YouGov

LN: YOU

Market Cap£954m

Last Close 862p

YouGov is an international research data and analytics group. Its data-led offering supports and improves a wide spectrum of marketing activities of a customer base including media owners, brands and media agencies. It works with some of the world’s most recognised brands.

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Investment summary

YouGov’s H122 results showed impressive underlying revenue growth of 25%, led by strong progress in Data Products and Custom Research, with the US and Europe the best-performing regions. Sales momentum has continued in H222 and FY22 results are expected to be slightly ahead of earlier guidance. We increased our revenue forecasts by £5m for FY22 and FY23, keeping our operating margin assumptions unchanged (raise in gross margin offset by higher costs). As with other high-growth stocks, the share price has retrenched over the year to date but the shares retain their premium rating, reflecting management’s ambitious growth aspirations.

Y/E Jul
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 152.4 39.2 24.7 15.7 54.9 23.9
2021A 169.0 45.9 30.5 17.6 49.0 16.7
2022E 215.0 58.1 41.4 24.6 35.0 15.4
2023E 255.0 71.1 53.4 32.7 26.4 13.1
Industry outlook

The group is making good progress across all geographies, but notably in the key US market. The increasing regulatory emphasis on data privacy and the forthcoming changes to third-party cookie usage (despite the delay) highlight the benefits and value inherent in actively permissioned, first-party data. YouGov’s developments, particularly those such as YouGov Safe, sit well in this shifting environment.

Last updated on 01/07/2022
Content on YouGov
YouGov – Sustained momentum
TMT | research Update | 22 March 2022
people-692005
YouGov – Custom tracking driving growth
TMT | research Update | 28 January 2022
people-692005
YouGov – Trading update and acquisition
TMT | research Flash note | 12 October 2021
people-692005
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Share price graph
Balance sheet
Forecast net cash (£m) 24.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (38.0) (35.4) (30.2)
Relative* (34.5) (31.2) (28.0)
52-week high/low 1600.0p/860.0p
*% relative to local index
Key management
Roger Parry Chairman
Stephan Shakespeare CEO
Alex McIntosh CFO
Tilly Heald Company Secretary