Informa: Industry backdrop – Some caution, but limited spillover from Middle East

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Informa: Industry backdrop – Some caution, but limited spillover from Middle East

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Informa

Industry backdrop – Some caution, but

limited spillover from Middle East

Maintain Rating: BUY | PO: 1,070 GBp | Price: 883.20 GBp

Maintain Buy, 1,070p PO 09 July 2026

The latest UFI Global Barometer – a survey of >400 companies in 59 countries – gives Equity

greater insight into the outlook of the global exhibitions industry. Taken in June, possibly

David Amira, CFA >>

during/before the Iran ceasefire was announced, it likely marks the low point in industry Research Analyst

sentiment. Key points: 1) Limited spillover from the Middle East conflict in global MLI (UK) david.amira@bofa.com

markets, and 2) Some caution amongst industry participants, though in the context of a

Adrien de Saint Hilaire >>

resilient industry and Informa’s recent commentary of improving momentum into 2027. Research Analyst

Informa reports H1 on July 30th - we expect greater clarity on H2 outlook, continued MLI (UK)

confidence in 2027 growth prospects and potentially an increase in buybacks. Maintain

Buy – valuation still highly attractive on 11x CY26E EV/EBITDA, below long-run average

(c.12.5x), and near-10% FCF yield in 2027E for 9% 5yr EPS CAGR. Stock Data

Limited Middle East spillover to global markets Price 883.20 GBp

The Middle East situation remains fluid and given timing of the survey we are wary of Price Objective 1,070 GBp

over-interpreting the results. Encouragingly, 90% of companies outside the GCC region Date Established 29-Jun-2026

expect at worst only moderate negative impact. Most GCC participants expect a strong Investment Opinion B-1-7

negative impact, though this is largely a factor of postponed events (82%) rather than 52-Week Range 719.00 GBp-1,000 GBp