Earlier this week we hosted Stephen Carter, CEO of Informa, for a virtual QandA session post the group''s CMD, hosted last week, where he outlined the GAP II programme and announced the disposal of the Intelligence assets. Below are some of the highlights of the session. Intelligence disposal Selling Intelligence now explained by: a) multiple quarters of better growth; b) end of the CY, which coincides with the peak of the subscription year giving great visibility; and c) a better sense of valuation given recent disposals. While growth/margins may be similar to already disposed assets, the differentiator of the remaining assets is unique proprietary data and analytics. INF suggested that since the announcement last week it had been in touch with multiple interested acquirers. Medium term growth and margin Management suggested that the combination of physical fully returning plus digital services capability will lead to a higher growth rate in the medium-term. However, it expects double-digit growth in the next two years in B2B markets with the growth thereafter depending on the development of its new revenue streams. Cash return Management opted for a combination of special dividend and buyback (vs only the latter) to return GBP1bn to shareholders. The exact mix has not yet been confirmed. The combination is explained by the scale of the return which could stretch over a long time period. Under current trading volumes the group would need 6-9m to complete a cGBP500m buyback. The group suggested a c30% pay-out ratio for the ordinary dividend. It underlined that under the large MandA scenario, which would target GBP2.6-3.3bn revenues by 2024, leverage should not exceed 2.5x. Reiterate Outperform We believe the risk/reward is attractive at Informa at this stage and expect the group to grow above historical trends in the medium term, helped by consolidation and new revenue streams.