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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.

Stock data

Market cap.£1364.8m
Last close1,250.00p
High / Low (52 weeks)1450.0p / 1120.0p
Stock market listingLN
Forecast net cash (£m)157.4
Forecast gearing ratio (%)N/A

Price performance

Relative *

* % Relative to local index

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Company news

Euromoney Institutional Investor Profit Surges On Disposal Gains

Thu, 17 May 2018 08:48:45 GMT

Euromoney says European Commission conducting unannounced inspection of its ...

Tue, 16 Jan 2018 08:23:45 GMT

At £13, Is It Time To Buy Euromoney Institutional Investor PLC (LON:ERM)?

Wed, 09 May 2018 11:37:30 GMT

Euromoney acquires Extel survey business from WeConvene for an undisclosed sum

Thu, 08 Mar 2018 07:30:00 GMT

BRIEF-Euromoney Institutional Investor Says Wendy Pallot Will Join Co as CFO ...

Thu, 19 Apr 2018 17:03:45 GMT

Investment summary

Euromoney Institutional Investor (ERM) has announced the acquisition of BoardEx and The Deal for $87.3m in cash from The Street, representing 3.5x FY18 revenues. Completion is expected in early 2019, at which point we will update our forecasts. BoardEx and The Deal fit neatly alongside elements of ERM’s existing specialist information, banking and financial operations, with overlap in the customer base and similarly strong subscription bases and retention rates. Management anticipates the deal will be earnings enhancing in the first year. Net cash at end-September was £78.3m and £20m of disposal proceeds was received in October, leaving plenty of resource for further deals.

Last updated on 07/12/2018

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 428.4 110.3 106.5 76.4 16.4 11.9
2018A 414.1 112.9 109.2 81.3 15.4 12.4
2019E 400.0 101.2 98.1 72.9 17.1 12.9
2020E 412.0 106.8 103.6 76.9 16.3 12.5

Last updated on 23/11/2018

Latest research

BoardEx brought on board

Flash note | Media | 07/12/2018

Pricing power

Update | Media | 22/11/2018

On track

Update | Media | 19/07/2018

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

Latest video

Analyst Interview - Euromoney Institutional Investor

Industry outlook

The outlook statement suggests another good year in prospect for PDMI. Events are unlikely to show as much progress as they did in 2018, simply through having had such a good year. The larger question remains over the performance of Asset Management, where external factors continue to overshadow, particularly in the run up to Brexit. Given the potential economic and political repercussions, we regard this as a key sensitivity, particularly given the impact of a lack of confidence on customers’ potential willingness to commit to subscription contracts.

Last updated on 29/11/2018

Key management

Andrew Rashbass , CEO
Wendy Pallot, CFO

Company address

Nestor House
Playhouse Yard
United Kingdom
+44 (0)20 7779 8845
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