Euromoney Institutional Investor — Fully fledged FTSE 250

Euromoney Institutional Investor — Fully fledged FTSE 250

Euromoney’s H119 results show the positive impact of management’s strategy, particularly in Pricing, Data and Management Intelligence (PDMI), where underlying subscription revenues grew 8%. Challenges remain in Asset Management and we have lowered our group revenue and earnings FY19e and FY20e forecasts by 6% and 5% respectively. The DMGT share distribution has ‘normalised’ the register and ERM now trades as a fully independent FTSE 250 company. With the liquidity constraint lifted, the rating better reflects ERM’s attractive cash flow and high quality earnings.

Fiona Orford-Williams

Written by

Fiona Orford-Williams

Director, TMT

Euromoney Institutional Investor

Fully fledged FTSE 250

Interim results

Media

20 May 2019

Price

1366.00p

Market cap

£1492m

£1:$1.29

Net cash (£m) at 31 March 2019

29.3

Shares in issue

109.2m

Free float

99.0%

Code

ERM

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

9.6

4.4

2.1

Rel (local)

11.4

2.6

8.5

52-week high/low

1450.00p

1132.00p

Business description

Euromoney Institutional Investor (ERM) is a global, multi-brand information business that provides critical data, price reporting, insight, analysis and must-attend events to financial services, commodities, telecoms and legal markets.

Next events

CMD

17 July 2019

Final results

21 November 2019

Analysts

Fiona Orford-Williams

+44 (0)20 3077 5739

Russell Pointon

+44 (0)20 3077 5700

Euromoney Institutional Investor is a research client of Edison Investment Research Limited

Euromoney’s H119 results show the positive impact of management’s strategy, particularly in Pricing, Data and Management Intelligence (PDMI), where underlying subscription revenues grew 8%. Challenges remain in Asset Management and we have lowered our group revenue and earnings FY19e and FY20e forecasts by 6% and 5% respectively. The DMGT share distribution has ‘normalised’ the register and ERM now trades as a fully independent FTSE 250 company. With the liquidity constraint lifted, the rating better reflects ERM’s attractive cash flow and high quality earnings.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

09/17

428.4

106.5

76.4

30.6

17.9

2.2

09/18

414.1

109.2

81.3

32.4

16.8

2.4

09/19e

398.0

99.0

73.5

34.0

18.6

2.5

09/20e

418.0

105.0

77.9

35.5

17.5

2.6

09/21e

445.1

117.3

87.1

37.0

15.7

2.7

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Swings and roundabouts on revenue, margin

Our revised forecasts reflect the slower-than-hoped top line recovery, due partly to the challenge in driving new business in Asset Management (AM). Investment is being targeted at this aspect of sales and marketing, but takes time to show through in the numbers. Underlying H119 group revenue growth of 1% comprises PDMI +3%, Banking & Finance +4% and AM -3% (FY18: -4%). PDMI operating margins were stable at 36%, benefiting from good subscription revenue growth, countered by challenges in event delegate marketing. FY18’s restructuring showed through In AM, where operating margins ticked up from 38% in H118 to 41%, while Banking & Finance operating margins were down from 20% to 15% with a change in revenue mix and increased headcount. H119’s adjusted net finance cost was just £70k (H118: £2.3m), with underlying adjusted PBT up 13% y-o-y to £46.1m.

Cash-rich balance sheet

Net cash at end March was £29.3m after net acquisition spend of £46.5m (BoardEx and The Deal in, Mining Indaba out) and capex of £3.9m. H119 underlying cash conversion was 98%, slightly diluted by timing of some Fastmarkets business transitioning to data licensing from subscription, in line with management’s push towards B2B Information 3.0 (see our outlook note). Our model suggests an end FY19 net cash figure of £77.1m, giving plenty of firepower for further M&A.

Valuation: Discount reduced

ERM’s shares are up 18% since the start of 2019; +5% since the DMGT placing announcement, significantly narrowing the discount to global financial data peers, currently valued at a current year EV/EBITDA of 16.8x and 15.1x the year after. Parity on the average of FY1 and FY2 EV/EBITDA and P/E would imply a 1,550p share price, 13% ahead of the current level. Given the earnings’ resilience, subscription base and attractive cash conversion, this disparity still appears excessive.

