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Euromoney Institutional Investor (ERM)

Business description

Euromoney Institutional Investor is an international B2B information and events group. Its portfolio of over 50 specialist businesses spans macroeconomic data, investment research, news and market analysis, industry forums and institutes, financial training and excellence awards.

Investment summary

Euromoney’s H118 results showed that all the KPIs were moving broadly in the right direction, with revenues ahead by 3%, adjusted PBT up 6% and reduced net debt. The picture shown by the moving parts is more complex, with income streams from asset management remaining under pressure but good growth from Pricing, Data and Market Intelligence and a strong performance in Events. The completion of the GMID disposal since the period end has bolstered the balance sheet by a further net £103m, giving plenty of scope for the pursuit of further acquisitions to support growth. FD Colin Jones retired on 15 June, ahead of the arrival of Wendy Pallot to take up the role.

Last updated on 29/06/2018

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 403.1 104.3 102.5 66.6 20.9 17.0
2017A 428.4 110.3 106.5 76.4 18.2 13.3
2018E 405.0 109.4 103.5 72.8 19.1 14.2
2019E 410.0 110.3 105.0 74.6 18.7 13.7

Last updated on 26/06/2018

Latest research

On the money

Update | Media | 18/05/2018

Subscribing to growth

Update | Media | 02/02/2018

Pricing vs asset management

Update | Media | 29/11/2017

Digital information for business

Outlook | Media | 12/10/2017

Broadly favourable events

Update | Media | 21/07/2017

Finding its wings

Update | Media | 23/05/2017

Sterling top-line benefits

Update | Media | 27/01/2017

DMGT reduces stake

Flash note | Media | 09/12/2016

Horizon at FY18

Update | Media | 28/11/2016

Pre-close trading update

Update | Media | 30/09/2016

Waiting for September

Update | Media | 21/07/2016

Early stages of new strategy

Update | Media | 24/05/2016

Latest video

Analyst Interview - Euromoney Institutional Investor

Industry outlook

Management’s internal view was that the weakness in Asset Management related to the impact of MiFID II. It is now regarded as a longer-term structural problem around overall industry costs and the value obtained from spending on research. Our numbers are based on the assumption that there is no immediate recovery in underlying customers’ markets. Banking, finance and commodity markets are continuing to build in confidence.

Last updated on 29/06/2018

Key management

Andrew Rashbass , CEO
Wendy Pallot, CFO

Company address

Nestor House
Playhouse Yard
London
EC4V 5EX
United Kingdom
+44 (0)20 7779 8845
View website