Equity Research, Broker Reports, and media content on Informa Plc Ord

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Informa Plc Ord
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
  • 16 Mar 20
Solid FY19 overshadowed by current lack of visibility on events...

Informa reported very sound FY9 results, with revenues up +3.5% organically, a very solid 32.3% margin, adjusted EPS was 51.3p (+4.3%) and the final dividend is raised by 7.4% (total dividend: +7.3%). Conversely, and unsurprisingly, there is no guidance for FY20e due to the impact of the coronavirus on the events business. At this stage, a Postponement Programme has been put in place, shifting the events calendar to later dates in 2020… Our model is under review to adjust our forecasts.

Companies: Informa Plc Ord
  • 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...

Companies: SQSAVONELMHRIHILSHVNSNXRNOSTJSNRSDLIQEFA/GKNBLTGCTHCINESFRCVSGRENEBBSNEUSPSERVNOGFDMREDD7DIGINFALDOTBECSCPRSMRTHMTRMRPOLYMYSLHCMPPIXQRT
  • 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Informa Plc Ord. We currently have 78 research reports from 6 professional analysts.

Open
456p
Range Today
450/468p
52 Week
364/892p
Daily Volume
622.6k
# Shares
1,252m
Daily Liquidity
(0.05%)
Pension Liability
£38.3m
Enterprise Value
£9,121m
Market Cap
£5,696m
Latest PE (hist)
10.03
Div Yield
4.54

Latest News/RNS

(more news)
Date Source Announcement
08Apr20 17:29 RNS Holding(s) in Company
06Apr20 17:16 RNS-R Skipta Launches COVID-19 Forum & Lecture Series
06Apr20 10:30 RNS Holding(s) in Company
27Mar20 10:59 RNS Director/PDMR Shareholding
26Mar20 16:00 RNS Holding(s) in Company
26Mar20 09:55 RNS Director/PDMR Shareholding
20Mar20 12:00 RNS Holding(s) in Company
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Informa Plc Ord

  • Providers covering

    Informa Plc Ord

  • 31 Mar 20
Strong FY19 results highlight Tremor’s potential

Tremor has reported a strong set of FY19 results and announced a prudent $10m buyback. The results are in line with January’s trading update, and demonstrate strong growth in Digital Video and Connected TV (CTV) advertising. Tremor has also seen a solid start to FY20, but COVID-19 could markedly affect a number of its clients. The management and board highlight that it is too early to fully assess the impact of COVID-19 on Tremor’s FY20 outlook, and we consequently leave our FY20 estimates broadly unchanged at this point. In this report we also explain Tremor’s investment case in depth, and highlight that Tremor is excellently positioned to capitalise on the major growth in Video and CTV advertising, and can see further upside from M&A and the resolution of the Uber case.

Companies: Tremor International
  • 31 Mar 20
Strong trading update

Kape has issued a strong Q1 trading update, noting a modest acceleration in Digital Privacy demand trends as a function of Covid-19 related travel restrictions. Remote working increases the number of potential vulnerabilities within a user’s network, which Kape’s VPN offering solves through provision of secure and private browsing solutions. Kape has been able to successfully service the acceleration in demand, whilst at the same time implementing its own remote working policy to ensure business continuity. Management have reiterated guidance for $120m - $123m of revenues and EBITDA of $35m - £38m, with the uplift in demand providing added headroom in forecasts. Our FY’20E forecasts generate an FCF yield of >5%, which is well underpinned by strong renewal rates and flexibility around direct marketing spend.

Companies: Kape Technologies
  • 07 Apr 20
LIBERUM: 4imprint* - Safer at Home hits trading further – but well positioned for recovery

Previously management had indicated order counts down by 60%. Daily order counts are now running 80% below the 2019 comparative. We now assume a 50% reduction in sales in FY 2020, assuming gradual progress from Q3.

