Euromoney Institutional Investor - Trading trends continue

Euromoney’s AGM update indicates that trading after Q1 remains on track for the full year, with underlying revenue flat year-on-year. Within this, the Pricing, Data and Market Intelligence segments are ahead (a 9% increase in Pricing subscriptions is particularly encouraging), while trading in the Asset Management segment continues to be soft. The net cash balance gives plenty of scope for acquisitions, regardless of the outcome of the Asset Management strategic review. The shares are trading at a wide discount to peers, around 33%, which we regard as unjustified on fundamentals.