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YouGov — High-profile profiles

YouGov (AIM: YOU)

Last close As at 06/08/2026

—

— 0.00 (0.00%)

Market capitalisation

—

More on this equity

Research: TMT

YouGov — High-profile profiles

YouGov continues to deliver growth well ahead of the market as investment in its scalable Data Products and Services pays back in profits and in cash. Organic top-line progress of 8% was boosted to 14% by currency movements, while operating margins ticked up 1% point to 11%. Profiles is gaining traction both standalone and in combination with BrandIndex and is being launched across more geographies. We have edged our FY17e and FY18e figures ahead 2-3% and there may be more scope in FY18e if current momentum is maintained. This underpins the premium on which YouGov trades to other quoted market research stocks.

Fiona Orford-Williams

Written by

Fiona Orford-Williams

Director, TMT

TMT

YouGov

High-profile profiles

Interim results

Media

30 March 2017

Price

265.00p

Market cap

£279m

$1.25/£

Net cash (£m) at end January 2017

15

Shares in issue

105.1m

Free float

91.4%

Code

YOU

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

3.9

7.1

93.4

Rel (local)

2.4

3.1

61.9

52-week high/low

270p

137p

Business description

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

Next events

Prelims

9 October 2017

Analysts

Fiona Orford-Williams

+44 (0)20 3077 5739

Bridie Barrett

+44 (0)20 3077 5700

YouGov is a research client of Edison Investment Research Limited

YouGov continues to deliver growth well ahead of the market as investment in its scalable Data Products and Services pays back in profits and in cash. Organic top-line progress of 8% was boosted to 14% by currency movements, while operating margins ticked up 1% point to 11%. Profiles is gaining traction both standalone and in combination with BrandIndex and is being launched across more geographies. We have edged our FY17e and FY18e figures ahead 2-3% and there may be more scope in FY18e if current momentum is maintained. This underpins the premium on which YouGov trades to other quoted market research stocks.

Year
end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

07/15

76.1

9.1

6.7

1.0

39.6

0.4

07/16

88.2

13.3

8.5

1.4

31.2

0.5

07/17e

104.5

14.9

10.5

1.6

25.2

0.6

07/18e

115.2

16.8

11.5

1.8

23.0

0.7

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Margin expansion

Gross margins in H117 moved ahead from 76% to 79%, reflecting the strong performance of BrandIndex, Profiles and Omnibus, but also Custom Research using more own-panel data and discarding legacy low-margin business. There was some offset at the operating expense level due to the strong performance in the higher-cost US market. Operating margins nevertheless increased from 10% to 11%. With more higher earnings’ quality business in the mix, we expect operating margins to continue to expand up to and beyond our forecast period. The target for management’s LTIP to vest requires operating margins to average more than 12% over the five years to July 2019, as well as EPS growth of over 25% CAGR.

Scalable, connected data

Data products and services accounted for 43% of H117 revenue, progressing towards the 50% target, increasing the proportion of recurring and repeatable revenues. YouGov’s clients are both agencies and brand owners. With marketing increasingly complex, targeting is at the core of driving higher advertiser ROIs and there is a need for data that can be systematically integrated. YouGov’s connected data resource, the Cube, is collected from its own panellists worldwide who give explicit permission for its use, thus complying with tightening privacy regulation. Client data needs can be fulfilled without the need to commission specific research.

Valuation: Underpinned by momentum

It is unsurprising that YouGov’s rating is towards the top of the ranking of global peers. Much of the traditional market research sector still struggles with legacy infrastructures, while YouGov continues to refine and productise its offerings. This is generating a higher CAGR in earnings than the sector and funding a progressive dividend stream. The group’s clear and consistent strategy is translating into profits and, at least as importantly, into cash.

