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Williams Grand Prix

DB: WGF1

€130m market cap

€13 last close

The group comprises a Formula One racing team (70% revenues) and Williams Advanced Engineering (WAE) (22% revenues). The Formula One racing team placed fifth in the 2016 FIA Formula One Constructors’ Championship. WAE specialises in the commercial application of aerodynamics, materials and battery technologies.

Investment summary

H119 results inevitably reflected Williams’ weak finishing position in the Formula One (F1) Constructors’ Championship in 2018. The resultant lower income for the racing team significantly outweighed a continued strong performance by Williams Advanced Engineering (WAE). Unfortunately, the competitive situation has not improved in the current season and a further weak year for the F1 business is anticipated in 2020. The extension of the multi-year sponsor partnership with ROKiT to 2023 is encouraging and should hopefully dovetail with a more equitable distribution from F1.

Sector
Industrials
Share price graph
Price performance
%
1m
3m
12m
Actual 0.8 (5.1) (16.7)
Relative* (4.5) (17.3) (27.8)
52-week high/low €16.2/€12.6
*% relative to local index
Key management
Martin Hudson Financial Director