YouGov

LN: YOU

£503.7m market cap

477p last close

YouGov is an international market research and data and analytics group offering a data-led suite of products and services including YouGov BrandIndex, YouGov Profiles and YouGov Omnibus and custom research.

Investment summary

YouGov’s pre-close update indicates a good H1, driven by continued progress in Data Products & Services (dominated by BrandIndex and Profiles) and margin improvement in Custom Research. FY19e results are now likely to come in ‘slightly ahead’ of market expectations. The group has a CMD scheduled for 6 February and will report interim figures on 2 April. The rating is well ahead of sector peers, but considerably below the listed SaaS subscription businesses with which it has increasing commonality. A new five-year plan is expected to be set out this spring and we anticipate that this will also have ambitious targets for growth and earnings that further support the rating.

Y/E Jul
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 107.0 17.2 17.9 10.5 45.4 26.4
2018A 116.6 24.6 26.9 15.6 30.6 21.3
2019E 132.0 26.5 27.5 17.2 27.7 21.8
2020E 141.0 28.7 29.5 18.3 26.1 18.7
Last updated on 15/02/2019
Industry outlook

Global MR continues to go through an extended period of change, fuelled by vast quantities of data leading to a proliferation of tools to manipulate it. This has brought in influential new players to the market, some from the technology angle, but also global consultancy and tech sector majors, and from in-house teams at client companies. The GDPR has altered the system of consumer consent. YouGov’s permissioned model provides a competitive advantage, including over tech companies such as Facebook and Google.

Last updated on 15/02/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 30.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 18.5 10.3 44.6
Relative* 13.3 7.6 45.4
52-week high/low 500.0p/321.0p
*% relative to local index
Key management
Roger Parry Chairman
Stephan Shakespeare CEO
Alex McIntosh CFO
Tilly Heald Company Secretary