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Broker snap: Stormer from Informa

Full year results from business publisher Informa were well ahead of expectations, according to Panmure Gordon, raising the prospect of earnings upgrades for 2010.

'There should be scope to upgrade FY 10 EPS [earnings per share for fiscal 2010] pending further contact with the company. The EPS base effect is a positive, as is the current dollar rate and falling interest charge,' the broker reckons.

Panmure rates the shares a 'buy' and has a 400p price target for the stock.

Singer Capital Markets was also impressed with the results, particularly the 36% dividend hike to 11.45p. 'We were looking for a signal of confidence to be sent through the dividend and forecast a total of 10.5p (2008: 10.0p),' the broker admitted.

The stock trades on 11.3 times Singer's estimated 2010 earnings which the broker thinks is 'a very low multiple for a company with a very good quality profit mix'.

Singer thinks the stock is worth buying and more or less concurs with Panmure Gordon's target price (TP), at 403p.

The broker thinks the results also have positive ramifications for sector peer UBM, which declares results on Friday. 'There are also positive indications for the pure play exhibitions stocks ITE Group (Buy, TP169p) and Tarsus (Buy, TP150p). The read across is also positive for Euromoney (Buy, TP659p) on both subscriptions (over half of the business) and its events portfolio,' Singer analyst Johnathan Barrett said.

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