Report
Fiona Orford-Williams

Moving up margins

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.
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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