Informa Model Update

研报英文原文证据摘录

Informa Model Update

Lara Simpson AC Europe Equity Research

(44-20) 7134-3637 01 July 2026 C A Z E N O V E

lara.simpson@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Informa’s FY25 results and management presentation

underscored confidence in the group’s 2026 framework,

demonstrating disciplined execution across operations, capital

allocation, and regional risk management. Near-term, we see a

strong H1 and forward visibility with an upside signal on both

the U.S. and China underpinning expectations for the year.

Looking forward, while uncertainty will likely linger as

investors reappraise the structural risk of IMEA both into and

beyond 2026 (we stress earnings and valuation here), we

YTD 1m 3m 12m continue to see a high level of resilience with Informa well

Abs 3.6% 12.4% 18.4% 13.2% positioned to manage regional/country-specific disruption

Rel -5.4% 9.3% 9.4% -6.1%

given a geographically and vertically diversified portfolio,

Company Data while fundamentally we see valuation support with consistently

Shares O/S (mn) 1,403 strong cash generation, balance sheet deleveraging and

52-week range (p) 1,000-719 accelerated share buybacks with optionality for higher returns

Market cap ($ mn) 17,027.34

Exchange rate 75.41 through the year.

Free float (%) 99.8%

Valuation3M ADV (mn) 2.40

3M ADV ($ mn) 26.1 We undertake a sum-of-the-parts valuation on the company’s

Volatility (90 Day) 27 three divisions – Live B2B Events, Informa TechTarget Taylor

Index ESTX € Pr

BBG ANR (Buy | Hold | Sell) 14|3|0 & Francis – to reflect the stand-alone operating profile of each,

with meaningfully different margins, along with revenue stream

Key Metrics (FYE Dec)

generation. We set a Dec-27 SOTP Price Target of 1,285p