Daily Stock Market Report (Fri 13th Nov 2026) -WISE, AV., DFS
Happy Friday!
Thanks for all the feedback on the table yesterday. We will run it the same way today.
In market news, Jensen Huang has now resigned and the CFO Colette Kress has become interim CEO. The NVIDIA (NSQ:NVDA) share price is down 13% over the past week, wiping out half a trillion dollars of market value, but the action over the last 24 hours has been relatively mild. In spread betting markets, the stock is currently trading at $165.
Overnight market movements:
The FTSE is down 0.3% at 10,838
S&P 500 is unchanged at 7,590
Brent crude (January) is up 0.7% at $96.50/bbl
Gold is up 0.6% at $3,901/oz
Bitcoin is down 3.3% at $69,150
Leaving it there for the weekend, thanks everyone.
Companies Reporting
Name (Mkt Cap) | RNS | AI Summary | Notes |
|---|---|---|---|
Aviva (LON:AV.) (£22.2bn | SR70) | General insurance premiums up 19% to £11.8bn. Wealth AUM +19% (£267bn). Continue to expect operating EPS growth in 2026 to be broadly in line with 11% target rate. On track to deliver three-year targets. | AMBER/GREEN= (Graham) | |
Wise (LON:WISE) (£10.1bn | SR43) | Net revenue rose 23% to $1,453.1m in the first half, but income before tax grew only 9% to $334.9m as costs climbed 28%. The company expects full-year net revenue growth of 17.5–20% and an income before tax margin around the top of its 20–25% range. A share buyback of over $500m is under way. | GREEN= (Graham) | |
Land Securities (LON:LAND) (£5.8bn | SR45) | Half-year EPRA earnings per share were stable at 25.9p despite the sale of QAM, as like-for-like rental income growth of 6.2% and lower overheads offset it. The interim dividend rose 2.1% to 19.4p. A £500m share issue part-funded £611m of retail acquisitions, and the board sees FY28 EPRA EPS growing by a "high-single-digit percentage". | ||
DFS Furniture (LON:DFS) (£316m | SR62) | Demand has softened further and profit expectations now carry a "wider range of potential outcomes". Order intake fell 2.5% in the first 12 weeks of FY27, in line with expectations. Over the next seven weeks the market weakened, though banking data shows DFS and Sofology outperforming. A further update is due 21 January 2027. | AMBER= (Graham) | |
Beximco Pharmaceuticals (LON:BXP) (£268m | SR100) | Profit after tax rose in the first quarter to September, helped by lower finance costs and stronger cash generation. Revenue rose 6.3% to Tk14.66bn and profit after tax rose 8.1% to Tk2.60bn. Cash and equivalents climbed to Tk8.47bn from Tk6.67bn at 30 June, while borrowings fell. | ||
80 Mile (LON:80M) (£53m | SR16) | Greenland Energy Company and 80 Mile plc have reached agreement on the terms of a recommended all-share combination. Offer Value implies 80 Mile is valued at approximately £74 million. 80 Mile Shareholders will own approximately 50 per cent. of the Combined Company | TAKEOVER (all-share merger) | |
Touchstone Exploration (LON:TXP) (£42m | SR68) | A going-concern warning sits behind a quarter of higher prices, with $20.1m of working capital deficit and a fully drawn credit facility. Revenue rose 30% to $16.46m even though production fell 13%, and net debt fell 17% in the quarter to $57.34m at 30 Sep. October output averaged 5,020 boe/d. | ||
Churchill China (LON:CHH) (£39m | SR95) | CFO at Robinson (LON:RBN) joining CHH. Exact commencement date expected to be during third quarter of 2027 and no later than October. | ||
Amigo Resources (LON:AMGO) (£32m | SR73) | The draft prospectus for its Kamiesberg reverse takeover has been sent to the FCA for review. Completion still needs FCA approval of the prospectus, FCA and LSE approval of the re-admission, and shareholder approval. It targets completion on or before 31 January 2027, ahead of the 31 March 2027 long stop date, with no certainty the deal proceeds. | ||
Helium One Global (LON:HE1) (£31m | SR24) | Helium One Global Ld - Audited Results for the year ended 30 June 2026 | The company has a going-concern material uncertainty note, despite raising £13.8m in the year and about £3m after it. Total comprehensive loss narrowed to $3.4m from $4.9m, mainly because the share option expense was far lower. Cash was $6.6m at 30 June, and first helium sales in the US began in July 2026. |
*AI summaries have been edited by the writing team.
