GS EUROPEAN EXPRESS: IHG | Consumer incl. ABI | Zalando | Informa | Bouygues | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: IHG | Consumer incl. ABI | Zalando | Informa | Bouygues | Macro | Global | Corporate Access

Goldman Sachs GS EUROPEAN EXPRESS

estimates remain unchanged (with some adjustments to 3Q/4Q phasing). The tracker

insights shows that growth in the German online channel continues to outperform

instore, albeit has slowed and the broader online channel continues to run at MSD in

2QTD. Markdown activity has been elevated YTD as flagged at FY results. Buy (on

Conviction List) with 77% upside. (Richard Edwards)

Informa (INF.L): Takeaways from Cannes Lions; 1H26 results preview; reiterate Buy -

We preview Informa’s 1H26 results, where we are -4%/-10% below consensus on

revenue/adj. operating profit, almost entirely reflecting the impact of rescheduled

Middle East events. Our Top 50 Exhibition Tracker suggests 2-3% pricing growth yoy and

average exhibitor volume +4.1% yoy ytd. We expect investor focus on: Middle East

operating environment and forward booking trends, pricing growth into 2027, new

Taylor & Francis AI data licensing deals, and capital allocation including a potential

£150m share buyback extension in 2H26. We see valuation as attractive at ~15x 12m

fwd P/E (-5% vs pre-Covid average) despite a much improved organic growth profile

(6-7% GSe vs ~3% historically). Buy with 23% upside. (James Tate) See also: Informa

(INF.L): Top 50 Exhibition Tracker: Update on Middle East events data; average exhibitor

volume +4.1% yoy ytd & 2-3% pricing growth

Bouygues (BOUY.PA): Two potential organic drivers of consensus upgrades - French

telco consolidation has dominated investor focus at Bouygues in the run-up to the

recent deal announcement (6 June). Separate from the deal, we see two notable