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 16:45||RNS||Director/PDMR Shareholding|
|07Nov16 16:49||RNS||Holding(s) in Company|
|07Nov16 07:00||RNS||Nine Month Trading Update|
|02Nov16 14:33||RNS||Informa completes acquisition of Penton|
|26Oct16 15:46||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 - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Indices are not as flat as pancakes
27 Feb 17
On Shrove Tuesday, some of the various small cap indices we follow continue to hit or remain close to all-time highs, benefiting from growing optimism about the global economy. The State of the Union Address to Congress later today and the UK Budget next Wednesday are key forthcoming events that markets await. In the Budget, the updated OBR forecasts regarding the prospects for UK growth and the state of the public finances will no doubt, be the focus. Primarily, the accelerating flow of forthcoming company results will continue to be the key for investors as we await the passage of the Brexit Bill.
Another positive financial performance in FY16
23 Feb 17
As expected, RELX produced satisfactory FY 16 results, with organic revenue growth positively accelerating to +4% (FY15 at +3%). Consolidated revenues reached £6,895m (+15%) after a total forex impact of +11%, reflecting the weakness in sterling versus both the US dollar and euro (only 7.3% of sales in the UK). The group’s adjusted OP amounted to £2,114m, up 6% organically (+16% reported) and reflecting an improving margin to 30.7% from 30.5% in FY15, although slightly under our 31% expectation. The adjusted EPS increased by 8% at CER to 72.2p (AV: 71.8p). The full-year dividend is raised 21% to 35.95p (AV at 34.8p) after a final at 25.7p from 22.3p a year earlier (as a reminder, the group had announced in August a larger than usual interim dividend primarily due to end-period forex). RELX announced a new £700m share buy-back programme for FY17e (£100m completed so far) after £700m completed in FY16 and is confident to deliver in FY17e “another year of underlying revenues, profit and earnings growth”, a positive statement although as vague as usual.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Response to Government consultation
02 Dec 16
In the 2015 Autumn Statement, the Government stated the intention to remove the right to general damages for minor soft tissue injury claims with compensation for injuries such as whiplash now being made in medical care rather than cash. In addition, the Government proposed to raise the small claims limit for personal injury cases from £1,000 to £5,000.