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    Nick Dempsey

    Director and equity research analyst at Barclays Capital

    Nick Dempsey is a Director and equity research analyst at Barclays Capital Securities Ltd., specializing in the Services sector with a focus on companies in the UK, US, France, Germany, and Canada. He has covered firms such as RELX PLC, Ascential plc, and Pearson PLC, maintaining a 57% success rate and generating an average return of 4.2% per rating according to TipRanks, with some trades earning returns above 180%. Dempsey began his career at Merrill Lynch as a research analyst before joining Barclays, where he has issued hundreds of actionable stock recommendations since at least 2014. He operates out of Barclays’ London office and holds professional credentials as a registered securities analyst in the UK.

    Nick Dempsey's questions to PEARSON (PSO) leadership

    Nick Dempsey's questions to PEARSON (PSO) leadership • H1 2025

    Question

    Asked for details on a paused Pearson VUE contract, the H2 growth outlook for the institutional English Language Learning business, and the key growth drivers for Higher Education assuming flat enrollments.

    Answer

    The company stated the paused VUE contract is an unusual, specific situation with an international partner and is expected to resume. They are confident in H2 growth for institutional ELL, driven by normal seasonality and opportunities in Latin America. For Higher Education, growth will come from pricing, a favorable mix shift to Inclusive Access, and new Study Prep tools, while confirming that flattish enrollments remains their planning assumption.

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    Nick Dempsey's questions to PEARSON (PSO) leadership • H1 2025

    Question

    Nick Dempsey posed three questions regarding a paused Pearson VUE contract, the visibility on H2 growth in the institutional English Language Learning business, and whether the outlook for Higher Education still assumes flattish enrollments.

    Answer

    Art Valentine, President of Assessment & Qualifications, clarified the VUE contract pause was an unusual, customer-specific situation with resumption expected. Sharon Hague, President of English Language Learning, expressed confidence in H2 institutional growth, citing typical academic cycles and expected share gains in LatAm. Tom ap Simon, President of Higher Education, noted growth will come from pricing and product mix, while CFO Sally Johnson confirmed that flattish enrollments remain the base case for planning.

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    Nick Dempsey's questions to PEARSON (PSO) leadership • H1 2025

    Question

    Nick Dempsey of Barclays asked for details on a paused Pearson VUE contract, the visibility of growth in the Institutional English Language Learning business for H2, and whether flat enrollments are still the base case for Higher Education growth.

    Answer

    CEO Omar Abbosh and President Art Valentine clarified the VUE contract pause is an unusual, customer-specific issue. President of English Language Learning, Sharon Hague, expressed confidence in the H2 institutional business, citing normal seasonality and a strong pipeline in LatAm. President Tom ap Simon highlighted pricing and new study tools as key Higher Ed growth drivers, while CFO Sally Johnson confirmed flat enrollments remain the planning assumption.

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    Nick Dempsey's questions to RELX (RELX) leadership

    Nick Dempsey's questions to RELX (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital questioned the drivers of the print revenue decline, the potential impact of tougher auto insurance shopping comps on the Risk division's growth, and whether US universities are signaling future budget pressures.

    Answer

    CFO Nick Luff explained the print revenue decline can come in large steps due to actions like outsourcing, and the focus should be on the more predictable high-single-digit decline in profit. CEO Erik Engstrom stated that Risk's growth is driven by its strong new product pipeline, which provides high visibility, and he expects continued strong growth despite market factors. He also noted that while some universities always face budget issues, it has not historically impacted STM's overall growth rate.

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    Nick Dempsey's questions to RELX (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital asked for the portion of the print revenue decline attributable to disposals, questioned if tougher market comps would negatively impact Risk growth in H2, and inquired if US universities were signaling future spending reductions during renewal talks.

    Answer

    CFO Nick Luff advised focusing on the more predictable high-single-digit profit decline in print, as revenue can experience larger step-downs from actions like outsourcing. CEO Erik Engstrom asserted that Risk's growth is driven by its strong new product pipeline, not just market factors, and expects continued strong growth. He also stated that while some universities always face budget issues, it has not historically impacted STM's overall growth and is not expected to now.

