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  • 11 Nov 19

A reassuring trading update and a reiterated FY19e guidance

Informa issued a reassuring trading update for the 10 months to end-October and said it was on track to deliver its FY19e targets, with a good forward pace for the important last two months of the year.

Companies: Informa Plc Ord
  • 29 Jul 19

Solid H1 and a reiterated FY19 guidance

Informa reported solid H1 19 results, with a +3.4% organic revenue growth and a +8.2% organic growth in adjusted operating profit. The company said it was on track to deliver its FY19e targets, with a good level of visibility and raised its interim dividend by 7% to 7.55p (we had expected 7.50p). Our model is under review and our positive guidance is expected to be reiterated.

Companies: Informa Plc Ord
  • 21 Mar 19

A confident tone for the year to come

Informa’s FY 18 results were in line with expectations, including UBM since 16 June. Management had a confident tone for FY19e as it has good forward visibility on revenues (>50% of Exhibitor and around 2/3rds of subscription revenues already booked). The target is to keep a >30% operating margin (supported by cost savings) from a revenue base of c.£3bn, while generating solid operating FCF enabling it to increase the dividend progressively from now on. Our Buy recommendation is reiterated.

Companies: Informa Plc Ord
  • 13 Nov 18

Healthy 10 months organic growth confirmed; combination well on track

Informa reported a trading statement for the 10-months ending October 2018 The group’s underlying revenue grew 3.9% in the first ten months. The combination phase of “accelerated integration plan” for UBM is completed. Revenue growth is on track for the full-year target (+3.5%).

Companies: Informa Plc Ord
  • 25 Jul 18

UBM integration looks well on track

Informa reported solid H1 18 results – including UBM from 15 June, with +4.3% revenue growth and +1.9% growth in adjusted operating profit. The operating margin was therefore a tick lower than last year’s restated accounts at 30.8% (versus 31.1%). The company is confident of the UBM integration and confirmed its target of 3.5% underlying revenue growth in 2018 and said it is on track to deliver savings targets of £50m in 2019.

Companies: Informa Plc Ord
  • 13 Mar 18

Sound final year for the 2014-17 Growth Acceleration Plan

Informa’s FY 17 results were in line with expectations, with revenues at £1,757.6m (up 30.7%, reflecting Penton’s integration and +3.4% organically) and adjusted OP at £545.5m (+31.3% and +2.3% underlying; margin of 31% compared with 30.9% in FY 17, slightly under our own 31.1% forecast). Adjusted EPS rose by 9.5% to 46.1p (AV was 47.3p), i.e. in line with the recent guidance for “above 45.5p”, and the proposed final dividend is raised by 5.8% to 13.8p, i.e. the recent guidance for a full-year dividend at 20.45p versus 19.3p for FY16 (+6% yoy). The FY18e outlook is for “at least 3.5% underlying growth” (with another strong year anticipated for Global Exhibitions) for standalone Informa, which, as a reminder, recently made a 30% premium recommended offer for UBM in order to create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s).

Companies: Informa Plc Ord
  • 30 Jan 18

Merger now officially ongoing

As anticipated since 17 January (please refer to our UBM Latest), Informa today confirmed a 30% premium recommended offer for UBM whose shareholders will receive 1.083 new Informa shares and 163p in cash (valuing UBM at c.£3.9bn or 971p per share based on the 15 January 2018 closing price of 746p per Informa share; c.908p at yesterday’s closing). The deal will create an events giant (65.5% owned by Informa’s shareholders and 34.5% by UBM’s) as UBM and Informa are respectively the world no.2 and no.3 events organiser behind RELX.

Companies: Informa Plc Ord
  • 17 Nov 17

Sound operational momentum confirmed

After a satisfactory +3.7% H1 17 consolidated organic revenue growth (accelerating from +2.5% for the same period last year and +1.6% for FY16) Informa reported a sound 10 month 2017 top-line organic trend of +3.2% (compared to +2.5% for the 9 month period last year). Reported revenues rose by 40% (Penton integration). The group reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash-flow. This will be supported by solid trading in Global Exhibitions (note the high H1 bias this year, with flat performance anticipated for the last 2 months; fewer Top 30 events in H2), modest positive growth in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 03 Aug 17

