YouGov

LN: YOU

£550.1m market cap

523p last close

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

Investment summary

YouGov continues to develop its data, platform and tools to address significant opportunities to embed in clients’ workflows, particularly within the marketing segment. Its new five-year growth plan to FY23 targets building out its panel, data and client base globally, doubling group revenue and operating margin and achieving a CAGR of over 30% for EPS. Given the investment required to achieve this, we expect progress towards these targets to be weighted to the latter part of the period. Strong share price performance puts the rating (on unchanged estimates) at the top of the global peer range and reflects the scale of management’s ambitions.

Y/E Jul
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2017A 107.0 17.2 17.9 10.5 49.8 29.0
2018A 116.6 24.5 26.8 15.5 33.7 23.3
2019E 137.0 26.2 27.2 16.2 32.3 21.9
2020E 150.0 30.1 30.5 18.6 28.1 20.7
Last updated on 25/06/2019
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 influential new players to the market, some from the tech angle, but also global consultancy majors, and from in-house teams at client companies. The GDPR has altered the system of consumer consent. YouGov’s highly permissioned, first party data model provides a competitive advantage, including over tech companies such as Facebook and Google.

Last updated on 25/06/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 31.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (0.8) 9.5 16.2
Relative* (2.4) 6.1 19.0
52-week high/low 527.0p/382.5p
*% relative to local index
Key management
Roger Parry Chairman
Stephan Shakespeare CEO
Alex McIntosh CFO
Tilly Heald Company Secretary