Euromoney Institutional Investor - COVID-19 potential impact

Euromoney has outlined the impact to date of Coronavirus COVID-19 on its events business and listed its short-term schedule that may be subject to postponement or cancellation. June is a large month for the group’s events and decisions are yet to be taken about these. Our revised model takes the view that these events do not proceed, but that those scheduled for September do. We have assumed a small residual impact in FY21 as the programme is reconfigured. This group’s share price continues to sit at a marked discount to peers, reflecting the uncertainty associated with the strategic review, despite the intrinsically strong business model.