Analyst notes
It did take me a little while to warm up to this one. But the share price has made weak progress over the last three years and I believe it has now "grown into" its valuation. Indeed, I would argue that it offers the valuation metrics of an established, quality business, but also offers the growth prospects of a younger and more exciting business. Unless there is a dramatic change, I'll be staying positive here.
We've been moderately positive on Aviva and I think it makes sense to keep that stance unchanged today. For a look at some of the factors that caught my eye in the H1 results, please do refer back to the article in August. For now, I think the picture remains unchanged: we have a highly reputable insurance business doing everything that is expected of it from investors, customers and other stakeholders. It continues to offer value and there should be scope for quality metrics to improve over time.
We've been neutral on this one, primarily due to a) the sector and b) the balance sheet. It could be argued that the stock deserves an upgrade at a single-digit earnings multiple. However, I tend to be extremely selective when it comes to retailers, looking for net cash, high pricing power and margins, and/or an extremely strong track record. DFS only scores one out of three on that scorecard: it has a great track record of profitability in recent years, but it remains a low-margin business carrying a substantial amount of bank debt relative to net profits. On top of that, today's outlook statement confirms that visibility is poor and that the consumer remains weak.
Disclaimer
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58 comments
Tpximpact Holdings (LON:TPX) Stock rank up to a heady 91 from 74 yesterday. That's quite a move. Confession - I hold, but would be interested to learn why such a pronounced move has taken place.
Tpximpact Holdings (LON:TPX)
is it not natural that an ahead of update works wonders ref the overall quality and value stats?
Note we are also now closer to 2028 starting than 2026 finishing (scary) - so it kinda makes seese that the 2026 loss numbers are less relevant - and being replaced by 2028 numbers which are uber positive.
net cash and book value trending nice too - there is little to not like here looking at stocky
what is slightly odd is that it looks like it had a decent rating prior to 31/3/2026 at which time it was in year that loss was reported - perhaps there are passes as to why loses existed?
thats all idle speculation and may be completely wrong
Thank you - and appreciated.
Well - for Tpximpact it's Tuesday's interims reaching the accounts, rather than anything new. The share price only edged up. What changed overnight is that the strong first half went into the trailing twelve-month figures, replacing last year's loss-making one.
That cut the trailing P/E from 330 to 23 and lifted return on capital from 0.5% to 11%. So the Quality Rank went from 73 to 88 and the Value Rank from 25 to 47.
The forecasts didn't move. The forward P/E is still about 10 - but the forecast PE is not in the value rank - Cavendish actually trimmed its EPS estimates by about 3% on Tuesday, as Roland noted.
So the rank might have just caught up with news the market already had.
Nonetheless, that is quite an impressive StockRank jump! https://www.stockopedia.com/ac...
Big thanks to Edward - I am now more enlightened. Very useful to my understanding of the workings in the rankings.
On the subject of falling property prices, we once owned a very nice apartment in a historic building in central Bristol. The building had recently been converted into a number of flats, apartments and maisonettes. Ours was a large apartment across 2 floors with 2 bedrooms, a bath, wc , shower cubical and wardrobe space downstairs. Upstairs there was a large lounge, dining space and kitchen with additional storage on a mezzanine level above the kitchen. It also had an allocated parking space in the car park at the rear of the building. A wonderful asset in car hating Bristol. We also redecorated, supplied good furniture and curtains to make it as attractive as possible.
We had two good long term tenants who paid the rent on time and kept the place in good condition. However our first tenants were less satisfactory. They turned out to be Rumanians working on a nearby construction site. Although the apartment could sleep 4 people we found as many as 10 occupying the place. Despite being required to set up a direct debit to pay the rent, they never did and we had to visit each month to collect it from whoever was living there. Worse still, they minimised the electricity bill by not using the washer dryer and hung wet clothes on furniture, curtain tie backs etc. They didn't use the extractors in the kitchen or bathroom which led to black mould everywhere particularly above the shower and throughout the bathroom.
We served notice and they left. We then had to redecorate again and have soft furnishings and curtains cleaned at significant unexpected cost. The tenants even had the cheek to complain when they lost their deposit.
The final straw came when our last tenant did a midnight flit owing several months rent and leaving behind all the furniture he had added. What made it worse was not being told he was leaving. By then we had covid lockdown so no-one could collect the furniture and it was up to us to haul it to the tip bit by bit.