Companies: 4Imprint Group
  • 02 Apr 20
Focus on core areas; significant cost reductions

Interims from Gfinity, the leading international esports business, saw progress with gross profit growth and cost control resulting in reduced operating losses. Going forward, Gfinity is focusing on three core areas where it has a competitive advantage (eMotorsports, own community and building communities for others) and exiting other areas. As flagged in March, Gfinity has undertaken a strategic review and has started a series of major cost reduction measures including board and senior leadership changes and is adopting a more flexible operating cost model. It is also strengthening its balance sheet with a conditional raise of £2.25m at 1p/share plus a 1:1 warrant. COVID-19 has driven a surge in video gaming and in traffic to Gfinity’s own platforms and has created opportunities, such as the F1 Esports Virtual Grand Prix series. It has also created an increased level of uncertainty for the rest of FY20, however, with major live physical events deferred. Consequently, we are withdrawing forecasts in the interim.

Companies: Gfinity
  • 31 Mar 20
Kape Technologies

COVID-19 update – on track and good liquidity

Companies: Kape Technologies
  • 01 Apr 20
A seismic shift in the way we live and work

The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.

Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO

  • 07 Apr 20
Cenkos: Cello Health plc -- Some disruption, but faring well considering

Cello's trading momentum continued over Q1/20E with signs of further organic progress and maintenance of a strong balance sheet. The impact of measures to combat Covid-19 is creating some disruption for certain clients and their activities, but the majority of existing project work remains intact with new bookings continuing to come in. Contingencies are being exercised to limit any impact on profitability and cash flow. Given the degree of uncertainty over the level of disruption, we are withdrawing forecasts and putting our recommendation Under Review.

Companies: Cello Health
  • 08 Apr 20
FY20e guidance and share buy-back suspended amidst COVID-19

RELX just released a trading statement ahead of is 23 April 2020 AGM to inform that it has suspended both its FY20e guidance and share buy-back due to the uncertainties related to COVID-19.

Companies: Relx
  • 01 Apr 20
The MISSION Group - The MISSION Group - Executive interview

James Clifton, CEO of The The MISSION Group, discusses how the group is differentiated from other marketing services and agency groups. He then summarises the financial results for 2019, which showed good growth in a year dominated by the socioeconomic uncertainties surrounding Brexit. James goes on to describe what challenges and achievements there have been for MISSION since he took over the reins in April last year and the aspects of the group with the most promising medium-term prospects. Lastly, he talks through the impact the COVID-19 pandemic is having on the business and its clients, and how well the organisation and its finances are placed to cope. The MISSION Group is a collective of integrated and specialist creative agencies, employing 1,150 people in the UK, Europe, Asia and US.

Companies: The Mission Group
  • 07 Apr 20
Well placed to emerge stronger

In previous downturns, 4imprint’s financial strength and marketing skills have enabled the group to take share and exit in a stronger position. The competition is largely significantly smaller, more local operators that do not have the same financial reserves or marketing expertise. The speed and scale of the COVID-19 downturn is likely to see this trend to an even greater degree. 4imprint has detailed that the lockdown directives in the US and UK have resulted in orders running at c.20% of 2019, and this limited level of activity is likely to continue. Marketing costs typically account for c.75% of operating costs, meaning the cost base can be quickly aligned to market conditions and management has stated the marketing portfolio has been radically re-shaped in a very short space of time, resulting in a mix that is appropriate to current circumstances in terms of both type and cost but equally provides a firm platform to take full advantage of improving conditions when they occur. At the end of Q1, the group had cash of over $50m and no debt; it will also not pay the final dividend, which would have cost $16m. The Board has not fundamentally changed its dividend policy, and it will reassess its position in coming months as the situation becomes clearer. No forward guidance is provided at this stage, and we consequently place our forecasts and target price under review for the time being. However, we maintain our view that 4imprint has the financial strength and proven market-leading business model to exit the current downturn in a stronger market position, providing the basis for the shares to regain previous highs.

