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

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New Street Research

Soomit Datta

EUR 9461.00 For Business Accounts Only

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.

06/11/2024 1 EN

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WISE PLC

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GB00BL9YR756 London Stock Exchange United Kingdom

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Soomit Datta

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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).

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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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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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