全球B2B：迈向赢者通吃的局面（全球电子商务行业）

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1、6June2019GlobalEQUITIESInsideGlobalexhibitionmarket2Stillafragmentedindustry…4Eventsresilienttodigitalmigration6Eventscyclicality:mythsvstruth9Highmarginsandstrongcashflow12Valuation15Ascentialinsixcharts18Informainsixcharts19RELXinsixcharts20EmeraldandITE(notcovered)21AnalystsMacquarieCap

2、ital(Europe)LimitedGiasoneSalati+442030372670giasone.salati@macquarie.comPierreRibeyron+442030371489pierre.ribeyron@macquarie.comMacquarieCapital(USA)Inc.HamzahMazari,CPA+12122312442hamzah.mazari@macquarie.comGlobalB2Bevents–consolidationaheadTowardsawinner-takes-allmodelKeypointsêOnlinee

3、xtensionoftraditionaleventscreateseconomiesofscale,andweexpectwillleadtoconsolidation.Informahasafirst-moveradvantage.êAttheotherendofB2B,data/analyticsaggregatorsemergeinafastergrowingmarket.The“new”Ascentialisbestpositionedinthissegment.êWeinitiatewithOutperformonAscentialandareluctantNe

4、utralonInforma(STMpricedeflation).ReaffirmourUnderperformratingonRELX.ConsolidationinExhibitionsleadstosuperreturnsTheeventsindustryhasremainedconspicuouslyfragmented(top10playersaccountfor27%oftheglobalmarket)duetoalackofsynergiesfromcombiningphysicalevents.Butwearenowatthepointwhereonlin

5、eplatformscansuccessfullyextendthereachofexhibitionsandconferencesbeyondthelocationanddatesoftheactualevent.Weexpectthesizeoftheinvestmentsneededtodevelopthenewtechnologyandtheeconomiesofscalefromawideroll-outwilldemandconsolidation.Wearguethefirsteventorganisertoscalewillripdisproportiona

6、tereturnsinthespace:Informahasbeenadynamic,thoughselective,acquireroflargeevents,anditismostfocusedontechnologyinvestmentsandnewproductlaunches(e.g.MarkitMakr).Next-genB2Bandthenewdata/analyticsaggregatorsWhilethisthematicreportfocusesoneventeconomicsandtheirdigitalextension,manyeventorgan

7、isersalsooperateinadjacencieslikedata,modellingandmorerecentlyanalytics.Thechallengefortraditionalplayersistomovebeyondthebeardatacollection,andtowardssellingintegratedsystemsthatcanbepluggeddirectlyintoclients’processestogeneraterevenuesandreducecosts.Thereis