Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INFORMA PLC. We currently have 40 research reports from 4 professional analysts.
|07Dec16 07:00||RNS||US Private Placement Issue|
|17Nov16 04:45||RNS||Director/PDMR Shareholding|
|07Nov16 04:49||RNS||Holding(s) in Company|
|07Nov16 07:00||RNS||Nine Month Trading Update|
|02Nov16 02:33||RNS||Informa completes acquisition of Penton|
|26Oct16 03:46||RNS||Holding(s) in Company|
|26Oct16 07:00||RNS||Results of Rights Issue and Rump Placing|
Frequency of research reports
Research reports on
Positive read-across from Gartner bid for CEB
06 Jan 17
More consolidation in the professional information sector, with a $3.3bn bid in the US for corporate training business CEB by IT consultancy Gartner. The valuation being paid, and the leverage being employed, both reinforce our conviction that (a) Penton looks like a good acquisition for Informa, and (b) Informa shares remain attractive for their ‘safe GARP’ characteristics.
Panmure Morning Note 06-01-2017
06 Jan 17
Against the backdrop of a highly uncertain global macro-economic outlook, we stick with a stock which we believe can generate solid economic returns, with defensive self-help characteristics, on an undemanding valuation. We believe the £1.2bn acquisition of Penton strengthens a platform from which Informa can deliver 5-10% pa EPS and FCF growth for many years to come, with limited country or sector risk, low pension or other financial risk, low technology risk, and low valuation risk. A great stock for unpredictable times, in our view.
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
Slightly underpowered in Q3, but good long term value
07 Nov 16
Nine month trading looks slightly light of our estimates, although the group indicates it is on track to meet full year market expectations. Growing confidence around GE and BI are offset by continuing dullness in AP. Overall we do not expect any material changes to estimates, with c2% EPS dilution from completion of the Penton deal, and perhaps a small shave to organic growth on the back of this update, broadly offset by a c2% boost from current FX rates. We remain positive, based on the stock’s attractive ‘safe GARP’ fundamentals, but would not be surprised to see a bit of profit taking in the near term following a good run for the shares.
Penton completed, shares still looking very solid
04 Nov 16
Having now completed the £1.2bn Penton acquisition, Informa will provide a trading update on Monday November 7th, which we preview briefly here. Penton sets the tone in our view for what to expect from Informa going forwards: solid underlying EPS growth of c5% pa, augmented to around 7% pa including acquisitions, or TSR of 10% pa including dividends. Okay it’s not stellar, but it’s solid, and visible for many years given Informa’s fragmented markets. Valuation remains undemanding in our view at around 14x EPS (FY17E), despite the shares’ good run already. Indeed, in current uncertain markets, Informa’s growth, defensiveness and visibility look particularly attractive, and we reiterate our Buy rating and 825p TP.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
18 Jan 17
Pearson has produced a surprisingly weak update, capitulating on long-standing market concerns regarding North American higher education courseware, accelerating its restructuring programme and rebasing profit and dividend guidance from FY17E onwards. We move from Buy to Hold, with an initial view is that the shares could fall towards the 600-700p level. Call 0830.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.
Bad winds around: operating profit goal for FY18e withdrawn…
18 Jan 17
Bad news today from Pearson which no longer expects to reach its operating profit goal for FY18e. Instead, OP is expected to be in line with FY16e despite a very bad Q4 (“unprecedented decline in North American higher education courseware business”), enabling a final 34p dividend in line (i.e. 52p as expected for FY16). FY17e will also be far lower than expected, reflecting continued challenges and uncertainty in the North American higher education courseware market, implying that Pearson will have to rebase its dividend from FY17 onwards. The group also said it has plans to exit its 47% stake in Penguin Random to its JV partner Bertelsmann (£1.7bn stake valuation in our NAV), with the target to re-capitalise the business, pursuing required investments and paying dividends.