Wise Initiating on US listing and updating estimates for FY26; remain Overweight

研报英文原文证据摘录

Wise Initiating on US listing and updating estimates for FY26; remain Overweight

C A Z E N O V E Europe Equity Research

06 July 2026

Initiation

Wise Overweight

WSE, WSE US

Initiating on US listing and updating estimates for FY26; Price (02 Jul 26):$12.95

remain Overweight Price Target (Dec-27):$17.50

Following FY26 results and the publication of our feedback note (here), we update Overweight

our forecasts to reflect actual FY26 results, FY27 guidance and latest commentary

WISEa.L, WISE LN

from management. For FY27, our net revenue estimate is broadly unchanged; Price (03 Jul 26):963p

however, we raise our Income Before Tax margin to reflect guidance; we are now

▲Price Target (Dec-27):1,320p

in-line with guidance on both net revenue (“middle” of 15-20% growth) and Prior (Dec-27):1,260p

income before tax margin (“around the top” of 20-25% range), a summary of

forecast changes is provided in Table 1Wise,changeinJPMorganestimates. With this note we initiate on Wise's US-

listed shares, in addition to the previously covered UK-listed shares - we are European Tech Hardware &

PaymentsOverweight on both, with a price target of $17.50 or £13.20, respectively.

Craig A McDowell AC

• Net revenue: We expect that Wise will be delivering net revenue growth above (44-20) 7742-4576

the mid-term guidance range in Q1 and Q2, with clear positive momentum in craig.mcdowell@jpmorgan.com

volumes, user activity and balances. In addition, the Platform business will be J.P. Morgan Securities plc

continuing to ramp volumes (as customers/corridors, etc. are added) - from Specialist Sales contact details:

management commentary, it seems new platform customers will be added

Scott Silver - Specialist Sales - through the year as well as further expansion of existing partnerships.