# Informa (INF.LSE)

Canonical: https://gigainvestors.com/s/INF.LSE

Analysis as of: 2026-10-16T07:35:03.835Z. Financial observations: FY2004–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 882.40 per share; close as of 2026-10-15.

Estimated value: low GBX 584.61 per share, central GBX 660.48 per share, high GBX 761.46 per share. Buy at or below the central value GBX 660.48 per share. Valuation as of 2026-10-16T07:35:03.835Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.22×

- FY2018: 0.20×

- FY2019: 0.21×

- FY2020: -0.02×

- FY2021: 0.03×

- FY2022: 0.10×

- FY2023: 0.16×

- FY2024: 0.15×

- FY2025: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 25.8%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: 5.5 pp

- Typical gross margin (annual median): 32.3%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.0%

- FY2017: 39.8%

- FY2018: 17.2%

- FY2019: 21.9%

- FY2020: -1.2%

- FY2021: 2.2%

- FY2022: 13.9%

- FY2023: 31.7%

- FY2024: 29.8%

- FY2025: 35.9%

### economics: pass

- Owner earnings / net income, 5-yr: 2.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 2.0B

- Net income, five-year total: GBP 697M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -11.8 pp

- Working capital / revenue, final three-year average: 7.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 4.02×

- FY2022: -0.98×

- FY2023: 1.54×

- FY2024: 1.86×

- FY2025: 33.43×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 30.0% vs 31.7%

- Per-share earnings: 0.26 to 0.22 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.3%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: GBP 6.5B

- Cumulative retained earnings: GBP -905M

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.0%

- Per-share value change: GBP -0.04

- Per-share value, starting three-year median: GBP 0.26

- Per-share value, ending three-year median: GBP 0.22

- Buybacks concentrated in cheaper years (correlation): -0.17

- Average buyback yield: 2.0%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 16B

- Cumulative net income, 10 years: GBP 571M

- ROIC, first three-year median: 30.0%

- ROIC, last three-year median: 31.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.23

- FY2017: GBP 0.38

- FY2018: GBP 0.21

- FY2019: GBP 0.18

- FY2020: GBP -0.69

- FY2021: GBP 0.05

- FY2022: GBP -0.07

- FY2023: GBP 0.30

- FY2024: GBP 0.22

- FY2025: GBP 0.01

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 81.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -2.5%

- FY2018: -2.5%

- FY2019: -4.6%

- FY2020: -9.3%

- FY2021: -3.9%

- FY2022: -4.6%

- FY2023: -1.7%

- FY2024: -3.7%

- FY2025: -7.2%

## Holders

## Price story

Price needs cash profits to grow 4.7% a year for ten years · sales +13.7%

Story as of 2026-10-16T10:00:03.485Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +13.7%; source https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: GBP 1.3B 

- FY2017: GBP 1.8B 

- FY2018: GBP 2.4B 

- FY2019: GBP 2.9B 

- FY2020: GBP 1.7B 

- FY2021: GBP 1.6B 

- FY2022: GBP 2.3B 

- FY2023: GBP 3.2B 

- FY2024: GBP 3.6B 

- FY2025: GBP 4.0B 

### Gross margin · FY2025

gross margin 26.9%; source https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: 41.4% 

- FY2017: 42.7% 

- FY2018: 41.6% 

- FY2019: 28.1% 

- FY2020: 7.5% 

- FY2021: 9.8% 

- FY2022: 17.3% 

- FY2023: 36.6% 

- FY2024: 38.0% 

- FY2025: 26.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in publishing; annual sales are GBP 4 billion.

- Source: https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: revenue 4041400000; grossProfit 1086100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INF.LSE: Informa plc operates as an international events, digital services, and academic research company in the United Kingdom, Continental Europe, North America, China, and internationally. It operates through five segments: Informa Markets, Informa Connect, Informa Festivals, Taylor & Francis, and Infroma TechTarget. The Informa Markets segment enable buyers, sellers, and decision makers to meet, discover, and showcase new products in various specialist markets, as well as delivers live events, including annual business-to-business exhibitions, specialist content, and services that help buyers and suppliers connect digitally comprising lead and demand generation solutions. Its Informa Connect segment delivers digital content; and creates content-led live and on demand events and experiences for professionals in finance, life sciences, foodservice, and other specialist markets through in-person, live, and online platforms that enables businesses and professionals to meet, network, discuss, and learn. Informa Festivals segment engages in experience-led B2B events. The Informa TechTarget segment provides B2B data and market access services. Its Taylor & Francis segment curates and publishes applied academic research, learning, and championing communities of academics, researchers, experts, and knowledge makers in science, technology and medicine, and humanities and social sciences fields in pay-to-publish and pay-to-read, open research, and advanced learning formats. The company was formerly known as T&F Informa plc and changed its name to Informa plc in August 2005. Informa plc was founded in 1998 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 26.9% to 38% during 2023–25; it earns 25.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: grossProfit / revenue = 38%.

