WISE (Neutral, TP: £8.30, +10%) WISE FY 24 - Weak guide on Volume, Price & Cost
Having pre-reported volumes and revenue, WISE reported full 2024 numbers this morning. Profitability was robust, well ahead for H2. Mid-term guidance, however, has significantly disappointed. It’s framed in terms of recently restated underlying income/revenue and underlying PBT (which both remove interest rate volatility from the mix). At the top line, income guide range of 15-20% is slightly below where consensus sits for the next 2 years, whilst the disparity at underlying PBT margin is much greater suggesting up to 30% cuts.
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- Pan European Telecom Services and Cable
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