We had seen diminishing returns during our ownership but being good landlords had done repairs when needed and never increased the rent to our good tenants. We decided to sell.
The apartment is now on the market at 10% less than they paid for it 6 years ago despite them having installed a new kitchen and redecorated. It looks empty so they have moved out. Whether it is due to service charges, vagrants sleeping in the doorway or the drug dealing openly happening in the car park, I don't know.I 'm just glad we sold when we did as it had become too much work for little financial return.
i think many landlords wont allow tenants now without a rent guarantor - it should probably surprise no one that Rentguarantor Holdings (LON:RGG) are doing so well.
The various rule changes will eventually push the nature of the rental market towards corporate landlords. I cannot see Corporates being happy with a 5% ROI combined with a large adminstrative burdon - although they will be able to offset debt against income so less tax for UK HMRC. Be careful what you wish for !
Property has been a difficult, often came to London at the best time to buy: mid-1970s. The last few years have been dismal: our home has lost 10-15% of its value 10-12 years ago. Out two rental flats have no issues over tenants and the mortgages are paid off. But they only yield maybe 2-1/2 to 3% of value. SDLT, CGT, IHT and increasing rates of income tax, plus the Renters’ Rights Act are demolishing our sector of the market. We keep our flats for family members to live in some day.
Wise (LON:WISE)
Sharing my notes in case anyone finds them useful.
UK market saturation?
Not sure I understand why G&A % is up so much (17.7% vs 15.4%) given limited one-off listing expenses in the period ($15m), which are also materially lower than PY one-off listing expenses ($45m).
Still good, but looks like they're slowing down.
Wise (NSQ:WSE)
cheers abtan uber useful sumary as always
Not sure I understand why G&A % is up so much (17.7% vs 15.4%) given limited one-off listing expenses in the period ($15m), which are also materially lower than PY one-off listing expenses ($45m).
there has to be a very very chunky cost associated with avoiding stuff like the belgian prosecution - gearing up to keep regulators happy ref us bank status etc.
at some stage once thats done the operational gearing should kick back in one woild exepct.
there must also be very chunky kinda upfront costs or costs associated with all these extra tie ups and the like.
so its no surprise to me at present the
the good news is that if they are a true worldwide band all this investment in covering the nightmare regulatory issues is hopefully a bit of a moat for others trying to do similar as they will have similar problems.
i suspect at some stage they might even get rid of some of the less desirable customers and perhaps move away from the high volume low margin stuff ? if it makes wonga though it makes wonga. imho its probably easier to track b2b than c2c or b2c
the real challenge here that investors need to understand is that any £200 transfer from uk to India - or us to Malaysia could be a money laundering transaction - and potentially every conutry will be moving towards demanding of wise that they know that £200 is legit. facts are many countires look after their own and wouldnt mind beating foreign competitor over the head.
Note i dont know a huge lot about this coumpany so my assumptions might be a little off on the detail.
Have used Wise (LON:WISE) in the past.
They provide a good service, so not surprised customer numbers have jumped.
Journeo (LON:JNEO) must be a bid coming??
The volume doesn't support that view. That said it's a big move on a no news day - I understand Vox has written it up, but have yet to see the article.
Green Line breakout and closed above it for the first time yesterday, if you follow Dr Wish (great interview with him over at traderlion YouTube channel).
Hi Graham - I think you've mixed up the Aviva/Wise comments in the table and the commentary below. :-)
I apologise, I've fixed it!
Graham, have you pasted the Wise (LON:WISE) summary into the Aviva (LON:AV.) notes?
Using AI for the initial summary is a great idea and means you can focus on your critical analysis. It means it can be out earlier which I very much appreciate
I agree. It does a decent enough summary - just giving us the key bits of info. A good innovation from the team.
I must agree. I have just started using the AI thing on my tablet to ask such things "Why has the share price reacted to to the HY results from xxx ". I hope the results of my questions are correct t and it certainly seems so.
Sorry if I am late to the party on this
AI is fantastic technology if used properly as it is here
Some scuttlebutt from the London housing market:
I am really shocked at just how much properties - especially (potentially only?) flats built in the last 5-20 years - are devaluing.
I used to live in SW London zone 4 and a two bed 72sqm flat in 2022 - the year I moved out - went for £405,000. Flat built in 2008.