Changes to forecasts

Exhibit 1: Revisions to forecasts

EPS

PBT

EBITDA

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

2019e

78.2

73.5

-6

105.3

99.0

-6

108.5

102.2

-6

2020e

82.7

77.9

-5

111.5

105.0

-5

114.8

108.2

-5

2021e

89.1

87.1

-2

120.1

117.3

-2

123.5

120.7

-2

Source: Edison Investment Research

Our previous forecasts were based on underlying top line growth of around 2% (masked by the impact of the M&A transactions). Given that there have now been two consecutive quarters of 1% underlying progress, there would have needed to be a considerable improvement in trading conditions to make our full year numbers achievable. Whilst there are encouraging signs (the improvement in the rate of decline in AM, the strong subscription performance at Fastmarkets), new business performance still has to pick up and it will take a while for the strengthened teams here to translate their efforts into recordable revenues. We have therefore taken a more prudent approach and trimmed our revenue and earnings estimates.

Our FY21 estimates are tentative and are based on how we would expect the currently configured group to develop. Future acquisitions, though, could change this materially and we would expect that there will continue to be further material transactions.

H119 varying performance by segment

The strategic transition towards outputs that can be embedded in customer workflow is starting to bear fruit. This is particularly clear in the pattern for PDMI (48% group H119 revenues), where the Fastmarkets umbrella brand now accounts for 42% of divisional revenue. Here, the subscription book of business (ie the aggregate sum of all annual subscriptions and therefore a more forward-looking metric than the revenue number) was up by 11.2% at end March. The Fastmarkets Intelligence Platform, designed to deliver much-improved price reporting and analytics functions, should be launched in H219 to support this growth.

The AM (39% of H119 group revenues) book of business remains in decline, but with some divergence among the constituent elements. Institutional Investor, a membership business, is down 1.9% on the prior year, having been positive in Q4 of CY2018, as Brexit concerns have again come to the fore.

Conditions are more testing in investment research, although this has shown some improvement in Q119, led by Ned Davis Research (NDR). MiFID II has had a particular impact on the budgets allocated to research by voting within asset managers and so vote revenues have been in steep decline for both NDR and BCA as they are allocated the same percentage of a much smaller pot. However, subscription rates for both NDR and BCA have remained relatively stable, with renewal rates staying firm (92% for NDR, 84% for BCA as at March 2019). The weakness has been more in driving revenues from new sales contracts, and the sales and marketing effort is now being refocused more on this aspect.

Banking & Finance (13% group) is predominantly an events business and the IMN event in the period was particularly strong. Restructuring to simplify this segment and increase efficiency affected operating margins in the period, with a modest amount of additional overhead being carried forward, which should support growth.

A Capital Markets Day is scheduled for July, which will look at the group strategy and the individual operations in greater detail.

Corporately unfettered

The earlier DMGT transactions loosened the apron strings, following which Euromoney put in place the corporate infrastructure it needed to stand alone.

The more recent DMGT share distribution has delivered:

a normalised share register;

increased liquidity – free float is now 99%;

a fully independent board (the two DMGT-nominated directors have stepped down); and

made the shares eligible at full weighting for tracker funds.

This removes a number of previous barriers to investment and allows potential investors to focus on the group’s strategy and financial attributes.

While the macro environment remains challenging for the AM business, delivering significant top-line growth will be a stretch, but the potential from moving further towards the 3.0 business model – particularly at PDMI – remains good. Acquisitions could accelerate this process. We estimate that the banking facilities in place, plus the cash on the balance sheet, give potential acquisition fire power of around £400m.

Exhibit 2: Financial summary

£m

2017

2018

2019e

2020e

2021e

30-September

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

428.4

414.1

398.0

418.0

445.1

Cost of Sales

0.0

0.0

0.0

0.0

0.0

Gross Profit

428.4

414.1

398.0

418.0

445.1

EBITDA

 

 

110.3

112.9

102.2

108.2

120.7

Operating Profit (before amort. and except.)