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    Nick Dempsey's questions to RELX (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital asked for the portion of print revenue decline attributable to disposals, the potential impact of tougher shopping data comps on the Risk division's growth, and whether US universities are signaling future spending reductions.

    Answer

    CFO Nick Luff focused on print profit, which is expected to decline in the high single digits annually, rather than the revenue impact from disposals or outsourcing. CEO Erik Engstrom stated that Risk's growth is primarily driven by the rollout of high-value products, providing high visibility, and that overall market factors remain positive despite tougher comps. He also noted that while some universities always face budget issues, it has not historically impacted STM's overall growth and is not expected to this time.

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    Nick Dempsey's questions to RELX (RELX) leadership • H1 2025

    Question

    Nick Dempsey of Barclays Capital questioned how much of the print revenue decline was from disposals, whether tougher comps in shopping data would impact Risk growth in H2, and if US universities are signaling future spending cuts.

    Answer

    CFO Nick Luff advised focusing on the print division's profit, which is expected to decline in the high single digits, rather than revenue which can have large step-downs from outsourcing. CEO Erik Engstrom stated that Risk's growth is primarily driven by new product rollouts, not market factors like shopping data, and that they expect continued strong growth. He also noted that while some universities face budget pressure, it has not historically impacted STM's overall growth rate.

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    Nick Dempsey's questions to Embracer Group AB/ADR (EBCRY) leadership

    Nick Dempsey's questions to Embracer Group AB/ADR (EBCRY) leadership • Q4 2025

    Question

    Nick Dempsey inquired about the trajectory of personnel costs related to acquisitions, sought directional guidance on CapEx for FY26, and asked whether the company had engaged in discussions with potential acquirers for the Coffee Stain Group.

    Answer

    CEO Lars Wingefors and CFO Muge Bouillon responded. Lars confirmed there is significant interest in Coffee Stain but stated the company believes a spin-off is the best path for shareholders. Muge explained that they do not provide a specific CapEx outlook. Lars clarified that the 'personnel costs related to acquisitions' are largely non-cash earn-outs tied to employee retention under IFRS, which are forecasted in reports and are expected to reduce over time.

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    Nick Dempsey's questions to Embracer Group AB/ADR (EBCRY) leadership • Q2 2025

    Question

    Nick Dempsey asked about the future profitability of the PC/Console segment, specifically if it could achieve positive adjusted EBIT in quarters without notable new releases next fiscal year. He also questioned if the digital Pokémon TCG Pocket could be a structural threat to Asmodee's physical Pokémon card sales.

    Answer

    Asmodee CEO Thomas Kœgler addressed the Pokémon question, stating that digital experiences like Pokémon TCG Pocket are viewed as excellent news that grows the entire franchise ecosystem and positively impacts physical product sales. CEO Lars Wingefors responded on profitability, expressing optimism for the future but stating he could not provide color on next year's quarterly amortization until the performance of upcoming releases is clear.

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    Nick Dempsey's questions to SES (SGBAF) leadership

    Nick Dempsey's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Nick Dempsey of Barclays inquired about the valuation basis for the CVRs in the F-4 filing, whether the Q1 periodic revenue in Mobility would negatively affect subsequent quarters' growth as it did last year, the duration of the SD channel switch-off impact, and the potential effects of a proposed FCC rulemaking on spectrum sharing and power limits for LEOs.

    Answer

    CFO Sandeep Jalan explained the CVR valuation is an IFRS requirement representing a net present value that factors in multiple uncertainties and is not indicative of the actual potential proceeds. He also confirmed the periodic revenue was expected and is factored into the stable full-year guidance without creating adverse quarterly effects. CEO Adel Al-Saleh clarified that the SD channel switch-off impact is a one-off factor concentrated in 2025, after which the Media decline should normalize to mid-single digits. Regarding FCC rulemaking, he stated SES is actively participating to ensure globally consistent rules and has seen no impact on its capabilities so far.

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    Nick Dempsey's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Nick Dempsey questioned the starting point for the CVR valuation in the F-4 filing, whether Q1's periodic revenue boost would negatively affect subsequent quarters, and if the SD channel switch-off impact was a one-off for 2025.

