YouGov

LN: YOU

£872.7m market cap

810p last close

YouGov is a global research data and analytics group, with over 9.5m online panellists across 42 countries. It offers a complementary data-led suite of products and services including YouGov BrandIndex, YouGov Profiles, YouGov Omnibus and custom research.

Investment summary

YouGov’s year-end update indicates that performance has been in line with expectations and it has yet to see any material impact from COVID-19. Our estimates are unchanged ahead of results on 6 October. Data Products remains the main driver, notably in its more established UK and US markets, as brands keep close track of their standing with customers. The group’s wide spread of sector verticals will have been helpful, with strong tech and e-commerce offsetting weaker retail performance. YouGov’s share price has recovered from the initial pandemic mark-down, with the rating now reflecting its premium growth and strong market positioning.

Y/E Jul
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 116.6 20.9 16.3 10.8 75.0 36.1
2019A 136.5 31.7 20.4 13.8 58.7 24.2
2020E 147.0 32.0 23.1 15.4 52.6 31.1
2021E 159.0 36.1 26.9 17.2 47.1 27.4
Industry outlook

YouGov’s highly and explicitly permissioned panellist-based model puts it in a strong position to be able to gauge the direct and indirect effects of COVID-19 on individuals and families across its operating geographies. Some more traditional market research companies have struggled to transition their data gathering techniques while maintaining the integrity of their data. Advertising-related spend is under pressure, but news media and governments globally are closely monitoring the effects of the slow release from lockdown.

Last updated on 03/08/2020
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (£m) 33.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.6 20.5 42.9
Relative* 8.6 14.8 72.3
52-week high/low 810.0p/400.0p
*% relative to local index
Key management
Roger Parry Chairman
Stephan Shakespeare CEO
Alex McIntosh CFO
Tilly Heald Company Secretary

Content on YouGov