. FTSE 100 It increased by 6.5% since the beginning of the year, which is a challenge for investors with the value of shares to buy. But I think there are still opportunities.

One that distinguishes me Information (LSE: INF). I think it looks budget-friendly at the moment, which is why it is on the list of shares that I want to buy when I have access to cash.

The appearance is disingenuous

The information company consists in running fairs and conferences. It is uncomplicated to underestimate the importance of these events, but they are extremely significant in their industries.

Recessions, trade wars and even Pandems are among the biggest challenges for the company. They caused a decrease in profits in the past (although the company increased strongly).

At first glance, information does not look like much investment possibilities. It requires a price for profit (P/E) 36 and reaches returns from equity of 4.5%.

None of them looks like an obvious value investment. But I think both are misleading, and a closer look reveals a much more attractive proposition.

Capital returns

Information has been highly purchasing in the last 10 years, which means that its balance has a lot of good will. And this distorts the return of the company from own capital.

Goodwill is a concept of accounting that is used to mark the difference between the amount that the company pays for another company and the net value of its assets. But it’s not like other resources.

Unlike things such as equipment or buildings – which should be maintained – the value of the company has no constant costs. As a result, investors can put it aside when calculating returns from their own capital.

Focusing on fixed information, its net income is an annual refund of over 100%. And this is more similar, from an investment perspective.

Profits

The history of purchasing information consisting in buying other companies is also weighing on net income. Officially, he has some significant depreciation costs associated with purchased ethereal assets.

However, these are not cash expenses. As a result, the company puts them aside, calculating the corrected numbers of earnings, which according to it offer investors a better image of the company.

The difference between these corrected numbers and the official net income of information is quite dramatic. In 2024, the corrected company’s profit per share is about twice double its statutory profits.

On this basis, the actions are actually trading in a ratio of about 18, which is more or less consistent with the average FTSE 100. And I think it is quite an attractive valuation.

I buy

Information is not the name of the household and does not immediately pop up as an underestimated supply. But a closer look at the company reveals what I think is an attractive investment opportunity.

Ultimately, the company has very attractive economic real estate and I think that shares are much cheaper than it seems. That’s why I want to buy it in my actions and ISA.