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 recommendatio ....