- Source: https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,0.2997802963058828],[2017,0.39782210462039486],[2018,0.1721194963494592],[2019,0.21855453466823974],[2020,-0.011795279630579785],[2021,0.021644167532017998],[2022,0.13856461250098065],[2023,0.3166823770741205],[2024,0.2981398489653217],[2025,0.35912792029317453]]; median 0.25834719181678073. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 358.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2016: growth capex 0; upkeep 4600000; owner earnings 304100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2017: growth capex 0; upkeep 14700000; owner earnings 488400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2018: growth capex 0; upkeep 23400000; owner earnings 483700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2019: growth capex 0; upkeep 109200000; owner earnings 457580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2021: growth capex 0; upkeep 41700000; owner earnings 313320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2022: growth capex 0; upkeep 77300000; owner earnings 106820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: growth capex 0; upkeep 116600000; owner earnings 643340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: growth capex 0; upkeep 30600000; owner earnings 552890000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: growth capex 0; upkeep 27400000; owner earnings 367760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,131900000],[2017,162000000],[2018,260900000],[2019,280000000],[2020,200000],[2021,43300000],[2022,43300000],[2023,176600000],[2024,248200000],[2025,268100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: cash repurchases 358600000 GBP.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INF.LSE SharesStats.PercentInsiders = 0.739 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual decline was 3.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Ten-year compound average after fade. Initial solved rate 0.05429079301392459. Price 882.4; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.41588335288920236 → FY2025 0.27998008407929215. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 672.50 per share

