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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMUNICATIONS
Rating: Baa2/BBB/BBB
- Informa to acquire Ascential for GBP 1.2bn, offering 568 pence per share, a 53% premium to yesterday’s close.
- Expected synergies: GBP 12mn annual cost savings. Informa projects >5% EPS accretion in first year.
- Pro-forma leverage to stay at upper end of 1.5-2.5x target before deleveraging towards the midpoint through 2025. Leverage is 1.6x as of today’s results.
- Ascential H124 saw GBP 158mn revenue and 15% organic growth with a net cash position of GBP 19mn. For context, Informa H1 revenue was GBP 1.7bn.
- https://www.londonstockexchange.com/news-article/I...
- H1 revenue +11.5% YoY (+0.5% vs. BBG consensus) or +11% underlying.
- Statutory op profit -12% YoY (-13.51% vs. BBG consensus) though adjusted operating profit is +12.9% reported or +18.8% underlying meaning an operating margin of 27.5% from 27.2% in H123. The largest division, Informa Markets (half of revenue), saw underlying adj-op profit growth of 24.5%. DPS of 6.4p is +10.3% YoY and looks ahead of the 6p expected by the market.
- OCF +51.3% YoY on increased profits and lower WC flows feeding through to FCF of +27.1%. Net Debt +GBP 256mn to GBP 1.7bn on the back of buybacks and acquisitions to give a leverage ratio of 1.6x from 1.4x at FY23.
- FY guidance increased across the board on strong H1 performance, good visibility and AI partnerships. See image.
- https://www.londonstockexchange.com/news-article/I...
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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