Today’s AGM update highlights a positive outlook for the year. In Consumer, this is helped by a strong front list. In Non-Consumer, the integration of Rowman & Littlefield is making good progress. We also note the group’s first deal to monetise Bloomsbury’s Academic IP. Management are confident in delivering FY results in line with consensus expectations. Overall, this is a reassuring statement which should be taken well. Following a weak share price performance in recent months, the share trades on a FY26e PER of 13x with a FCF yield of 7.3%, strong signals of value in our view. BUY reaffirmed.
