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Description Ascential Ascential (LSE: ASCL LN) is a £1.3B market cap events business with leading brands Money20/20 and Cannes Lions. The company recently divested its two other divisions and returned capital to shareholders. Ascential trades at a substantial discount relative to other publicly traded events businesses and recent transactions, despite operating market leading franchises that we believe should command a premium. With the majority of the capital return now complete and the HudsonMX strategic review underway, we believe Ascential’s shares are poised to re-rate or the company will become an acquisition target in an active M&A sector. Ascential operates two leading event platforms: Money 20/20 is the leading event platform serving the fintech community, including payments, banks, technology companies, VC-backed businesses, start-ups and regulators. Money 20/20 hosts annual events in Europe (June) and the U.S. (October), and recently hosted Money 20/20 Asia in Bangkok for the first time. Over the last twelve months, Money20.20 hosted attendees across its shows: 8,500 in Europe, 11,500 in Las Vegas, and over 3,000 in Asia. Attendance includes 18 of the top 20 banks and 16 of the top 20 fintechs. The show benefits from a strong network effect, with deep brand and ecosystem relationships. Money20.20 in the US and Europe are the #1 and #2 largest fintech events in the western world, being 2-3x larger than others. Cannes Lions serves the global marketing industry and is anchored by its flagship creative festival each June in Cannes, France at which the Cannes Lions Awards (effectively the Oscar awards for creatives) are presented. The show, featuring >25K awards and >11K attendees, is the global #1, market leading brand with 70 years of brand history and serves as the benchmark for the entire advertising industry. Marketing is a relationship business, and the festival enables strong in-person connections. However, it’s worth noting that management was able to pivot to digital awards in 2021, during the pandemic, such that its benchmark awards (1/3 of revenue) is not reliant on holding a physical event. This segment also includes the WARC business, which provides data and benchmarks to 1400 companies in >100 countries to enable marketers to drive growth and ROI. Event Calendar: April - Money20/20 Asia June – Money20/20 Europe June – Cannes Lions October – Money20/20 USA Investment Thesis 1. Market leading events are great businesses: Market leading shows have network effects whereby attendees, sponsors, speakers, and exhibitors want to attend shows where others are in attendance Customers prefer attending fewer, higher quality shows within specific niche driving consolidation and winner take most dynamics Both Money20/20 and Cannes Lions are “Marquee” world class brands Industry leader Informa segments brands into Marquee ($30m+), Power Brands ($10-30M), Market Brands ($3-10M), and National Brands ($1-3M) Captive customers create adjacent monetization opportunities including digital and subscription offerings Ascential has been successful in expanding Cannes Lions with adjacent subscription and advisory services and has recently launched digital services at Money20/20 Attractive financial characteristics High levels of reoccurring revenue Repeatable event revenue and 33% of sales from non-event sources, including subscription, and benchmarks Low capital intensity Capex just 2-3% of revenue Structurally negative working capital given upfront billings Average NWC of 20-25% of sales and FCF conversion of 100%+ High fixed cost leverage drives high margins for winners and barriers to scale Mid-30s EBITDA margins 2. Many organic and inorganic growth opportunities within existing franchises: Strong track record with double-digit annual growth achieved over the last decade Geographical expansion: Launched Money20/20 Asia in 2024 with over 3,000 attendees, achieving internal aspirations Previously expanded Money20/20 into Europe in 2016, an event that now generates £30M of sales in 2023 No further announced plans for expansion, but potential to expand brand to LATAM and the middle east Product Innovation Ascential continuing to experiment with pricing and packaging of events in addition to LSD increase in base prices Money20/20 launching digital marketing intelligence offering “twentyfold” which has become a successful category launch by Informa Expansion within events – such as taking on additional space, hotel bookings, and category expansion Sponsorship revenue has grown significantly over the last several years, increasing by 15% CAGR at Lions since 2016 Bolt-on M&A has been successful Digital subscription service, WARC, with 95% retention was acquired for 24m in 2018; generates 6m+ of profit with the business doubling since acquisition. This is shown in Congress Stock Trade Tracker. Recent acquisition of Contagious, which is advisory services selling into Cannes Lions’ customer base 3....