Report
Soomit Datta
EUR 9461.00 For Business Accounts Only

WISE (Neutral, TP: £6.85, +3%) WISE - Taking profits: Cut to Neutral

Having been fans of the business model since initiation, we upgraded WISE to Buy following the Q4 Trading statement (April) predominantly due to expectations that consensus EBITDA would need to materially move up. Following new clarity on net interest income with this week’s FYs this process is now underway (we think margins could hit 30% FY 24) – and arguably reflected in a 25% stock move over this period (and in the last 5 days!).
Underlying
Wise Group AB

Wise Group AB is a Sweden-based provider of services and tools in the area of human resources management (HRM). It is a parent company within the Wise Group (the Group). The Group offers Web-based services within process descriptions and document support, expertize and capacity within professional consultancy services, as well as recruitment, management outplacement and career coaching. As of December 31, 2011, the Company had six subsidiaries, which operated as separate business segments, namely Netsurvey Bolinder AB, responsible for employee and customer surveys; Wise Consulting AB, responsible for coaching, conversions and human resources (HR) consulting; Wise OnLine AB, offering online services for information and decision support in the HR area; K2 Search AB, a search and executive search company; Wise Professionals AB, engaged in the recruitment of skilled staff for advanced services, and Talentum HR AB, offering consultancy, guidance, education and seminars.

Provider
New Street Research
New Street Research

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Analysts
Soomit Datta

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