Euromoney's (ERM's) IMS showed 4% constant currency growth in Q114 revenues, with a particularly good performance from FY13's acquisitions. We have made minor adjustments to our forecasts to reflect the shift in the sterling to US dollar rate in translation, given that over half of the operating profits are generated in dollars. ERM's new content management system, Project Delphi, is progressing to plan and should drive growth and profits by leveraging the extensive data library and content across platforms, migrating titles online and reducing exposure to the structural decline in print advertising. The shares trade at a justified premium to the sector.

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