Source: Sharecast
Berenberg said it had reduced its FY26 and FY27 EPS estimates by 2% to 4%, reflecting no contribution from Saudi Arabia for the remainder of FY26 and a more cautious stance on India, Middle East and Africa operations next year amid weaker attendance and booking trends.
Berenberg noted that Informa's shares trade on a two‑year forward price-to-earnings ratio of 14.4x for FY26/27, falling to 12.4x on FY27/28 estimates, which it viewed as attractive. It added that a potential disposal of Taylor & Francis would leave Informa with a cleaner equity story and higher earnings growth supported by buybacks.
In divisional terms, B2B live events delivered 8% underlying growth, ahead of the 7% guidance, with strength across the Americas, Europe, ASEAN and IMEA excluding Saudi Arabia. Academic markets grew 4% on an underlying basis, in line with consensus, while Informa TechTarget declined 1.6% year‑on‑year. It also said IMEA rescheduling had been positive, with more than $530m traded year‑to‑date and $230m since H1.
Informa cut its underlying revenue guidance from roughly 6% to approximately 3% after converting Global Health Exhibition into a virtual event and deferring Cityscape Global, removing around $110m of revenues, plus a further $60m from smaller shows. However, it maintained guidance for double‑digit underlying EPS growth, supported by cost savings and portfolio strength.
Reporting by Iain Gilbert at Sharecast.com