Data products and services again gain share

Exhibit 1: H117 results summary

Revenue
(£m)

Revenue growth
(%)

Operating profit
(£m)

Operating margin
(%)

BrandIndex

9.2

36% (17% CC)

Profiles

1.4

176% (150% CC)

Other Data Products

0.4

Total Data Products

11.0

43% (24% CC)

2.8

25%

Omnibus

10.2

38% (24% CC)

Other Data Services

0.8

Total Data Services

11.0

36% (23% CC)

2.5

22%

Total Data Products & Services

22.0

39% (23% CC)

5.3

24%

Custom Research

29.6

15% (0% CC)

3.5

12%

Eliminations/central costs

(0.2)

(3.1)

Group

51.4

24% (8% CC)

5.7

11%

Source: YouGov. Note: CC = constant currency.

Building the syndicated product suite

YouGov BrandIndex continues to make up the bulk of Data Products revenues, but YouGov Profiles is already becoming significant. BrandIndex continues to expand geographically, with the five new territories added in the period taking the total to 32 and with the US remaining its largest market. It encompasses consumer data on over 4,000 brands. Profiles, meanwhile, was available in six markets in the reporting period and has since launched in Denmark and Sweden. It now has more than 100 subscribers. These products are complementary and there are obviously benefits of selling them as a package for both YouGov and the client.

Omnibus continues to grow its footprint

Omnibus comprises 93% of the Data Services segment. It benefits from the depth and breadth of the YouGov panel, which enables clients to obtain data from narrowly defined segments such as shoppers, small and medium enterprises, car drivers or pet owners. The geographic rollout is also enabling more multi-country projects for multi-national clients. H117 growth was primarily fuelled by international demand: Germany, Nordics, the US and Asia-Pacific. In the UK, where the business is longer established, growth was still 3%. The investment in new markets, particularly building up in Asia, is cited as the reason for the dip in segmental operating margin from 25% to 23%.

Custom research layering into syndicated data

In constant currency terms, custom revenues were flat, but this reflects a deliberate move away from carrying out projects that are not scalable, particularly in Germany. An improvement in gross margin from 73% to 77% resulted from increasing proportion of projects conducted on YouGov’s own panel. The most attractive commercial proposition is where the custom research adds to the syndicated data products and services.

Cash flows

The increasing extent of recurring revenues across the group means that the end January balance sheet incorporated £8.5m of deferred subscription income, up from £5.3m at end H116 and £7.2m at the July year-end. Cash conversion for H117 was 81% of adjusted operating profit (pre-amortisation/exceptionals), a figure that should be higher for the full year. The group continues to invest in developing its technology and in building panel – the engines of medium- and longer-term growth. £3.3m was invested in H117, broadly in line with the prior year. Cash balances at end January 2017 were £15.0m, £4.9m ahead of H116 and £0.6m below the previous year-end. Our model shows this building to £18.8m by end FY17 and to £24.6m by the end of the following year.

The focus remains clearly on organic growth, however acquisitions are not ruled out, provided that they would to bring in;

■

specific technologies to add to the existing skillset; or

■

add data sets; or

■

add a specific sectoral focus.

Further geographic expansion is more likely to be organic, with the January 2014 Decision Fuel purchase having provided the necessary bridgehead into South-East Asian markets.

Forecasts edged up, valuation underpinned

We had edged up our forecasts on January’s trading update, but left the implied H217 figures intact. The confidence expressed with these figures has encouraged us to add another 2-3% to FY17e and FY18e profits and earnings. Given the momentum described in the syndicated products, there may be scope for further upward revisions to the FY18e numbers as the year progresses. This serves to underpin the valuation, which remains at a premium to other global quoted market research companies, several of which continue to struggle to reorientate their business models to the meet the increasing demand for real-time, connected data. YouGov has shown itself to have a clear and consistent path to increasing operating margins and good momentum behind its top-line growth.

