Horizon at FY18

Euromoney’s (ERM’s) final figures were modestly ahead of expectations, with the boost from favourable currency moves limiting the drag from those parts of the group identified for disinvestment. The year-end net cash position has built to £83.8m, a result of inherently strong cash generation. This has allowed a maintained dividend, with management indicating a good pipeline of acquisition opportunities. The FY16 figures confirm the initial phase of the strategy, with FY17 set to be a year of transition before the benefits kick in more strongly in FY18. The valuation is currently at a discount to other B2B media stocks, financial publishing groups and software companies in the financial vertical, marking time for further newsflow.