Wilmington PLC: Better growth and better value

研报英文原文证据摘录

Wilmington PLC: Better growth and better value

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Wilmington PLC 15 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (GBP) 252.00

WIL.L WIL LN LSE WIL

Price Target (GBP) 420.00

Business Services

365.00 -

Distributors 52-week range (GBP) 230.00

Better growth and better value

Valuation & Risks

Steve Liechti

Wilmington (WIL) has transformed to focus on international GRC markets

Research Analyst

(Governance, Regulation, Compliance) and is driving tech/RegTech platform +44-20-7541-1549

investment. We believe this makes WIL a better, higher-quality business model

with better growth, client retention and earnings visibility. However, portfolio Gareth Davies

changes need to be proven, and growth has slowed (similar to B2B peers).

+44-20-754-11560

Despite positive strategic changes, the share price is now back to 2015-2019

levels, with the rating below. Multiples-based PT 420p (u/c). Annabel Hames

Big international GRC markets with MSD+ growth are a positive backdrop to +44-20-754-11574

expand across the sector via organic investment and M&A into adjacent verticals.

Portfolio focus – we see more resilient, higher-growth digital businesses with more

recurring revenue. While not immune to macros, MSD LFL revenue growth looks

solid, with some areas growing faster e.g. the Conversia acquisition (not yet in LFL).

Tech investment and RegTech platform build out drive a more integrated/efficient

business, better customer acquisition/new logo sales, more integrated/sticky

customers, and more operational gearing. New upsell/subscription models could

be interesting mid term also.

AI winner not loser. While broader AI disruption and portfolio changes still need to