New Street Research - WISE PLC (WISE) WISE (Buy, TP: £6.75, +25%) MSCI inclusion the first catalyst, earnings upgrades should be next

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New Street Research

Soomit Datta

EUR 9461.00 For Business Accounts Only

WISE (Buy, TP: £6.75, +25%) MSCI inclusion the first catalyst, earnings upgrades should be next

MSCI announced last night WISE’s inclusion into the MSCI World. Whilst this has been speculated we would suggest this hasn’t been reflected in the share price and, as such, should be a catalyst for outperformance.

12/05/2023 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.

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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).

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

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TalkTalk has reported its H1 results to August, albeit given the lack of an investor presentation, it is hard to decipher all the changes vs. their guidance at this stage, but we think the numbers are at the low end of any prior guidance. We are still also critically waiting for any disclosure on KPIs since February, but we think the risk is to the downside given Openreach disclosure.

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WISE (Buy, TP: £6.75, +25%) MSCI inclusion the first catalyst, earnings upgrades should be next

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

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

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

TalkTalk H1 results: Guidance looks at risk

Odido (T-Mobile NL) (Equal Weight) Q3 24: Positioned nicely for a possible IPO in 2025

EU Pharma 2025 Outlook - The Correction Was Due, Tread Carefully

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