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News in the national newspapers over the weekend indicated that two private equity firms - Astorg Asset Management and Epiris - were considering a cash offer for London-listed Euromoney Institutional Invest (LSE:ERM), a FTSE 250 company. The cash offer of 1461 pence per share values the financial publishing and events group at around GBP 1.6bn, a far cry from its origins as a magazine founded by Sir Patrick Sergeant in 1969.

Needless to say the news provoked a jump in the price of Euromoney stock, from a relatively rangebound 1080p to trade at close to the offer price (1374p at time of writing). Look out though: the PE ratio is already a hefty 164x. Is private equity just paying over the odds for this one, and how can you turn around a company already valued at such a level?

 

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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