【出版时间及名称】：2010年5月英国出版行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：106
        【目录或简介】：

Summary 1
Industry overview 6
Price vs Value 15
Informa 22
Pearson 38
Reed Elsevier plc 60
United Business Media 78
Disclosure appendix 101
Disclaimer 104

Attractive economics
The UK professional publishers offer growth with
good visibility, pricing power and cash generation.
They have low exposure to advertising, high levels
of predictable subscription revenues, good pricing
power, a well diversified base of customers who
don’t expect to consume media for free, and high
levels of cashflow thanks to low capex and a
negative working capital requirement in most cases.
This pricing power is likely to become highly sought
after should inflationary expectations grow to
influence investors’ positioning. In most cases the
publishers are market leaders in their segments or
otherwise the number 2. The competitive
environment is typically highly fragmented which
magnifies the competitive advantage gained through
economies of scale although Pearson Education,
Reed Elsevier’s Lexis Nexis and UBM’s PR
Newswire all operate in duopolies or oligopolies.
Economies of scale and expertise present formidable
barriers to entry which, combined with a highly
diversified professional customer base (Informa,
UBM and Reed have thousands of clients, none of
whom represent a significant percentage of sales),
results in high margins and good pricing power. The
limited existence of substitutes especially for face-toface
events further enhances the competitive position
of the publishers. We see no structural pressures in
the short-term which might undermine these
attractive economics.
The comparison below illustrates how UBM, our top
pick in the sector, has done the best job of converting
high margins into high returns on capital. We go on
to show that it is also the stock where returns are
most undervalued by the market. UBM also benefits
from the strongest balance sheet in the sector, the
greatest emerging market exposure and the lowest
public spending exposure.