Pursuing satisfactory operational progress under its acceleration programme

Informa reported solid H1 17 results and above estimates, with revenue reaching £915.4m, up 41.3% (including forex for +12.8% and a perimeter impact – namely the Penton integration – for +26%) and up 3.7% underlying and adjusted OP at £285.1m, up 41% and 1% underlying (i.e. a 31.1% margin compared to 31.2% a year earlier; impacted by GAP depreciation and the mix from acquisitions). Adjusted diluted EPS improved by 12.7% to 24p and the interim dividend was raised by 6.2% to 6.65p. The group confirmed being on its way to deliver and even outpace the promised £14m operating synergies in FY18 (half in FY17e; to be reinvested in growth measures) following the integration of Penton. It reiterated its FY17e guidance for “good progress”, saying it remains on track for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 07 Jul 17

Most popular equity research this week | 3-7 July

See what was trending this week...

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  • 19 Jun 17

Well on track

Holding its Investors Day on 15 June, Informa confirmed that its 2014-17 Growth Accecleration Plan (GAP) was on track, while making a point on the benefits for its different divisions. This came after last month’s trading statement when the group reiterated its FY17e expectations for a fourth consecutive year of growth in revenue, earnings and cash flow. This will be supported by strong trading in Global Exhibitions, a steady performance in Academic Publishing and improving operating momentum in Business Intelligence.

Companies: Informa Plc Ord
  • 02 May 17

THE NAKED FUND MANAGER - Why the best businesses have great cash conversion

The top 20 companies using the CF Growth Profile beat the bottom 20 by 16% pa over last two years

Companies: IOMPHDCRWRB/RELRMVMCROJE/ZPGINFOTBPTECUBM
  • 15 Sep 16

Extending its US presence in Exhibitions and Business Information

Informa has just announced the acquisition from MidOceanPartners and Wasserstein of the US group Penton Information Services for £1.2bn. The operation will be funded through the issuance of new debt and a fully-underwritten £715m rights issue (at 441p each for every four existing shares; a 36% discount to yesterday’s share price) expected to occur on 11 October 2016 just after the 10 October General Meeting for Shareholders. The completion of the operation is scheduled for November 2016.

Companies: Informa Plc Ord
  • 23 Aug 16

Managing its way through the Growth Acceleration Plan's peak investment year

Informa announced H1 16 results globally in line with expectations, with revenues at £647.7m (up 4.7% and +2.5% organically) and adjusted OP at £202.2m (+6.3% and -0.7% underlying; a margin of 31.2% compared with 30.8% in H1 15). Note that, mainly due to the sterling weakness versus the US dollar in the aftermath of Brexit, forex had a c.£23m positive impact on revenue (<4%). Adjusted EPS rose by 3.1% to 23.1p after c.23% higher interest costs linked to the cost of debt ($250m US Private Placement loan notes of Q3 15 at higher rates) and the fact that c.80% of total debt is dollar denominated. The interim dividend is raised by 4% to 6.80p, in line with our expectations (as a reminder, the group increased its minimum dividend commitment from 2% growth to 4% through to the end of the Growth Acceleration Plan). The FY16 guidance was reiterated for a further period of “earnings and cash flow growth, including a full year of positive organic revenue growth in Business Intelligence.”

Companies: Informa Plc Ord
  • 24 Jun 16

N+1 Singer - MS - Media - BREXIT Potential Impacts and Thoughts

There are two main issues to consider for the Media sector, UK recession and currency. Large and mid-cap B2B is likely to be a net beneficiary of sterling weakness as they are heavily exposed to US$, while exposure amongst small cap B2Bs is typically modest but may well be enough to offset any domestic weakness. B2B looks a good safe haven and Informa (TP690p, Hold) and UBM (TP605p, Buy) look good value. Marketing Services is a barbell subsector; WPP’s might overseas and in its offering will probably outweigh its still significant UK operation. At the smaller end individual client mandates will be more important, client losses are hard to predict and potentially UK expertise could look cheap to overseas businesses. Consumer media looks more vulnerable. A mix of high domestic exposure, cyclical exposure and high operational gearing looks poisonous. ITV, Rightmove and Autotrader look likely to suffer.

Companies: Informa Plc Ord UBM

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Informa Plc Ord. We currently have 70 research reports from 6 professional analysts.

