR of 8% in FY17–19).

Financing firepower

With a very recent Q120 trading update (see our January update note), no new financial information was given at the analysts’ presentation and our forecasts are unchanged. The strategic review of the Asset Management segment, initiated in September 2019, is continuing. Regardless of the outcome, Euromoney has plenty of firepower for potential acquisitions, as well as resource for organic investment. It had £27.3m net cash at end December and an undrawn committed revolving credit facility of £240m (with an uncommitted £130m accordion). The group is inherently highly cash generative (with an average of 99% conversion of operating profit over the last 10 years).

Valuation: Discount persists

Global B2B information peers’ shares performed very well over the last 12 months, climbing on average by 42%. The recent markdown in Euromoney’s share price leaves it valued 6% below a year ago, having hit highs of around £15 prior to the announcement of the strategic review in September. This represents a discount of around 37% to peers across EV/EBITDA and P/E metrics, reflecting the uncertainty associated with the strategic review, despite the intrinsically strong business model.

FPS showcase

The presentation did not cover the Pricing segment or the Telecoms vertical within DMI.

FPS has been carved out of the previous Banking & Finance and Specialist Information divisions. It is led by Jeff Davis, who presented at the teach-in and joined the group with the purchase of BoardEx and The Deal in February 2019. The division also now has its own dedicated CFO and CTO, etc, in addition to the individuals heading the segments outlined below.

FPS is itself segmented into three: NextGen, IMN & Derivatives, and People Intelligence. NextGen is the largest of these, with revenues of £97m, followed by IMN & Derivatives (£40m), then People Intelligence (£19m).

Group strategy is predicated on driving toward a 3.0 business model (see our March 2019 outlook note), increasing the proportion of recurring revenues and the degree of ‘stickiness’ within clients. Management estimates that around 32% of FPS revenues would currently fall into this 3.0 category, in particular the people data/relationship mapping (within BoardEx and Wealth-X), derivatives data (IMN a key brand here) and in running Events focused on facilitating deals. Only around 8% of revenue is derived from advertising, with the balance in ‘2.0’ activities with the potential to move towards 3.0. 3.0 businesses are capable of faster growth as they gain traction, typically growing in a range of 9–13%. There is always a danger, however, of trying to drive change faster than clients are comfortable with.

Exhibit 1: FPS revenue streams

Subscriptions

Events

Advertising/other

+8% revenue CAGR FY17–19

+2% CAGR FY17–19

-4% revenue CAGR FY17–19

93% net revenue renewal rate

>300 events run in FY19 (+28)

£9m revenues from Rankings and Thought Leadership, +5%

+7% book of business growth FY19

29% deal-making events

Advertising revenues £3m digital, £8m print

Source: Euromoney Institutional Investor, Edison Investment Research

Exhibit 1: FPS revenue streams

Subscriptions

Events

Advertising/other

+8% revenue CAGR FY17–19

+2% CAGR FY17–19

-4% revenue CAGR FY17–19

93% net revenue renewal rate

>300 events run in FY19 (+28)

£9m revenues from Rankings and Thought Leadership, +5%

+7% book of business growth FY19

29% deal-making events

Advertising revenues £3m digital, £8m print

Source: Euromoney Institutional Investor, Edison Investment Research

The activities can be grouped into three elements:

Workflow solutions: this could be hosting events whose explicit purpose is the facilitation of deals between participants, such as those run by GlobalCapital and Airfinance Journal or in learning solutions, where Euromoney has expertise.

Market Intelligence and Market Data, primarily within the finance and legal segments, including insight and analytics.

Business Development: helping clients grow their businesses through lead generation products, sponsored events, thought leadership and advertising.

The scale of the operation brings its own benefits, with websites migrated onto one platform and a unified CRM being rolled out over the next couple of years. The number of events, over 300, means that the group has the leverage to renegotiate deals with venues, rather than dealing with venues at a brand level.

NextGen more diverse portfolio

NextGen serves clients in the financial services and professional services sectors. Its key brands are shown below. Each is addressing very specific end-markets and has a high level of relevance within its specialism.

Exhibit 2: Key NextGen brands

Financial Services

% revenue by industry

Banking

Euromoney

29%

Asset Financing

IJGlobal, Airfinance Journal

17%

Insurance

Insurance Insider

14%

Capital Markets

GlobalCapital

12%

Transactions

The Deal

10%

Professional Services

Legal

IFLR, Intl Tax Review, Managing Intellectual Property, Asialaw Profiles

18%

Source: Euromoney Institutional Investor

All are considered domain experts in their markets.

71% of NextGen’s revenues are recurring and just under half are from the business development stream, supporting clients in building new commercial relationships. It has customers in over 150 countries, mostly served from London and New York. Five of the brands were showcased at the presentation, each outlining their activities and relevance to their audiences and, interestingly, identifying which of their attributes was useful for other brands in the portfolio.

