Research, Charts & Company Announcements
Research Tree offers EUROMONEY INSTL INVESTOR PLC research coverage from 4 professional analysts, and we have 29 reports on our platform.
Our simple but effective charting function allows for a quick scan of EUROMONEY INSTL INVESTOR PLC's performance over multiple time horizons.
|06/10/2016 16:42:15||London Stock Exchange||Second Price Monitoring Extn|
|06/10/2016 16:36:04||London Stock Exchange||Price Monitoring Extension|
|03/10/2016 09:56:51||London Stock Exchange||Euromoney - Total Voting Rights|
|30/09/2016 16:51:23||London Stock Exchange||Euromoney - Director/PDMR Shareholding|
|30/09/2016 07:00:06||London Stock Exchange||Euromoney - Director/PDMR Shareholding|
|29/09/2016 07:00:09||London Stock Exchange||Euromoney: Trading Update|
|02/09/2016 16:36:25||London Stock Exchange||Price Monitoring Extension|
Frequency of research reports
Research reports on EUROMONEY INSTL INVESTOR PLC
Providers covering EUROMONEY INSTL INVESTOR PLC
Pre-close trading update
30 Sep 16
September is always a key month for Euromoney, and levels of uncertainty this year were exacerbated by the Brexit vote. Nevertheless, the pre-close trading update reassures that FY16 figures will be delivered broadly in line with market expectations, with PBT of “no less than £100m” and a closing net cash position of at least £80m. ERM’s valuation has returned to a small premium to other B2B media stocks, but remains at a discount to financial publishing groups and software companies in the financial vertical.
N+1 Singer - Euromoney Institutional Investor - Full year trading update soft – edging down FY17
29 Sep 16
Full year trading looks to have been on the soft side and short of our expectations despite the US$ tailwind. Within the mix subscriptions has ticked up to +2%, which is encouraging (and is expected to be sustainable). However conditions have meant no substantial improvement in advertising (-8%) and the group also curtailed events activity in response to the weak conditions with combined sponsorship and delegate revenues down 13%. The latter will flow through to FY17 and slightly more than offset the positive subscription revenue picture. We flag the Company has provided a new segmental reporting breakdown. The shares have been very volatile (850 to 1200p trading range since BREXIT) even with the boost from US$ against potential weakness in finance sector. More large fines and the situation with Deutsche bank are likely to put further pressure on activity levels in finance. The positives are that subscriptions appear stable and US$ strength appears to be holding. At this stage we expect to reduce our FY17 PBT by c2-3% to c£102-£103m (on reduced revenues of c£410-£12m) after we update for a small acquisition in Mid-August and todays update. There has been a trend for higher dividend payments in the sector but an increase in the pay-out ratio seems unlikely given management commentary. One off capital returns are a more likely route if cash continues to build and cannot be deployed. Maintain Sell given finance sectors dynamics at this stage.
Waiting for September
21 Jul 16
Euromoney’s Q3 update indicates that year-to-date financial performance is in line with management expectations. As is usual, the full year outcome depends on September’s trading performance, which typically provides around 20% of annual profits. For 2016, September’s prospects are hard to call. While sterling weakness boosts reported results, uncertainty in client markets has been exacerbated by the Brexit vote and it is prudent to leave forecasts where they are for now. Cash conversion remains very strong and is a key attraction of the stock, with £83m of net cash on the balance sheet at 30 June. The share price is likely to mark time until the market picture becomes clearer.
Early stages of new strategy
24 May 16
H116 results reflect Euromoney’s (ERM) legacy structural issues and difficult trading environment, partially offset by currency benefit. The statement also contains pointers as to how and when internal actions will shift the momentum. The group continues to generate plentiful cash, smoothing the process of realigning the portfolio and optimising the positioning of its strongly branded B2B digital information offer. Clear sight on driving the top line should enable ERM to regain its traditional sector premium.
Plans for progress
24 Mar 16
CEO Andrew Rashbass has been in place since October 2015 and has now set out his plans for stimulating the group’s growth. His strategic review points to an evolutionary honing of the better-placed existing portfolio products and brands, rather than a drastic group reshaping. The changes are targeted at enhancing Euromoney’s (ERM’s) credentials in B2B digital information, with asset management and price discovery markets key areas of focus. It has strong brands, high underlying levels of cash conversion and a good acquisition and integration record. Clear sight on driving the top line should enable ERM to regain its traditional sector premium.
Research on related companies
View the latest research on other companies in the sector, published by expert analysts across the city, at some of the best quality Banks, Brokers, and Independent Providers in the market.
AT&T/Time Warner: cranking up the convergence dial
24 Oct 16
The proposed acquisition of Time Warner by AT&T highlights what we see as the irresistible gravitational pull of communications markets towards converged services. We argue that Sky, BT and Vodafone/Liberty will all need to invest further in owned content – and that ITV looks strategically attractive in this regard (both for its content and broadcasting operations). We accept, though, that timing on this could be some way off yet, and in the meantime ITV needs to knuckle through what is likely to be an extended period of weakness for advertising revenues.
A pathway to refinancing
26 Oct 16
Following renewed pressure on trading in H1, and a recent agreed waiver of the banking covenant, the stock is trading close to its low. The market cap of £13m reflects option value only on the chances of a successful bond refinancing, in our view. We highlight a potential pathway to a successful refinancing, if the company is able to deliver across several fronts. Our central case on this basis is 60p (4.8x the current share price) with a range of outcomes up to 225p.
Smart, connected data
21 Oct 16
YouGov’s FY16 results show the continuing benefits of its strategy to build on its Data Products and Services, delivering revenue and profit growth well in excess of the market. There was also some benefit from currency movements. The group’s transition from market researcher to global data and analytics business should drive continuing growth well ahead of industry rates, with the roll-out of scalable products and services internationally supporting margin and cash generation. The shares have performed strongly as this strategy has started to reap financial rewards, with the current price well supported.
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.
Continued exemplary execution
27 Oct 16
Another strong update from the now-metronomic Relx, maintaining its increased top line pace at the 9 month stage (+4% organic) helped by a particularly strong Q3 for transactional revenues in the Risk division. All underlying FY guidance remains intact, and we expect estimates to rise c5% catching up with current FX rates. Valuation remains the biggest risk, but does not look too stretched at c17x 17E EPS (FCF yield 5.3%, dividend 2.4%). Having moved back from Buy to Hold at around the £12 level, we are loath to upgrade again at current levels: but Relx remains a core holding in the sector.
29 Sep 16
Cambridge Cognition Holdings* (COG.L) | Edenville Energy (EDL.L) | Avingtrans (AVG.L) | Gaming Realms (GMR.L) | Redstone Connect (REDS.L) | Concurrent Technologies (CNC.L) | Porta Communications (PTCM.L) | Galantas Gold (GAL.L) | Range Resources (RRL.L) | Plutus Power Gen (PPG.L)