Open
774p
Range Today
774/778p
52 Week
606/892p
Daily Volume
0.0k
# Shares
1,252m
Daily Liquidity
(0%)
Pension Liability
£38.3m
Enterprise Value
£13,303m
Market Cap
£9,736m
Latest PE (hist)
17.13
Div Yield
2.58

Latest News/RNS

(more news)
Date Source Announcement
11Nov19 07:00 RNS 10-Month Trading Update
25Sep19 10:33 RNS Director/PDMR Shareholding
23Sep19 11:46 RNS Director/PDMR Shareholding
24Jul19 07:00 RNS Half-year Report
19Jul19 14:30 RNS Block listing Interim Review and Cancellation
17Jun19 07:00 RNS Rule 19.6(c) Confirmation
04Jun19 17:57 RNS Director/PDMR Shareholding
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  • 21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 05 Dec 19

LIBERUM: Time Out* - A pivotal year for Time Out Markets

2019 has been a pivotal year with the opening of five Time Out Markets across North America. It is early days but initial performance provides proof that the concept can travel internationally. The delays to openings in Chicago and Montreal will lead to a small H2 loss, confirmed in the announcement today. We have updated FY19E forecasts to reflect this and some changes to future years largely to reflect phasing and additional investment given the growing opportunities for events and sponsorships at current sites and the large pipeline of future global locations.

Companies: Time Out Group
  • 19 Nov 19

Substantial deal both transformational and significantly earnings enhancing

In a deal which will have a profound effect on the prospects for the group, Kape has announced the proposed acquisition of LTMI Holdings, the holding company for virtual private network provider Private Internet Access (PIA). PIA is a Denver-based security software business, the addition of which will transform the size of Kape by doubling group revenues (including a stronger recurring revenue base) and increasing adjusted EBITDA by around 2.5 times in FY 2020E. Reflecting that, our earnings estimates increase by around 90% for FY 2020E while our new FY 2021E estimates build strongly on that much larger base. Total consideration is c. US$95.5 million with an enterprise value of c. US$127.6 million. The deal is expected to complete within 45 days and is anticipated to be immediately earnings enhancing. The transaction will create a significant player in the digital privacy market and will enable Kape to expand its footprint in North America with a broader product offering.

Companies: Kape Technologies
  • 26 Nov 19

A big, bold Future

Shareholders yesterday approved the net £140m proposed acquisition of TI Media Group (‘TI Media’). The acquisition will be funded through a mix of debt and equity, and presents a compelling opportunity for Future to leverage its digital platform, ecommerce and content expertise, and global reach (TI Media continuing sales: >70% magazine). Post removal of broker restrictions, we now update forecasts for both TI Media (assumes endApril’20 completion) and Barcroft Studios acquisitions, with an additional underlying upgrade due to better than anticipated growth at the FY’19 outturn. FY’20E and FY’21E sales are upgraded by 41% and 79% respectively, with OpFCF forecasts are upgraded by 42% and 66%. The TI Media acquisition is forecast to be 26% EPS accretive in FY21E. A 19x EV/EBITDA multiple based on calculated pro forma FY’20E EBITDA generates an intrinsic value of 1,890p/share.

Companies: Future
  • 24 Sep 19

RhythmOne integration creates video platform leader

These interims include three months of RhythmOne but the integration is ahead of schedule and they are presented as one. Taptica’s original Performance business continued to suffer in difficult markets and saw a sharp decline in H1. The impact of this has been mitigated by the addition of 3 months of RhythmOne to the extent that both H1 revenue and earnings are kept virtually unchanged YoY, with excellent cash generation. We are guided to ease FY forecasts but we note TRMR has achieved great efficiencies in Branding to maintain group blended margin despite the reduction in high-margin Performance sales. Looking ahead, TRMR has made an excellent strategic move into the booming video market, with its exchange up and running. It is well funded, streamlined and future new business on the platform should drop straight through to profit.

