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All about the data

Outlook | Media | 11 Dec 2017

YouGov has a strong growth record and its investment in building its data-driven products and services is steadily improving its earnings’ quality. This is also helped by the shift in its custom business to more tracking studies and a greater use of data already held in the Cube, the group’s proprietary multi-dimensional database. The strong balance sheet (net cash of GBP 23m at end FY17) is funding continuing investment in panel and new applications, as well as allowing for an increased dividend payout. The rating reflects the growth record and continued good prospects.


Good momentum continues

Flash note | Media | 31 Jan 2019

The pre-close update for the six months to end January indicates a good H1, driven by continued progress in Data Products & Services (dominated by BrandIndex and Profiles) and margin improvement in Custom Research. FY19e results are now likely to come in ‘slightly ahead’ of market expectations. The group has a CMD scheduled for 6 February and will report interim figures on 2 April. The share price puts YouGov on a rating well ahead of sector peers, but considerably below the listed SaaS subscription businesses with which it has increasing commonality.


Trading at top end of five-year plan

Update | Media | 09 Oct 2018

YouGov has delivered strong results that demonstrate the success of its shift in its business model towards a real-time data analytics business with a growing subscription revenue base. It continues to innovate, developing new products and services and augmenting the existing offering and is further expanding its geographic reach, with the investment supported by the cash-rich balance sheet. A new five-year plan is expected to be set out in Spring 2019 and we anticipate that this will also have ambitious targets for growth and earnings that will support the premium rating.


US and UK powering on

Update | Media | 30 Jul 2018

YouGov’s pre-close trading update indicates that it will have outperformed market estimates for the year ended July, with particularly strong growth from the UK and US. We have raised our numbers to reflect this and May’s acquisition of SMG Insight. The focus on driving higher-margin products and services is showing through in the numbers and the improving quality of earnings. The custom business is being reoriented towards more scalable and repeatable work, also with a beneficial impact on margin. The premium rating reflects the growth record and positive outlook.


Strategy reaping rewards

Update | Media | 28 Mar 2018

YouGov’s strategy to focus on its scalable products and services is paying back handsomely in revenue growth and margin improvement. Margin is being further boosted by the reorientation of custom business to greater use of data already held in the Cube, the group’s multi-dimensional database. We have edged our FY18 and FY19 earnings forecasts up 4-7% to reflect the strong H1. The GBP 21m of net cash (end January) is being used to fund continuing investment in panel, applications and new markets. It also supports a progressive dividend and allows for bolt-on acquisitions. The premium rating reflects the growth record and positive outlook.


Positive branding

Update | Media | 16 Oct 2017

YouGov is continuing to deliver on its growth strategy, with FY17 revenues up 21% y-o-y (9% in constant currency). Data products and services now represent 44% of group revenues. This concentration on its core strengths, using its own proprietary panel, is increasing group margins and giving better visibility to earnings through subscription income. Cash conversion remains strong, allowing continued investment in data analytics, geographic expansion and panel recruitment. The dividend has been stepped up 43%, reflecting the greater maturity of the business model and the cash-rich balance sheet. These strengths are reflected in the continuing valuation premium to peers.


Moving up margins

Update | Media | 07 Aug 2017

YouGov’s FY17 year-end trading update confirms that positive trading momentum continued in the second half for Data Products and Services. Results should be ahead of our previous forecasts and well ahead of market growth. The results reflect the growth in high-margin products as well as margin improvements in custom research in addition to some currency benefit. We have moved our PBT numbers up by 5% for FY17e and 9% for FY18e. The shares continue to trade at a premium to the global sector, although that is being eroded by YouGov’s faster growth.


High-profile profiles

Update | Media | 30 Mar 2017

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.


Good H117 progress

Update | Media | 31 Jan 2017

YouGov’s positive H117 update shows trading ahead of market expectations, resulting from good progress from data products and services and growth in the custom research margin. There has also been some currency benefit. For now, we have maintained our implied H217 numbers, meaning that our FY17e revenue forecast increases 2% and changes to the mix move our PBT estimate up 4%. FY18e numbers are edged up slightly. At 15.7x current year EV/EBITDA, the valuation is towards the top of the range of global peers (7.5x to 17.5x), which is a reflection of the strong earnings growth and cash generation.


Smart, connected data

Outlook | Media | 21 Oct 2016

YouGov's FY16 results show the continuing benefits of its strategy to build on its Data Products and Services, delivering revenue and profit growth well in excess of the market. There was also some benefit from currency movements. The group's transition from market researcher to global data and analytics business should drive continuing growth well ahead of industry rates, with the roll-out of scalable products and services internationally supporting margin and cash generation. The shares have performed strongly as this strategy has started to reap financial rewards, with the current price well supported.


Premium growth story

Update | Media | 22 Mar 2016

Half-year results show more strong progress in data products and services, driving group revenue growth well above market levels. Between them, key brands BrandIndex and Omnibus should account for over one-third of FY16 revenues. The US and UK markets provide the model for operations in other regions for penetrating these key products and for growing profitable custom business. The group has the cash resource to continue to invest in its offer and in delivering it efficiently, underpinning projections for continuing premium growth, readily justifying the valuation.


Products and Profiles

Update | Media | 08 Feb 2016

YouGov's half-year pre-close statement confirms the group is trading well and in line with expectations. Our forecast is for revenue growth in the current financial year to July of 10% (the same for FY17), well ahead of forecast average growth from the quoted sector of 4-5%. Good progress is continuing across data products and services and the custom research business. Continued increases in higher-margin product, with the cash resource to fund the progress, underpins the forecast premium growth and, by extension, the rating.