2025-06-05-Jefferies-Wise（WISE）_2025财年初步展望_符合初步预期；计划将主要上市地点转移至美国_8页_402kb

Wise PLC Equity Research Summary

• Investment Recommendation: BUY with a 15% upside potential.
• Price Target: 1,247p (+15% from prior close).
• Analyst: Jefferies Equity Research.

Key Highlights

1. Financial Performance:

   • FY25 Preliminary Data: Preliminary FY25 uPBT beat initial expectations slightly but fell short of consensus (^£21p). uFCF reached £221m (32% margin), corporate cash reserves stood at £1.4bn.
   • FY26 Guidance: uPBT growth expected in 15-20%, guided at £1.64bn revenue (+16%); margins target "around the high-end" of 13-16%.
   • Consensus View: Analysts see little change in market expectations based on FY26 guidance.

2. Geographic Growth:

   • UK market grew +10% y/y, contributing 19% to total revenue.
   • Europe (ex-UK) was fastest-growing region (+11%), making up 31% of income.

3. Employee Growth:

   • Global headcount increased 12% y/y to 6,151 employees, mostly in Servicing and Product Development.

4. Corporate Action:

   • Announced primary listing on US markets to tap a broader investor base while maintaining UK listing.

5. Cost Analysis:

   • Marketing expenses up 78% y/y (now ~6% of uPBT), while SBC fell 27% y/y to £27m.
   • Reduced 'JEFe' joint filing estimate was £48m initially.

6. Strategic Investment:

   • Plans to invest approximately £2bn over the next two years in marketing, infrastructure and products.

7. Outlook:

   • Maintains mid-term uPBT margin ambition of 13-16% amid competitive pressures and macroeconomic exposure.