Companies: Tremor International
  • 24 Sep 19

Quality of revenue improves during a strong half

This has been a good half, seeing growth in registrations, group revenue and renewals, assisted by a full six months of ICM. The increased sales at higher margin has meant H1 adj. EBITDA jumped over 300%; moreover, a key point is approached as renewal revenues now cover almost all costs: partner payments, cost of sales, and opex. Operationally, progress has also been made in resolving the legacy contract issues. MMX remains comfortably on track for our FY 2019 expectations, which remain unchanged. The company remains wary of giving FY 2020 guidance at this stage. However, looking ahead, this is a much more stable operation; a much better quality to the revenue stream, a controlled cost base, legacy issues addressed; and exciting and innovative growth opportunities.

Companies: Minds + Machines Group
  • 19 Nov 19

Significant earnings accretive acquisition

Kape is set to acquire Private Internet Access (“PIA”) for a cash-free/ debt-free total consideration of $127.6m, representing an EV/FY’18 EBITDA multiple of 8.7x (presynergies). The strategic rationale is compelling, immediately doubling Kape’s paying subscriber base, creating an estimated $4.5m cost synergy – resulting in pro-forma sales and EBITDA of $110m and $27m respectively - and further, improving Kape’s Data Privacy geographic footprint and functionality stack. PIA is cash-generative (FY’18 CFO: $16.3), growing sales +5% pa. and is expected to quickly benefit from Kape’s digital marketing capabilities. Revenue is expected to be 57% higher for both FY’20E and FY’21E, with the deal forecast to be 13% EPS accretive in FY’21.

Companies: Kape Technologies
  • 26 Feb 19

Share & share alike

We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment on AorTech International*, APC Technology*, DeepMatter*, Golden Ocean Group and P&O Ferries/DP World.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN VRE W7L

  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

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  • 17 Sep 19

Transformation on track

NAHL’s H1 results show that its strategic transformation in the personal injury market from a marketing business to a full legal services provider is on track and yielding positive results. Since inception, the Legal Services business has won 4,910 cases with £19m of damages, and now has 12,097 cases ongoing. We make no changes to our forecasts and reiterate our view that as the return from the new model drives increasing free cash flow, we see significant share price upside, with downside risk protected by the value of the growing Critical Care business.

Companies: NAHL Group
  • 24 Sep 19

Cenkos: XLMedia Plc - Regulatory hit

The revised guidance that accompanied the interim results reflects an increasingly adverse regulatory environment in Europe. The strategy now is to focus on higher margin activities in differently regulated markets such as personal finance. Visibility should accordingly be higher, producing a higher quality earnings stream. We expect some stabilisation in XLMedia's markets in 2020E.

Companies: XLMedia
  • 25 Sep 19

The Mission Marketing Group - Creative business partner for brands

MISSION’s new CEO James Clifton, appointed in April, is setting his stamp on the group, recasting it as a business partner for brands. The name change from The Mission Marketing Group reflects this new approach. He is accelerating internal collaboration and a multi-agency approach, as well as simplifying the internal structure. H1 trading and recent new business wins are indicating early validation. Operating margins should improve as more support services are provided centrally, with market estimates indicating 14.0% for FY21e, from 12.6% in FY18. The valuation remains at a sizable discount to peers.

Companies: The Mission Group
  • 11 Oct 19

Outperformance at Mobile Nations now expected

Future Plc has today announced the achievement of accelerated earn-out payments related to the acquisition of Mobile Nations in March’19. Deferred consideration of $55m (50% cash/ 50% new shares) becomes payable, with management assuming the achievement of an $11.5m EBITDA contribution from Mobile Nation operations to March’20. Mobile Nations management team will continue to work within Future within the newly created Future Labs, tasked with driving additional organic growth by integrating new initiatives, businesses, tools and processes once they reach a suitable maturity level. Future management continue a strong record quickly bedding down new acquisitions. The modest outperformance in Mobile Nations performance is largely offset by a marginally bigger than expected share base increase. We make no changes to our forecasts however at this time.

Companies: Future
  • 21 Oct 19

The legal services read across from recent bids on CTR and MUR

At a time where UK public market valuations remain subdued, especially given GBP weakness, it seems reasonable to assume the potential for opportunistic private bids may increase. We have long argued the merits of certain business services companies with exposure to the legal sector, and we believe recent private interest in the space supports this. In our view, the demonstrable private intrigue may provide a floor to valuations, leaving significant upside risk; if the public market does not correct this mispricing, private equity or M&A may do.

Companies: ANX GTLY INCE NAH REDD