Today we are breaking down Informa. At its core Informa is a live events business headquartered in the UK. While media conversations often revolve around consumer giants like Disney, Informa operates in a different realm entirely - dominating the world of business-to-business connections through the largest portfolio of trade shows and events globally.

I am joined by Nick Shenton from Artemis Investment Management. With nearly 1,000 live events across industries ranging from pharmaceuticals to maritime, Informa creates the meeting places where entire supply chains come together to exchange knowledge, build networks, and do business. These industry events come with a compelling financial model, which Nick details. He also describes Informa’s academic publishing business, B2B digital services, and all of the risks involved with this unique company. Please enjoy this breakdown of Informa.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:07:37) Informa's Business Model and Key Assets

(00:09:46) Revenue Breakdown and Financial Performance

(00:12:51) Historical Background and Growth

(00:16:54) Impact of COVID-19 and Technological Advancements

(00:20:24) Economics of Live Events

(00:25:28) Challenges and Cyclicality in the Events Business

(00:32:03) Informa's Publishing Arm: Taylor and Francis

(00:34:39) Criticisms and Value of Publishing Models

(00:36:31) Digital Transition in Publishing

(00:37:45) Introduction to TechTarget

(00:38:36) TechTarget's Unique Market Position

(00:43:22) Financial Overview and Valuation

(00:46:17) Risks and Industry Dynamics

(00:50:39) M&A Strategy and Capital Allocation

(00:57:22) Lessons from Informa's Success