YouGov
YOU · AIM · Media · mcap £314m · 275.2p 3 open situations →
- EV
- £467m
- EV / EBIT
- 22.0x
- Net debt
- £140m
- FCF yield
- 6.9%
- Revenue
- £397m
- Cash returned
- 3.6%
- Share price 1y
- +4%
- Insiders 12m
- no deals
- Next report
- around 23 Mar
YouGov is a market research and data analytics company that runs large online panels of people and sells survey data and analytics products to businesses, media and governments. It also runs a Shopper consumer panel business and a research division.
Open · 3
Shopper strategic review
Part of Value Delivery Plan – Wave 1 done; Wave 2 ahead of plan
YouGov began a strategic review of Shopper in March 2026 to unlock long-term value. On 13 Oct 2026 it said the review is ongoing with no outcome given. Shopper FY26 adjusted operating profit fell to £18.2m from £27.2m, and investment continues in FY27.
- Shopper H1 profit
- £6.8m adjusted operating profit (HY25: £13.9m)
- Incremental investment
- £6m expected in FY26
- Underlying revenue
- Down 2% in H1; expected to return to growth by year end
- Outcome
- Not stated; further updates in due course 13 Oct 2026 ↗
- FY26 profit
- Shopper adjusted operating profit £18.2m (FY25: £27.2m) 13 Oct 2026 ↗
- FY27 investment
- Continues at broadly the same level as FY26 13 Oct 2026 ↗
Next: further update on the review
- 13 Oct 2026 Review ongoing; no outcome
- 24 Mar 2026 Review commenced
Value Delivery Plan
Includes Shopper strategic review – Review ongoing; no outcomeLed to Share buyback replacing dividend – Buyback launched 13 Oct 2026, run by Berenberg
The three-wave Value Delivery Plan began in March 2026 with Wave 1, which delivered an annualised £2.5m cost reduction. On 13 Oct 2026 Wave 2 is in implementation, with benefits arriving quicker than expected. Wave 3, based on growth initiatives, follows. FY27 profit guidance is £58-61m.
- Wave 1
- Completed March 2026; annualised £2.5m cost reduction, full benefit in FY27 13 Oct 2026 ↗
- Wave 2
- In implementation; benefits quicker than expected 13 Oct 2026 ↗
- Margin target
- Waves 1-2: annualised margin uplift above 350bps vs H1 FY26
- Wave 3
- Based on initiatives to support increased revenue growth 13 Oct 2026 ↗
- Next milestone
- Capital Markets Day before end of FY26
- FY27 guidance
- Adjusted operating profit £58m-£61m, growth of 7%-12% 13 Oct 2026 ↗
Next: Wave 2 completion and Wave 3 initiation
- 13 Oct 2026 Wave 1 done; Wave 2 ahead of plan
- 24 Mar 2026 Wave 1 executed; Wave 2 planned
Share buyback replacing dividend
Follows from Value Delivery Plan – Wave 1 done; Wave 2 ahead of plan
In March 2026 the Board said it expected to replace the annual dividend with a buyback, citing a gap between intrinsic and market value. Facilities were amended by 6 Aug 2026. On 13 Oct 2026 it launched a buyback of up to £15m, run by Berenberg on non-discretionary terms, with all shares bought to be cancelled and completion expected in H2 FY27.
- Balance sheet
- Year-end leverage 1.7x; net debt £142.1m; debt facilities extended 13 Oct 2026 ↗
- Size
- Up to £15m maximum aggregate consideration, in lieu of the FY26 annual dividend 13 Oct 2026 ↗
- Condition
- Provided the dislocation between intrinsic value and market value persists
- Timing
- Expected to be completed within the second half of FY27 13 Oct 2026 ↗
- Start
- Effective 13 October 2026 13 Oct 2026 ↗
- Broker
- Berenberg, non-discretionary, makes independent trading decisions including in closed periods 13 Oct 2026 ↗
Next: Buyback expected to complete within second half of FY27
- 13 Oct 2026 Buyback launched 13 Oct 2026, run by Berenberg
- 13 Oct 2026 Buyback of up to £15m launched
- 6 Aug 2026 Facility amended to permit buyback; launch intended
- 24 Mar 2026 Board expects to launch buyback
Closed · 4
Company filings. Not investment advice.