- 2016-11: GBX 649.50 per share

- 2016-12: GBX 680.00 per share

- 2017-01: GBX 652.00 per share

- 2017-02: GBX 672.00 per share

- 2017-03: GBX 652.00 per share

- 2017-04: GBX 642.00 per share

- 2017-05: GBX 671.00 per share

- 2017-06: GBX 669.00 per share

- 2017-07: GBX 695.50 per share

- 2017-08: GBX 690.50 per share

- 2017-09: GBX 672.00 per share

- 2017-10: GBX 697.00 per share

- 2017-11: GBX 750.00 per share

- 2017-12: GBX 722.00 per share

- 2018-01: GBX 696.20 per share

- 2018-02: GBX 695.40 per share

- 2018-03: GBX 718.60 per share

- 2018-04: GBX 739.00 per share

- 2018-05: GBX 784.40 per share

- 2018-06: GBX 835.00 per share

- 2018-07: GBX 789.40 per share

- 2018-08: GBX 762.40 per share

- 2018-09: GBX 762.20 per share

- 2018-10: GBX 713.60 per share

- 2018-11: GBX 691.20 per share

- 2018-12: GBX 630.20 per share

- 2019-01: GBX 676.40 per share

- 2019-02: GBX 705.20 per share

- 2019-03: GBX 744.20 per share

- 2019-04: GBX 779.00 per share

- 2019-05: GBX 776.60 per share

- 2019-06: GBX 835.00 per share

- 2019-07: GBX 874.00 per share

- 2019-08: GBX 870.00 per share

- 2019-09: GBX 852.00 per share

- 2019-10: GBX 775.00 per share

- 2019-11: GBX 791.40 per share

- 2019-12: GBX 857.00 per share

- 2020-01: GBX 774.80 per share

- 2020-02: GBX 682.40 per share

- 2020-03: GBX 442.60 per share

- 2020-04: GBX 439.20 per share

- 2020-05: GBX 454.40 per share

- 2020-06: GBX 470.40 per share

- 2020-07: GBX 369.90 per share

- 2020-08: GBX 413.40 per share

- 2020-09: GBX 376.50 per share

- 2020-10: GBX 418.00 per share

- 2020-11: GBX 530.20 per share

- 2020-12: GBX 549.00 per share

- 2021-01: GBX 499.60 per share

- 2021-02: GBX 550.80 per share

- 2021-03: GBX 559.80 per share

- 2021-04: GBX 562.20 per share

- 2021-05: GBX 544.00 per share

- 2021-06: GBX 501.60 per share

- 2021-07: GBX 495.00 per share

- 2021-08: GBX 531.00 per share

- 2021-09: GBX 549.40 per share

- 2021-10: GBX 519.40 per share

- 2021-11: GBX 467.00 per share

- 2021-12: GBX 516.60 per share

- 2022-01: GBX 555.00 per share

- 2022-02: GBX 594.40 per share

- 2022-03: GBX 601.80 per share

- 2022-04: GBX 574.60 per share

- 2022-05: GBX 545.00 per share

- 2022-06: GBX 528.80 per share

- 2022-07: GBX 594.20 per share

- 2022-08: GBX 546.80 per share

- 2022-09: GBX 519.20 per share

- 2022-10: GBX 555.60 per share

- 2022-11: GBX 614.20 per share

- 2022-12: GBX 619.60 per share

- 2023-01: GBX 669.20 per share

- 2023-02: GBX 668.40 per share

- 2023-03: GBX 692.60 per share

- 2023-04: GBX 722.60 per share

- 2023-05: GBX 697.00 per share

- 2023-06: GBX 726.00 per share

- 2023-07: GBX 758.20 per share

- 2023-08: GBX 730.80 per share

- 2023-09: GBX 750.40 per share

- 2023-10: GBX 711.60 per share

- 2023-11: GBX 743.00 per share

- 2023-12: GBX 781.20 per share

- 2024-01: GBX 777.40 per share

- 2024-02: GBX 810.20 per share

- 2024-03: GBX 831.20 per share

- 2024-04: GBX 795.80 per share

- 2024-05: GBX 847.80 per share

- 2024-06: GBX 855.80 per share

- 2024-07: GBX 869.20 per share

- 2024-08: GBX 834.00 per share

- 2024-09: GBX 820.20 per share

- 2024-10: GBX 808.60 per share

- 2024-11: GBX 856.60 per share

- 2024-12: GBX 798.40 per share

- 2025-01: GBX 866.40 per share

- 2025-02: GBX 859.00 per share

- 2025-03: GBX 769.40 per share

- 2025-04: GBX 727.80 per share

- 2025-05: GBX 785.40 per share

- 2025-06: GBX 805.80 per share

- 2025-07: GBX 868.20 per share

- 2025-08: GBX 870.40 per share

- 2025-09: GBX 917.60 per share

- 2025-10: GBX 967.80 per share

- 2025-11: GBX 959.80 per share

- 2025-12: GBX 884.00 per share

- 2026-01: GBX 880.00 per share

- 2026-02: GBX 838.20 per share

- 2026-03: GBX 747.40 per share

- 2026-04: GBX 792.60 per share

- 2026-05: GBX 811.20 per share

- 2026-06: GBX 904.20 per share

- 2026-07: GBX 885.80 per share

- 2026-08: GBX 901.40 per share

- 2026-09: GBX 868.00 per share

- 2026-10: GBX 881.40 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 393.92 per share, central GBX 447.81 per share, high GBX 519.56 per share

- FY2017: low GBX 519.62 per share, central GBX 590.93 per share, high GBX 685.87 per share

- FY2018: low GBX 593.53 per share, central GBX 673.67 per share, high GBX 780.37 per share

- FY2019: low GBX 572.27 per share, central GBX 649.67 per share, high GBX 752.69 per share

- FY2020: low GBX 264.66 per share, central GBX 298.71 per share, high GBX 344.03 per share

- FY2021: low GBX 284.20 per share, central GBX 315.57 per share, high GBX 357.33 per share

- FY2022: low GBX 393.86 per share, central GBX 429.32 per share, high GBX 476.53 per share

- FY2023: low GBX 421.89 per share, central GBX 476.82 per share, high GBX 549.94 per share

- FY2024: low GBX 483.77 per share, central GBX 546.46 per share, high GBX 629.93 per share

- FY2025: low GBX 542.31 per share, central GBX 614.47 per share, high GBX 710.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:49.335Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493006VM2LKUPSEDU20/2025-12-31/ESEF/GB/0/5493006VM2LKUPSEDU20-2025-12-31/reports/5493006VM2LKUPSEDU20-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-05-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.