PATRICK YAU PEEL HUNT
The third quarter looks good, although timing has helped. Guidance for the full year is unchanged. Looking to 2014, the main issue for forecasts seems to be currency rather than trading assumptions, with the dollar especially a key factor. We put our recommendation and target price under review.
NICK DEMPSEY BARCLAYS
Overall, we think Informa is moving very gradually in the right direction, and there are hints that this trajectory can continue into next year. There are not many businesses of decent quality out there in the UK market on this multiple. We remain overweight with a lowered 610p target price.
STEVE LIECHTI INVESTEC
This third quarter interim management statement looks ok. Events are hit by phasing but third quarter underlying growth still looks slightly lower given mix, but fourth quarter outlook is positive. Target price remains 530p, based on peer multiples. Risks – strategic uncertainty on management change.