Wise (1K) | Buy | FY 2026E results due tonight after US market

研报英文原文证据摘录

Wise (1K) | Buy | FY 2026E results due tonight after US market

#EarningsPreview #TPchange

Release date: 25 June 2026

Company research

ESG profile BuyWise

United States | IT services & software Beta Profile: MCap: USD11.2bn

Target Price: USD17.00 (1220.00p) Change in TP: -98.6 % Bloomberg: WSE US Reuters: WSE.O

Current Price: USD10.94 Change in Sales: 33.6% 26E/39.2% 27E Free float 77%

Up/downside: 55.4% Change in Adj EBIT: 30.5% 26E/50.2% 27E Avg. daily volume (USDm) 51.9

YTD abs performance -6.6% Market data: 24 June 2026 Change in Adj. EPS: 42.4% 26E/59.8% 27E

52-week high/low (USD) 15.92/10.40

FY 2026E results due tonight after US market Price performance

Why this report?

We have updated our model and changed Wise's reporting standard from IFRS

to US GAAP and currency from GBP to USD. Wise still benefits from significant

growth opportunities in the medium term and still targets +15-20% net

revenue growth CAGR on a constant currency basis with 20-25% income

before tax margins. We keep our positive stance on Wise as: 1) it keeps best-

in-class offering and a unique infrastructure in the cross-border payment

market, with still significant market share gain opportunities (Wise only

controls 0.5% of the cross-border payment market); 2) there are plenty of

growth opportunities around Wise Platform ahead; 3) we see rather limited

impact from stablecoins developments; 4) the medium-term targets are

promising and credible. We keep Buy rating with a new TP set at USD17.

FY to 31/03 (USD) 03/26E 03/27E 03/28E

Key findings Sales 2,494 2,970 3,478

Wise is due to report H2 FY 2026E results tonight after the US market close, and we EBITDA adj. 747 903 1,067

expect a solid set of results globally. EBIT adj. 717 863 1,022

Net profit adj. 579 684 809