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I've always wondered about YOU being a bid target for the big data handlers, Meta, Alphabet, Amazon etc.
I wonder about regulatory concerns, with a lot of the data being politically sensitive.
I'd agree Scarfell. On the face of it, it looks like a vanity purchase that takes them into a significant net debt position.
It seems a needlessly aggressive piece of business in the current climate.
Headline cost of €315m
"YouGov will fund the Acquisition with a non-pre-emptive underwritten equity placing of new ordinary shares expected to raise gross proceeds of approximately £55 million (representing approximately 4.9% of YouGov's issued share capital), with the remainder of the cash consideration financed by a fully committed bridge debt facility and cash on balance sheet. The terms of the placing were announced separately today"
Cash on balance sheet at last half year was £41m, so let's assume that is now around £50m & say they use £45m to give a ~£100m of cash contribution. That still leaves ~€215m to be funded via the fully committed bridge facility.
I simply can't see how they'll have got the facility for better than SONIA + 3%, which would be 8%, so the per annum interest expense will be around £15m.
On the financials of the acquisition;
"In the year to 31 December 2022, the Consumer Panel Business generated revenues of €134 million and adjusted profit before tax of €24 million" So that's £20m PBT, £14.8m PAT...
So the EPS accretion will surely be on an 'underlying EBITDA' basis, not reported, as interest expense appears to completely offset any gains.
My instinct is they've done this to ward off a takeover bid.
Market seems happy enough with it.
I think £51m represents the maximum percentage (4.9% of its existing issued share capital) they could issue without requiring shareholder approval.
Headlines suggest YouGov got a bargain, but methinks they paid too much (€315m) - why pay so much, especially when they only managed to raise £51m.
I'm just surprised there isn't more interest in this share.
It has something for everyone - big swings on no news, large delayed trades for the manipulation theorists, small 1,3,5 trades for the code theorists. Multi-bagger for LTHs. It even pays a small dividend.
The big trades are almost certainly institutional investors exchanging chunks of shares. You see similar trading on ALPH which is another very large non SETS traded share. So the 2 x 48k's will be a sell 7 a buy at the same price...
C£1m of consecutive sells at 995p this morning and the price still goes up.
(if they're actually sells that is)
Needs someone with Level 2 to take a look.
Seems to be a regular thing with YOU, large trades around the mid, and often reported late.
I wonder if it's day traders taking advantage of the large quoted spread and getting good prices well within it.
Ha! £886.8m of sales madness. Looking in again I see just after I jumped at 961p, a few buys followed totalling c. £43k taking buy price up to 990, only to see 8x(£97k+£13.85k) seemingly sold at 970.
Then since starting typing this, I now see transactions of 2x(48k at 960.58+£795.89k at 970) . No idea what's going on!
Sold as odd large trades over an hour showing on LSE as 2x £274.9k+8x£48k, tho no price drop and not reflected on HL. Business prospects look great, but big player odd moves I don't understand throw me.
I always wonder if this will be a bid target. You'd think the biggies in data like Meta would be looking at it.
Very interesting interesting guidance in their CMD release;
“Financial targets
As part of the plan, the Group will set out two new key financial targets, as follows:
·
Medium-term revenue of £500 million; and
·
Medium-term adjusted operating profit margin of 25%.”
Forecast 2023 revenues are £265m, so they see a doubling in the medium term. Based on those ambitions this looks cheap at £930m market cap.
Another good set of results.
Will it stop the slide in SP?
We are indeed in strange times when a company can post such good results and yet see its share price fall.
Certainly wish I'd topsliced some above 1300p now.
I'd have been buying them back under 900p.
I'm tempted to topslice. I've held these for years, since 163p.
It seems to regularly spike and fall back, I just know that the time I sell some it'll end up holding the high.
My plan would be to keep a core holding but trade some between about 1100p & 1350p.
I do wonder if they'd be a bid target for someone big, but might be some regulatory hurdles given the political data they handle.
3 million today!
WHO is the new buyer?
An Government information company doesn't have all the financial information on the very day that it's presenting its annual results! surely you have 6 month to prepare for this 1 day of the year! Incompetent?? as well as this was a delay this morning giving us the news of the postponement.
The delay by YOU in publishing its final results is bad enough for a billion pond company, but to only announce such a delay on the very day on which the results announcement was due to be made is nothing short of extraordinary.
Surely all the numbers as well as the reports should have been completed at least 7 days ago to enable these to be considered and approved by the BOD. Clearly they were not, so why was there such a delay in informing the market that there would be a delay beyond the scheduled announcement date?
The situation is all the more embarrassing given the nature of the business in which the company is engaged.
Some chunky buys going through today, wonder who's building a stake.
Another quick query, this site displays a P/E of c.100, but based on the EPS in the full year results I make c.50ish? Could someone shed some light if possible (are my maths dodgy)?
I’d be interested to hear from the community in regard to this one. There seems to be a large outflow of cash from the stock recently, and I understand that the CEO has sold half of his share options immediately? Perhaps a sign that that SP is too high at the moment?
Indeed now answered, thanks all - WF