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Euromoney’s year-end trading update showed its revitalised strategy post the DMGT holding reduction is starting to come through in performance. Improved conditions in the commodities sectors and in banking are also boosting underlying results from the pricing and events segments. Over-shadowing immediate prospects, though, is uncertainty across the asset management sector, exacerbated by the imminent implementation of MiFID II. This is reflected in a valuation at a sizeable discount to peers, despite the growth in earnings, strong cash flow and step up in dividend.