Informa: Intersecting Growth, Quality, and Value

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Informa: Intersecting Growth, Quality, and Value

ve. NTM multiples based on simple calendarisation. Adjustments made to average estimated biennial swings made where relevant (e.g. Tarsus). Post-SBC where disclosure is

available and pre-PPA amortisation where deducible. EV/Adj. EBIT multiples are estimated based on information contained in press releases at the time of deal announcements and on MS assumptions. For acquisitions

where we do not have associated detailed financial information, we have assumed quoted multiples and headline financials are on an adjusted basis. Source: Company data, Morgan Stanley Research

Looking to valuation comparables from broader sectors

With a limited listed peer cohort, we also think a broader perspective is valuable. We

would view the B2B Live Events sector as a structurally attractive, but cyclical and

execution-sensitive, segment within the broader business information and services

landscape. Given the barbell of market perception of quality of companies that sit within

the Media sector, we see that as a less useful comparison.

• Versus Capital Goods, Live Events is less capital intensive, has better cash

conversion, and benefits from recurring annual event franchises, but it lacks the

hard asset backing and long-cycle order visibility that some industrial businesses

enjoy.

• Versus Luxury Goods, the sector can share some attractive characteristics,

including scarcity value, premium positioning, pricing power in flagship assets, and

potentially comparable EBIT margin profiles; however, the nature of the brand

equity is different, with Live Events brands typically having deep relevance within

specific professional communities rather than the broad, global consumer