Informa Connect event visit Informa yesterday hosted an investor / sell side visit to their Super Return conference in Berlin (joined by the Informa management team) - at a group level, in-line with commentary from our recent CFO event, management re-iterated a robust message on current rebooking and yield trends in the exhibitions industry, despite macro volatility. The event (focused on private capital investors) is a key part of the c.£150m Global Finance vertical within the Informa Connect division (c.15% of group revenues), and is seeing double digit growth in attendees (as witnessed in the scale of demand to listen to Serena Williams present, as just one example). A customer panel highlighted the importance of it in the ecosystem, with the customers noting that they expected to attend nearly 100 meetings during the week, saving them significant time and money, and that they would still attend even if the price was double the current level. Structural improvements A key theme was that of structural change in the events industry – AI tools now drive matching of attendees for networking at an incremental charge and the first-party data generated will increasingly be used for incremental lead generation revenue (for both attendees and others year round). Tech investments and operational restructuring in the current ‘One Informa’ program will also facilitate the uptake of these upsell opportunities – which should also underpin divisional margin expansion over time (our forecasts assume very little). Fundamentally mispriced On a separate note, ahead of the event, Informa’s Nasdaq-listed TechTarget business (of which they own 57%) finally reported FY24 results. Informa had already reported the headlines in their own results (TechTarget did flat organic growth last year) and had given some guidance for it in FY25 - this has been reconfirmed at broadly flat organic growth again (improving sequentially by quarter with growth in H2), and with EBITDA growth given over-delivery of cost synergies. Post share price falls, TechTarget is <5% of the Informa EV, but should offer another source of upside as tech marketing spend returns. More generally, as confidence in the resilience of the increasingly data-driven events industry builds, we see scope for significant rerating from the current 13x CY26E PE, a record discount to RELX.