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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 Q3 trading update shows little change from the position at the interims in May, with overall underlying revenues flat. This, however, masks divergent segmental performances. Structural issues in the asset management sector persist, while the pricing, data and market-intelligence subscription revenues are relatively robust. The net result is no change to our full year or prospective forecasts. The group’s cash position of £94.1m at end June reflects the GMID proceeds and gives plenty of scope for M&A. News on this may be a catalyst for closing the rating discount to peers. Incoming CFO Wendy Pallot (ex Bloomsbury) arrives mid-August.

Last updated on 27/07/2018

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 19.8 16.0
2017A 428.4 110.3 106.5 76.4 17.2 12.5
2018E 405.0 109.4 103.5 72.8 18.1 13.4
2019E 410.0 110.3 105.0 74.6 17.6 12.9

Last updated on 20/07/2018

Latest research

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

Pre-close trading update

Update | Media | 30/09/2016

Waiting for September

Update | Media | 21/07/2016

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 27/07/2018

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