Report
Fiona Orford-Williams

Good H117 progress

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.
Underlying
YouGov PLC

YouGov is a data and analytics company. All of Co.'s products and services are underpinned by its data infrastructure, the principal elements of which are the Cube (Co.'s connected data library) and Crunch (Co.'s data analytics and visualisation tool). Co.'s data products include: YouGov BrandIndex, its daily brand perception tracker; YouGov Profiles, its planning and segmentation tool; and YouGov Data Applications, its data solutions. Co.'s data services include YouGov Omnibus, which delivers next-day answers, and its custom research includes YouGov Custom Research, a quantitative and qualitative research.

Provider
Edison Investment Research
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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Fiona Orford-Williams

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