Informa downgraded from “buy” to “hold”
Informa downgraded to “hold” as Berenberg says expected rebound in events industry now priced in. The broker expects events industry to strongly bounce back and believes that Informa, one of the largest events and exhibitions groups, could achieve pre-coronavirus profitability in the events industry by 2023.
In a note published last Friday, the broker also upped their target price for the firm to 610p from 535p, saying the shares were now “up by 40% from the 400p level at which the group raised capital in April, and 60% from the lows reached in late September”.
Informa is a leading international events, exhibitions, intelligence and scholarly research group working in 30 different countries with 11,000 employees. The FTSE 100-listed group, which crashed to a £740mln loss in the first half of the year after being forced to cancel or postpone more than 160 events because of the pandemic, said its cost management programme is on track to deliver £600mln of run-rate savings by the end of 2020. With new refinancing plan and cost saving measures in place, Informa expects to be cash positive in 2021.
Source: Proactive
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