    Answer

    CFO Sandeep Jalan explained the CVR valuation follows IFRS rules, representing a discounted net present value of a contingent liability that factors in uncertainties. CEO Adel Al-Saleh added that the most important precedent is the payment from the last clearing. Jalan also confirmed the periodic revenue was included in guidance and does not alter the full-year outlook. Al-Saleh clarified the SD channel switch-off's major impact is concentrated in 2025, with the Media segment's decline expected to return to a mid-single-digit rate from 2026.

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    Nick Dempsey's questions to SES (SGBAF) leadership • Q1 2025

    Question

    Nick Dempsey of Barclays questioned the valuation basis for the CVRs in the F-4 filing, the potential for Q1's periodic revenue to negatively impact subsequent quarters, the one-off nature of the SD channel switch-off, and the implications of a potential FCC rulemaking on spectrum sharing and power limits for LEO satellites.

    Answer

    CFO Sandeep Jalan clarified the CVR valuation is an IFRS requirement based on a net present value calculation with uncertainties, and confirmed the periodic revenue was expected and is factored into full-year guidance. CEO Adel Al-Saleh stated the SD switch-off is a 2025 event and that SES is actively engaged with the FCC on spectrum sharing rules, advocating for global consistency.

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    Nick Dempsey's questions to SES (SGBAF) leadership • Q3 2024

    Question

    Nick Dempsey of Barclays PLC inquired about SES's confidence in achieving 2025 revenue stability, whether IRIS² CapEx could exceed the standard guidance in peak years, and for a breakdown of Q3's special items.

    Answer

    CEO Adel Al-Saleh expressed high confidence in stabilizing the business in 2025, citing strong 2024 performance and mitigation plans for the Oi bankruptcy impact. He clarified that while IRIS² is an incremental project, its final contract will be structured to maintain investment-grade metrics and dividend commitments. CFO Sandeep Jalan added that the year-to-date EUR 41 million in exceptional costs primarily consisted of M&A-related expenses for the Intelsat deal, along with some restructuring costs.

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    Nick Dempsey's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership

    Nick Dempsey's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q2 2023

    Question

    Nick Dempsey of Barclays asked about the 2023 outlook for print book organic revenue growth, the drivers for expected second-half acceleration in the Corporate Performance & ESG and Financial & Corporate Compliance divisions, and whether there is a natural ceiling for organic growth in subscription information businesses.

    Answer

    CEO Nancy McKinstry addressed the long-term view, stating that the ongoing shift to faster-growing Expert Solutions means there is no perceived cap on growth potential. CFO Kevin Entricken added that while specific numeric guidance isn't provided, full-year organic growth is expected to be similar to 2022. He attributed the H2 acceleration in CP & ESG to a strong pipeline and seasonal software fees, and in FCC to favorable transactional revenue comparables.

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    Nick Dempsey's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q2 2017

    Question

    Nick Dempsey of Barclays inquired about the growth trajectory for the Enablon business, the impact of expense timing on first-half margins in the Health and GRC divisions, and the company's confidence in landing large software sales in GRC during the second half.

    Answer

    CEO Nancy McKinstry stated that Enablon's organic growth is expected to accelerate in the second half, consistent with historical patterns for software businesses. She also noted that large GRC software contracts typically close late in the year as clients utilize their budgets. CFO Kevin Entricken added that while expense timing had a small positive effect on margins, the primary drivers for improvement in Health and GRC were prior restructuring efforts and a favorable product mix shift.

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    Nick Dempsey's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q4 2016

    Question

    Nick Dempsey from Barclays asked about Enablon's organic growth and whether it met its €55 million revenue target, the potential impact of U.S. tax changes under the Trump administration on the business and group tax rate, and if the strong Q4 in the Health Learning, Research & Practice unit involved timing effects.

    Answer

    CEO Nancy McKinstry clarified Enablon's revenue was €45 million, with the variance due to a faster-than-expected customer shift to SaaS from perpetual licenses, a positive long-term trend. She noted that tax reform generally creates demand for their services. CFO Kevin Entricken stated the current 27.5% tax rate guidance assumes a stable landscape. McKinstry confirmed the Health unit's growth was driven by fundamentals like new journal wins, not timing shifts.

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