Euromoney Institutional Investor - Q3 in line

Euromoney's Q3 trading update indicated overall trading performance in line with management expectations and we have not changed our FY19 estimates. The recent capital markets day took a deeper dive into the Investment Research and Fastmarkets operations and how management is working on transforming them into '3.0' B2B information service businesses, built into clients' workflows. Given the group's earnings resilience, subscription base and attractive cash conversion, the rating disparity with peers still appears excessive.

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