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Yougov PLC

Media First-pass screen £223m
380/1000 Overall fit
AI beneficiary 35% 45
Operating leverage 25% 40
Valuation 25% 30
Downside protection 15% 35

First-pass take

YouGov invests in AI (post-period Yabble acquisition) to enhance products, but lacks direct AI revenue lines. Operating margin fell 400bps to 15% despite subscription base; cost optimization is defensive. Balance sheet deteriorated sharply (net debt £148m vs net cash £105m prior year). 3% organic growth lags 5% market; client budgets under pressure.

Flags

loss-makingmargin-compressionhigher-leverageno-valuation-datamacro-headwindsrestructuringacquisition-heavybelow-market-growth