Powering on Informa have released impressive interim results today – revenue of £1521m (organic growth of 31.9%) and EBITA of £414m were both well ahead of consensus, as was EPS at 22.5p (consensus 17.3p). By division, the key Markets business grew 64%, with strong returning exhibitions demand in all regions, and Academic publishing saw growth accelerate to 3.3% (although the divisional CEO is set to step down after 6 years in the role). This profit growth / cash generation continues to fund further M&A, with Informa today announcing the acquisition of a major US healthcare exhibition, and other tech research assets – similarly, the group has completed £800m of its £1bn buyback program thus far. Confidence in the future On the outlook, the strong H1 performance & forward bookings mean management now expect FY performance at the top end of the previous guidance range (revenue £2.95-3.05bn, EBITA £750m-790m), with FY margin guidance raised (+400bps yoy). Lastly the company provide FY24/25 formal margin targets for the first time – targeting 28% in 2024 (INVe 27.6%) and 30% in 2025 (28.7%). Value remains The stock has been a strong performer in recent times, but it still trades at <16x CY24E earnings – a discount (albeit much more modest than previously) to RELX at c.20x. Cyclical risks remain for Informa, but with previous investments to drive portfolio quality very much bearing fruit, we believe the fundamental value remains higher than the current share price.