Exhibit 2: Financial summary

£000s

2014

2015

2016

2017e

2018e

Year end 31 July

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

67,375

76,110

88,202

104,500

115,225

Cost of Sales

(15,812)

(17,472)

(19,476)

(22,990)

(25,349)

Gross Profit

51,564

58,638

68,726

81,510

89,875

EBITDA

 

 

8,020

9,273

11,620

14,253

16,203

Operating Profit (before GW, except and share-based payments)

7,936

9,239

12,055

14,750

16,600

Intangible Amortisation

(3,965)

(4,633)

(5,478)

(5,000)

(5,000)

Share based payments

(547)

(669)

(1,138)

(1,200)

(1,100)

Exceptionals

(2,385)

(1,072)

(1,108)

(103)

0

Other

(14)

41

(4)

0

0

Operating Profit

1,025

2,906

4,327

8,447

10,500

Net Interest

(292)

(220)

1,199

100

151

Profit Before Tax (norm)

 

 

7,630

9,060

13,250

14,850

16,750

Profit Before Tax (FRS 3)

 

 

733

2,686

5,526

8,547

10,650

Tax

(316)

580

(2,111)

(3,638)

(4,439)

Profit After Tax (norm)

7,314

9,640

11,139

11,239

12,314

Profit After Tax (FRS 3)

417

3,266

3,415

4,908

6,009

Average Number of Shares Outstanding (m)

98.0

101.0

103.9

104.6

104.6

EPS - normalised (p)

 

 

5.8

6.7

8.5

10.5

11.5

EPS - FRS 3 (p)

 

 

0.4

3.2

3.3

4.7

5.7

Dividend per share (p)

0.8

1.0

1.4

1.6

1.8

Gross Margin (%)

76.5

77.0

77.9

78.0

78.0

EBITDA Margin (%)

11.9

12.2

13.2

13.6

14.1

Operating Margin (before GW and except & share-based payments) (%)

11.0

11.3

12.4

13.0

13.5

BALANCE SHEET

Fixed Assets

 

 

52,259

53,726

62,366

62,366

62,366

Intangible Assets

46,650

46,145

53,140

53,140

53,140

Tangible Assets

5,609

7,377

8,984

8,984

8,984

Investments

0

204

242

242

242

Current Assets

 

 

29,873

33,329

45,339

54,245

63,561

Stocks

0

0

0

0

0

Debtors

21,687

22,507

28,643

34,275

37,793

Cash

7,429

10,017

15,553

18,827

24,625

Current Liabilities

 

 

(21,480)

(22,983)

(27,823)

(32,639)

(35,989)

Creditors

(21,296)

(22,983)

(27,823)

(32,639)

(35,989)

Short term borrowings

(184)

0

0

0

0

Long Term Liabilities

 

 

(2,700)

(2,449)

(5,793)

(3,000)

(3,000)

Long term borrowings

0

0

0

0

0

Other long term liabilities

(2,700)

(2,449)

(5,793)

(3,000)

(3,000)

Net Assets

 

 

57,952

61,623

74,089

80,972

86,938

CASH FLOW

Operating Cash Flow

 

 

8,600

10,091

14,139

14,500

17,000

Net Interest

(295)

(233)

11

100

151

Tax

(287)

(730)

(2,365)

(3,984)

(3,838)

Capex

(5,759)

(5,754)

(6,076)

(5,750)

(5,750)

Acquisitions/disposals

(1,003)

(470)

(171)

(36)

0

Financing

(101)

454

16

0

0

Dividends

(566)

(773)

(1,028)

(1,556)

(1,765)

Net Cash Flow

589

2,585

4,526

3,274

5,798

Opening net debt/(cash)

 

 

(6,656)

(7,245)

(10,017)

(15,553)

(18,827)

HP finance leases initiated

0

0

0

0

0

Other

0

187

1,010

(0)

0

Closing net debt/(cash)

 

 

(7,245)

(10,017)

(15,553)

(18,827)

(24,625)

Source: YouGov accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Yougov and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Yougov and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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