£1216.2m market cap
1100p last close
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.
Investment summary
Full year results were in line with the July trading update, a little ahead of our published estimates, with revenues up 12% and adjusted operating profit up 18%. Data Products (one-third of group revenue) performed particularly well, with underlying revenues up 21% and operating margin up 70bp to 35.0%. The recent CMD gave more detail on the next generation of member/panellist permissioned data products (YouGov Direct, YouGov Chat and YouGov Safe) that should allow for a further efficient scaling up of the business and increase the value offered to clients.
Y/E Jul |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 136.5 | 31.7 | 20.4 | 13.8 | 79.7 | 30.4 |
| 2020A | 152.4 | 39.2 | 24.7 | 15.7 | 70.1 | 30.6 |
| 2021E | 163.0 | 41.3 | 28.5 | 17.4 | 63.2 | 28.7 |
| 2022E | 175.0 | 47.7 | 34.2 | 21.2 | 51.9 | 24.8 |
Industry outlook
YouGov has seen no material impact from COVID-19, with any weakness from clients in the most-affected verticals (such as retail) offset by additional work from governments, technology and healthcare clients. YouGov’s constantly refreshed online data has enabled it to service its clients without interruption and it has not needed to adapt its business model beyond a transition to home working. Advertising-related spend has remained under pressure, but the outlook is (currently) brightening into FY21.
Last updated on 14/01/2021
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Balance sheet |
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| Forecast net cash (£m) | 40.6 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Roger Parry | Chairman |
| Stephan Shakespeare | CEO |
| Alex McIntosh | CFO |
| Tilly Heald | Company Secretary |
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