Broadly favourable events

Euromoney’s Q3 trading update shows overall performance continuing as expected, with positives from events, subscriptions and content, partly offset by a jittery asset management sector facing regulatory changes. RISI, acquired in early April, is performing well and contributed £5.4m of subscription revenue to the quarter’s total of £118.4m, a figure 13% ahead of the comparative period. Underlying growth was 2% (currency adjusted) and our forecasts are unchanged, putting the shares on a discount of c 9% to peers. Given the improved share liquidity and the growth in forecast earnings and dividends, we regard the rating as overly cautious.