Informa reports a strong 10-month trading update Informa reported 41% underlying revenue growth, driven by 65% growth in B2B Markets and 3% in Academic Markets. Extrapolating H2 consensus from Visible Alpha, we estimate market expectations were for 54% growth in B2B Markets and 3% for Academic Markets (BNPPE at 61% and 3%). This performance was driven by the stronger-than-expected recovery of the trade show industry in all markets except China. Guidance raised despite China cut In 2019, Informa has generated over GBP200m of revenues from Mainland China. Year to date, it has made only GBP10m in this market. Management no longer expects any additional meaningful revenues from China this year (vs. GBP80m previously). However, the strong performance in North America and other regions more than offsets China. Including acquisitions and disposals, management has raised its guidance to GBP490-505m of adj. Operating profit, a 4% increase at the mid-point. It also guided for over GBP400m of FCF, or 20% more than consensus current estimates, based on strong forward bookings into 2023. Solid momentum into 2023 Informa should continue to grow above its historical average next year as it benefits from further trade show industry normalisation, underpinning pricing trends and new product initiatives, while China offers some (Covid policy dependent) upside. We shift our Chinese recovery from FY22 to FY23 and cut EPS22 by 5% but lift EPS23 by 2% assuming a 50% recovery rate on China next year. Outperform maintained Despite accelerating wage inflation, we believe Informa''s top line recovery will drive further margin expansion next year. Exhibitions is late cyclical but the message on forward bookings is solid and increased investments in new sources of growth look supportive. Valuation remains attractive and we reaffirm our Outperform with easing of China zero-Covid policy as the next tentative catalyst.