Euromoney’s (ERM) Q3 update indicates that conditions have not eased for its investment banking clients, as was assumed in our prior numbers. With the weakened energy pricing environment, the group’s smaller events and training business in that sector are now being affected. We have pulled back our numbers for FY15 and are more cautious on the speed of progress in FY16 and FY17. Group business exposed to the asset management sector continues to perform well. ERM’s strong cash flow and balance sheet, and its repositioning to take full advantage of digital and investment opportunities, clearly justify the rating.