 

 

107.1

110.7

99.8

105.7

118.0

Intangible Amortisation

(20.8)

(22.7)

(24.0)

(24.0)

(24.0)

Exceptionals

(31.3)

81.4

14.0

0.0

0.0

Capital Appreciation Plan

0.0

0.0

0.0

0.0

0.0

Operating Profit before ass's & fin. except'ls

55.1

169.4

89.8

81.7

94.0

Associates

3.3

1.1

(0.1)

0.0

0.0

Net Interest

(4.0)

(2.6)

(0.7)

(0.7)

(0.7)

Exceptional financials

(13.7)

(6.6)

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

106.5

109.2

99.0

105.0

117.3

Profit Before Tax (FRS 3)

 

 

40.7

161.2

89.0

81.1

93.4

Tax

(19.8)

(21.6)

(19.8)

(21.0)

(23.5)

Profit After Tax (norm)

86.6

87.6

79.2

84.0

93.9

Profit After Tax (FRS 3)

37.3

109.7

69.2

60.1

69.9

Average Number of Shares Outstanding (m)

112.5

107.4

107.5

107.5

107.5

EPS - normalised (p)

 

 

76.4

81.3

73.5

77.9

87.1

EPS - (IFRS) (p)

 

 

18.1

129.8

64.3

55.8

64.9

Dividend per share (p)

30.6

32.4

34.0

35.5

37.0

EBITDA Margin (%)

25.8

27.3

25.7

25.9

27.1

Operating Margin (before GW and except.) (%)

25.0

26.7

25.1

25.3

26.5

BALANCE SHEET

Fixed Assets

 

 

648.8

615.6

641.1

616.2

591.3

Intangible Assets

594.0

588.2

621.1

596.6

572.1

Tangible Assets

24.4

23.1

15.7

15.3

14.9

Investments

30.4

4.3

4.3

4.3

4.3

Current Assets

 

 

127.8

165.7

155.4

210.7

272.1

Stocks

0.0

0.0

0.0

0.0

0.0

Debtors

64.5

68.3

69.7

73.1

77.9

Cash

4.4

78.3

81.0

132.8

189.4

Other

58.9

19.1

4.7

4.7

4.7

Current Liabilities

 

 

(267.5)

(245.3)

(251.6)

(266.7)

(280.0)

Creditors

(267.5)

(245.3)

(251.6)

(266.7)

(280.0)

Short term borrowings

0.0

0.0

0.0

0.0

0.0

Long Term Liabilities

 

 

(212.3)

(42.4)

(57.9)

(57.9)

(57.9)

Long term borrowings

(168.9)

0.0

0.0

0.0

0.0

Other long term liabilities

(43.4)

(42.4)

(57.9)

(57.9)

(57.9)

Net Assets

 

 

296.8

493.6

487.0

502.3

525.5

CASH FLOW

Operating Cash Flow

 

 

118.2

108.6

116.7

111.3

120.0

Net Interest

(1.5)

(2.8)

0.1

0.1

0.1

Tax

(21.8)

(38.9)

(17.4)

(18.5)

(20.6)

Capex

(10.9)

(4.9)

(2.0)

(2.1)

(2.3)

Acquisitions/disposals

(99.9)

195.8

(57.2)

0.0

0.0

Equity Financing / Other

(193.0)

2.7

0.0

0.0

0.0

Dividends

(31.3)

(34.8)

(37.3)

(38.9)

(40.6)

Net Cash Flow

(240.2)

225.6

2.8

51.8

56.6

Opening net debt/(cash)

 

 

(83.8)

154.6

(78.3)

(81.0)

(132.8)

Redemption of pref

0.0

0.0

0.0

0.0

0.0

Other

1.8

0.0

0.0

0.0

0.0

Closing net debt/(cash)

 

 

154.6

(78.3)

(81.0)

(132.8)

(189.4)

Source: Company accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Euromoney Institutional Investor and prepared and issued by Edison, in consideration of a fee payable by Euromoney Institutional Investor. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Euromoney Institutional Investor and prepared and issued by Edison, in consideration of a fee payable by Euromoney Institutional Investor. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the Edison analyst at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document (nor will such persons be able to purchase shares in the placing).

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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