Aim 100 

The Aim 100 2019: 40 to 31

The Aim 100 2019: 40 to 31

40. YouGov

Analysts at Numis reckon that data and analytics company YouGov (YOU) is on track to meet its five-year target of a 25 per cent compound annual growth rate by the end of the 2019 financial year. The company used the half-year results in early April as an opportunity to unveil “stretching” new targets that are meant to keep pace with building a “strong business”. By 2023 YouGov is aiming to double revenues, double its adjusted pre-tax operating margin, and achieve a compound annual growth rate of more than 30 per cent for its adjusted EPS. Management’s pay is dependent on these objectives, which is reassuring for investors.

YouGov also decided to start including the amortisation of intangible assets within its adjusted earnings metric from the end of the 2019 financial year. This seems sensible, as its operations are increasingly data- and tech-centric. As a result, some analysts adjusted their forecasts to give a forward price/earnings (PE) ratio of more than 40 times. This looks like an expensive entry point. Hold. JF

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