Euromoney’s (ERM’s) recent IMS outlined resilient trading against a difficult market backdrop and currency headwinds. The acquisition of the assets of Mining Indaba, announced alongside, brings in a strong and contiguous brand that ERM can leverage across its physical and technical infrastructure. The price of 7.3x historic EBITDA makes the deal earnings enhancing, although the timing of the main exhibition means the benefit will not accrue until FY15. We have made minor adjustments to our estimates to reflect the purchase, offset by the effects of further sterling strength on translation, leaving the valuation still looking attractive.

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