Companies: 4Imprint Group
  • 07 Apr 20
Well positioned to weather the storm

Cello traded well in Q1, with good revenue growth and solid operating cash generation resulting in £11.7m cash at the end of March. The Group has total facilities of £24.0m, of which £7.0m were drawn down at 31 March 2020. Cello is in a strong financial position. The entire employee base of the Group has been working remotely for over two weeks and delivering largely uninterrupted services to clients. Within the Cello Health division, there is some evidence of deferral of certain types of work where live meetings are essential. However, in the majority of cases, project work has continued and overall recent booking levels have remained encouraging. Some non-healthcare clients have needed to delay or cancel certain projects. Consequently, the cost base is being reviewed and the Board has agreed to take a 10% salary reduction for three months. The proposed final dividend of 2.95p will be replaced by an interim 1.0p, with the aim of declaring a special dividend subject to future trading performance. The Board is not currently able to provide clarity regarding the outlook for 2020 and we consequently place our forecasts and target price under review for the time being. Overall, Cello’s ability to deliver the majority of its services remotely, the defensive nature of its healthcare client base (82% of historic net sales), management action and the strong financial position means the group is very well placed to weather the storm and then resume its established growth path.

Companies: Cello Health
  • 12 Nov 19
Guidance confirmed

The decrease in total advertising revenue slowed in 9 months 19 (-3% vs -5% in H1 19), reflecting a positive trend in Q3 19 (+1%) and corresponding to the high range of guidance (-1/+1%). Online revenue grew significantly (+23% in 9 months 19 vs +18% in H1 19). As expected, ITV Studios benefited from high deliveries of programmes, in particular from ITV America. The 2019 guidance is confirmed and a dividend of at least 8.0p/share was reiterated.

Companies: ITV
  • 13 Mar 20
High risk in TV advertising with the Coronavirus outbreak

In 2019, total advertising was better than expected and decreased by -1.5% (vs guidance of c.-2%). Lower group adjusted EBITA margin was attributable to Broadcasting, which had to support higher investments in the businesses, including the launch of BritBox UK, which were not completely offset by cost savings. The outlook for 2020 is uncertain due to the Coronavirus outbreak. Essentially, there should be a significant negative effect on TV advertising.

Companies: ITV
  • 17 Mar 20
Strong set of results reflecting organic growth

Kape FY’19 results confirmed the strong operating performance highlighted in the year end trading update. Sales grew 27% y/y to $66.1m driven by exceptional growth in the Group’s core Digital Privacy segment (+82% organic). Adjusted EBITDA rose 40% y/y to $14.6m with margins up 210bps to 22.0%. Integration of the PIA acquisition is progressing well, with $3.5m-$4.5m of annualised savings forecast to be unlocked in 2020. Management have reiterated guidance for sales of $120m-$123m and adjusted EBITDA of $35m-$38m, and do not anticipate disruption to demand for digital products or Group operations due to Covid19. We make no changes to forecasts at this stage; the Group offers a 6.7% FY’20E FCF yield (post-IFRS16) on our forecasts.

Companies: Kape Technologies
  • 20 Mar 20
H1’20 pre-close: cash ahead

Future has announced a pre-close trading update for H1’20 highlighting continued strong online audience growth which is further driving eCommerce and digital advertising revenue streams. Recent weeks have been unprecedented, however the Group continues to see limited impact to online consumer behavioural trends (Feb audience traffic: +2% month on month per ComScore), whilst in Magazine y/y growth in Grocers is partly offsetting declines in travel outlets. Key metrics are holding up well, and the Group expects to continue to trade in-line with expectations. Half year net cash of £47m-£53m is expected by management, implying FCF is ahead of our £18m H1 forecast (N1Se H1 net cash: £44.9m). The Group is a highly cash-generative business, and post TI acquisition (consideration: £140m) will enjoy £30m-£40m of headroom in debt facilities and plenty of comfort on covenants (1.0x net debt/pro forma EBITDA; covenant: <3.0x). The Group trades on a 6.6x EV/pro forma FY’20E EBITDA multiple (peers: 12x-17x), and offers an FY’21E FCF yield of 13.5% (peers: 3%-5%).

Companies: Future