Informa PLC: Unpicking 1H26 complexity

研报英文原文证据摘录

Informa PLC: Unpicking 1H26 complexity

Equity Research

European Media

24 June 2026

Informa PLC

Unpicking 1H26 complexity

After the 5m26 trading update, we show our new 1H26

forecasts, capturing some of the complexity around Middle

East events and AI in Taylor & Francis. We think Informa offers INF.L/INF LN OVERWEIGHT Unchanged

strong growth and cash conversion for its multiple. European Media NEUTRAL

Unchanged

Informa's 5m26 trading update reassured the market in two key areas, in our view: 1) it Price Target GBp 1030

reiterated adjusted EPS guidance for 2026, implying, we think, that this can be achieved raised 0.98% from GBp 1020

even if Middle East events have a negative impact on organic growth; and 2) it points to a Price (23-Jun-26) GBp 871

forward bookings picture into 1H27, which currently indicates "strong growth". 5m26 Potential Upside/Downside +18.3%

group organic revenue growth was c.4.5%, we estimate, when capturing the AI one-off in Source: Bloomberg, Barclays Research

the base period for Taylor & Francis, compared to the headline 6.4% group organic quoted

in the release. That is more or less where we had expected: in a preview note we pointed to Market Cap (GBP mn) 10996

an expected range of 3.5-5.5% organic for the period. We show our H1 forecasts for the Shares Outstanding (mn) 1262.49

first time in this note. Our FY forecasts move up slightly, mostly for FX. We continue to Free Float (%) 99.85

view Informa as a group that should trade on a higher multiple than the current 13.0x 2027 52 Wk Avg Daily Volume (mn) 2.3

P/E, given a) market leadership in a growing global industry with minimal competitive Dividend Yield (%) 2.53

pressures; and b) excellent cash conversion. Our SOTP-driven price target moves up Return on Equity TTM (%) 0.18