IMN & Derivatives

The key brands within this segment are IMN, Tradedata, SRP and Total Derivatives, which have combined revenues of £39.5m, and a revenue CAGR of 9% over FY17–19. Markets addressed are structured finance and products (a global market), along with real estate (more domestically focused, using local expertise), with a smaller proportion in trading. Within structured finance, there are attractive opportunities to grow in Asia; for real estate the better prospects are in regional US.

31% of revenues are subscription, mostly through embedded information services, with another 50% from events focused on deal-making. The balance comes from other industry events and awards, which typically achieve a high margin.

Tradedata has built a strong business from identifying a point of friction within futures and options trading, and addressing it with a market-embedded solution. This has dramatically reduced error rates and speeded up trading. Expanding into ETFs provides a further growth opportunity.

People Intelligence

Again, primarily addressing the financial services and professional services segments, this operation provides workflow solutions (identification of candidates, meeting Know Your Customer requirements, getting connected) and business development facilitation (lead generation, fund raising, new sources of capital, new sources of wealth). With a 15% revenue CAGR in FY17–19 and a net renewal rate on subscription of 94%, there is clearly a lot more market to go for here. In the near term, the major opportunity is in cross-selling between BoardEx, acquired in February 2019, and Wealth-X, bought in November 2019 (see our update note).

Exhibit 3: Financial summary

£m

2018

2019

2020e

2021e

Year end 30 September

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

390.3

401.7

415.5

428.0

Cost of Sales

0.0

0.0

0.0

0.0

Gross Profit

390.3

401.7

415.5

428.0

EBITDA

 

 

105.0

108.2

113.5

121.6

Operating Profit (before amort. and except.)

 

 

101.6

105.4

107.5

113.9

Intangible Amortisation

(22.7)

(25.1)

(25.6)

(25.6)

Exceptionals

81.4

0.0

0.0

0.0

Capital Appreciation Plan

0.0

0.0

0.0

0.0

Operating Profit before ass's & fin. except'ls

160.3

80.3

81.9

88.3

Associates

0.1

(0.1)

0.0

0.0

Net Interest

(1.8)

(0.7)

(2.5)

(2.9)

Exceptional financials

(6.6)

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

99.9

104.6

105.0

111.0

Profit Before Tax (FRS 3)

 

 

152.0

79.5

79.4

85.4

Tax

(20.6)

(20.8)

(21.0)

(22.2)

Profit After Tax (norm)

79.3

83.8

84.0

88.8

Profit After Tax (FRS 3)

102.5

58.7

58.4

63.2

Average Number of Shares Outstanding (m)

107.4

107.6

107.6

107.6

EPS - normalised (p)

 

 

73.6

77.7

77.8

82.3

EPS - (IFRS) (p)

 

 

122.2

54.4

54.2

58.6

Dividend per share (p)

32.5

33.1

33.7

35.0

EBITDA Margin (%)

26.9

26.9

27.3

28.4

Operating Margin (before GW and except.) (%)

26.0

26.3

25.9

26.6

BALANCE SHEET

Fixed Assets

 

 

616.5

433.9

430.9

404.5

Intangible Assets

588.2

405.4

401.1

379.6

Tangible Assets

24.0

23.2

24.5

19.6

Investments

4.3

5.3

5.3

5.3

Current Assets

 

 

165.7

397.4

419.1

473.5

Stocks

0.0

0.0

0.0

0.0

Debtors

68.3

49.0

62.3

64.2

Cash

78.3

50.1

59.9

112.3

Other

19.1

298.4

296.9

296.9

Current Liabilities

 

 

(262.2)

(273.2)

(217.3)

(225.0)

Creditors

(262.2)

(273.2)

(217.3)

(225.0)

Short term borrowings

0.0

0.0

0.0

0.0

Long Term Liabilities

 

 

(41.4)

(31.7)

(191.6)

(120.4)

Long term borrowings

0.0

0.0

(71.2)

(71.2)

Other long term liabilities

(41.4)

(31.7)

(120.4)

(49.2)

Net Assets

 

 

478.6

526.4

441.1

532.6

CASH FLOW

Operating Cash Flow

 

 

108.6

92.4

110.3

121.7

Net Interest

(2.8)

(0.2)

0.1

(0.4)

Tax

(38.9)

(38.4)

(37.5)

(19.5)

Capex

(4.9)

(10.0)

(10.3)

(11.0)

Acquisitions/disposals

195.8

(48.4)

(15.8)

0.0

Equity Financing / Other

2.7

11.9

0.0

0.0

Dividends

(34.2)

(35.8)

(36.9)

(38.4)

Net Cash Flow

226.2

(28.5)

9.8

52.5

Opening net debt/(cash)

 

 

154.6

(78.3)

(50.1)

11.3

Redemption of pref

0.0

0.0

0.0

0.0

Other

0.0

0.3

(71.2)

0.0

Closing net debt/(cash)

 

 

(78.3)

(50.1)

11.3

(41.1)

Source: Company accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Euromoney Institutional Investor and prepared and issued by Edison, in consideration of a fee payable by Euromoney Institutional Investor. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2020. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Euromoney Institutional Investor and prepared and issued by Edison, in consideration of a fee payable by Euromoney Institutional Investor. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2020. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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