BofA reiterates 'buy' for Informa, says valuation 'adequately' pricing in risks

Heading into the group's 28 July first half results, they said industry news-flow pointed to solid reopening momentum in events, tentative movement on easing lockdowns in China and a number of tailwinds as far as the 2023 outlook was concerned.

They also cited valuation, arguing that on a calendar year enterprise-value-to-earnings before interest, taxes, depreciation and amortisation of eight times' the shares were "adequately" pricing in the risks.

Other reasons cited for their bullishness included the publisher's pursuit of a re-rating through digital events, growth via global re-opening and optionality in terms of potential mergers and acquisitions or shareholder returns thanks to a strengthened balance sheet.

Informa was also on BofA's "What's big in SMID" list of top ideas.