New Street Research - WISE PLC (WISE) WISE (BUY, TP: £9.00, +30%) WISE H1 25 - Upgrade to BUY: Good entry point for Platform Opportunity

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New Street Research

Soomit Datta

EUR 9281.00 For Business Accounts Only

WISE (BUY, TP: £9.00, +30%) WISE H1 25 - Upgrade to BUY: Good entry point for Platform Opportunity

WISE’s trading statement this morning reflected the second of two sizeable price cuts this year (late-August). These reflect structural revisions down in the cost base; we appear done now on pricing for the foreseeable future. Gross profit margin is also trending ahead on structural efficiencies (with more to come from syncing into PIX in Brazil).

15/10/2024 1 EN

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WISE PLC

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GB00BL9YR756 London Stock Exchange United Kingdom

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Analysts

Soomit Datta

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WISE (BUY, TP: £9.00, +15%) WISE - H1 25 and Platform deal bang on cue; from billions to trillions

WISE’s full H1 release this morning filled in the lower half of the P&L after interims and gross margin had been pre-released.

EUR 9281.00

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WISE (Neutral, TP: £8.00, +5%) WISE Q1 25 trading statement: Nice beat, after expectations reset

This morning’s Q1 25 Trading statement showed better volumes (a 3% beat), revenue (2%) and underlying income (1%) than expected (NSR and consensus); there is no profitability reported. Of particular significance was the volume improvement, with momentum here having been weak of late as WISE gravitates to more “card usage” from core transfer customers. The fall in the cross-border take-rate, meanwhile, had been well flagged following April price cuts.

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EUR 9281.00

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Jonathan Chaplin

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Frontier Post-3Q24 Model Update

This note focuses on changes to the model following 3Q24 results. Earlier today, we published a comprehensive review of results. Our view of the company remains unchanged, whether as a standalone company or as an acquisition target. Intrinsic value is $64 (but they may only get $48.50 in a deal now).

EUR 9281.00

13h / 55m 13h / 55m 1 EN

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WISE (BUY, TP: £9.00, +30%) WISE H1 25 - Upgrade to BUY: Good entry point for Platform Opportunity

WISE (BUY, TP: £9.00, +15%) WISE - H1 25 and Platform deal bang on cue; from billions to trillions

WISE (Neutral, TP: £8.00, +5%) WISE Q1 25 trading statement: Nice beat, after expectations reset

Match Group (MTCH, Buy, $54 target) MTCH First Take: Positioning for a break up?

MELI US (Neutral, TP: $2,000, -5%) MercadoLibre Credit cards drive big NIMAL and group EBIT miss

Frontier Post-3Q24 Model Update

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