Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

研报英文原文证据摘录

Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

fter first half driven largely by IMEA event phasing, calendar re-timing and tougher biennial

comparatives rather than any deterioration in underlying demand. While our forecasts sit around 2% below consensus on the key

metrics, we continue to expect a meaningful H2 recovery as rescheduled events are delivered, supported by a still healthy

underlying trading backdrop following the AGM update and reaffirmed full-year guidance. The key debate into the print remains

whether IMEA events proceed broadly as planned, allowing revenues and margins to recover in H2, or whether further disruption

pushes more revenue into 2027. Investor feedback remains mixed, with visibility into IMEA still viewed as limited, although

many believe the strength of the broader portfolio, particularly in the US and Academic Markets, should help offset regional

weakness with some arguing the shares can “look through” timing shifts if the calendar effectively moves into 2027.Expectations

for a buyback refresh are also well established, with most investors looking for a £150-250m programme, meaning any

announcement in that range is likely to meet rather than exceed expectations. Overall, sentiment remains positive on the quality of

the business and valuation, although most investors appear reluctant to become more aggressive ahead of the results given the

uncertainty around IMEA execution. For the period, Consensus H126 Group Revenue is at £2,031m vs JPMe at £2,096m, with

H126 operating profit of £526m (25.9% margin) vs JPMe at £538m (25.7% margin). Overall we scan 3% and 2% ahead of

consensus on H1 Revenue and Operating profit respectively. Recall we retain a constructive stance into reporting and expect the