GlobalData has given an update regarding Covid-19. Minimal disruption has been noted during the transition to a remote working model, demonstrating the strength and agility of the Group’s centralised operating model. Covid-19 specific content has also been developed, offering customers unique insight into impact (current and forecast) by sector and geography, creating potential project-based/ bespoke opportunities. The events stream (<10% of forecast FY’20E sales) has seen some impact driven by travel restrictions, although so far events have been delayed to Q4, whilst we see opportunities for virtual events as an attractive substitute. GlobalData enjoys a high degree of contracted recurring sales (>75% of sales) and a diverse, blue-chip customer base enabling strong visibility over forecast earnings. The Group is well placed to emerge post Covid-19 disruption in a strong position by retaining current opex investment made into headcount, although we note management has taken the sensible near-term decision to pause further sales headcount investment and delay the dividend by 30-days to 9th June. Cost savings from the paused sales investment, as well as the natural savings related to reduced commissions, lower discretionary and reduced travel expenditure give us confidence in full year profit forecasts. We make no changes to forecasts, with previous FY’21E sales having included sales cost investment, but conservatively none of the upside. The Group offers an FCF yield of >3%, higher than peers.