Buy Informa says Morgan Stanley

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Global financial analysts at Morgan Stanley have issued an investors’ note , recommending a ‘Buy’ for giant events organiser and publisher Informa.Morgan Stanley cited Informa’s attractive cash generative businesses, faster growth rates than its peers in events and the fact that the company was more geared to the a buoyant market.The note comes after Informa CEO Peter Rigby commented on “a pickup” and “green shoots” in the company’s events business.Development Director at Informa, James Gareh, tells EN Informa has seen a recovery across its events portfolio this year. “This improvement has been led by an increase in delegate numbers across our conference portfolio but also reflects the strength of our exhibition business,” he said.“Health and telecoms events were probably our strongest performers during the first half and we have also seen a bounce-back from the financial side. Continued improvement across events and training will help drive further growth,” Gareh added.Morgan Stanley estimates Informa’s organic revenue growth for events at seven per cent in 2011 and five per cent in 2012 as conditions improve With the “favourable changing mix of the business towards large scale events” and the “fall away of £50m of low-margin revenues and high operational gearing,” Morgan Stanley said Informa had raised estimates of Informa’s events margins from 17.5 per cent to 18.7 per cent for 2011.“The key to the events business is not that one needs rampant economic growth to achieve a positive top line, but simply a mood of relative corporate optimism,” the Morgan Stanley investor note added.Euromoney, meanwhile, recently reported delegate revenue up 21 per cent in Q3 and Reed Elsevier strong attendee levels in 2010.
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