Last week, the exact same specification two bed flat in the exact same block was put on the market for £325,000. It's a similar story in the area: flat after flat is getting reduced and often marked below the previous purchase price even though this might have been 5-20 years ago.
I now live in North London zone 3. I'm currently renting as sold my house (for small nominal terms profit but real terms loss) at the start of the year and wanted to weigh up my options before buying again. Based on Rightmove data, two bed flats in my block generally sold for around 550k when they were built in 2018. One just went on the market last week reduced at 475k below the 2018 purchase price of 560k.
It's the same story almost regardless of what block you look at on Rightmove. I'm also seeing a lot of London based houses being reduced on Rightmove. However, it's harder to gauge price impact because most London housing is older and I don't think they're sold as frequently.
National housing data is for an average across the country so I think my comments are more reflective of London and maybe SE England.
It's why I'm extremely cautious about housebuilders - especially SE England focused housebuilders.
A friend and I used to call new builds 'Luxury Flats for Luxury People' - mocking the advertising. We now refer to them as 'Luxury Prisons' as between the high service charges, cladding issues, and real terms losses anyone buying these is, currently, financially screwed.
I know it's a much smaller market, but house prices here in Northern Ireland seem to be increasingly rising. Might have a knock on effect on Ireland houses and on Cairn Homes (LON:CRN) ? (SR93)
So many properties in SW England being sold for a loss at the moment. New builds sold post-covid in 2021/22 now for sale for £25K-£50K less by those purchasers. I presume they can stomach the loss if the next property they're purchasing is equally as cheap, therefore not really seeing a loss. Second homes also flooding the market due to the 2nd home Council Tax doubling which is affecting supply. It's a buyers market.
House price correction long overdue and will be a good thing in the end. Ratio of house prices to salaries currently means that few people in ordinary jobs can afford to buy. An affordable home might even wake the slumbering millennial crowd!
Well they were always complaining (FTB). Now that property is so much cheaper they are not interested. Why dont they put their money where their mouth is. Without first time buyers entering the market it is difficult for people to move up the ladder.
To Marigold - FTB are like everyone else. They don't want to catch a falling knife, just like on the stockmarket. When prices fall, buyers lose interest. It's always been the way.
The problem for first time buyers is that both falling and rising house prices are a problem.
When prices rise it is difficult to save at a rate which covers an increasing deposit and get the necessary earnings multiple. When prices fall, lenders become more cautious with their valuations and demand even larger deposits and impose stricter lending criteria.
In general, falling house prices are almost universally bad for the economy. Negative equity gridlocks the market and Housebuilders will not build something which they know they will sell at a loss.
Various reports suggest that London has secured £11.7 billion from the Government for the 2026–36 London Social and Affordable Homes. At some stage this should ,if it is spent wisely (not guaranteed), should stimulate the FTB market.
Traditionally, Berkeley has had a strong presence in London. If a turnaround happens in London, it might be a stock worth watching for recovery.
Disclosure - Hold Berkeley
It's not just London and the SE.
I live in a coastal town in Devon. Population circa 18,000. Several years ago the usual number of houses on the market was about 80. Over the last couple of years this has now risen to about 425 properties and I estimate that at least 30 -40% have reduced their asking price!
Granted a lot of peeps are trying to sell their 2nd/Airbnb properties for tax reasons but the 16 year property cycle is overdue and a crash must surely be on the cards.
Really interesting stuff ebb. That sounds incredible, almost unprecedented. What do you put it down to ? Living in a smallish coastal town in Devon sounds brilliant to me !
I wonder if that is something caused by increased tax and regulation on rentals and second homes? In my home base (mainly) affluent South Manchester there are far fewer For Sale boards than typical of a few decades ago. I think it's most likely due to higher stamp duty.
Gov't making renting less and less viable for landlords has led to increased sales, certainly. Think the stamp duty has had far less impact than the fact that, in North Devon at least, we have higher Social Deprivation Factors than the inner cities, a low wage economy combined with lots of second homes/holiday rentals making housing far less affordable. Our maternity unit has just closed because they can't attract staff and the hospital will probably follow - would you want to move to an area where the nearest hospital is 60 miles away on far poorer quality roads than you're used to, and there are very few other facilities that people take for granted in a city?
We need leasehold reforms, but government dragging its feet. Why on earth did they prioritise the renters reform bill when there was no problem with the rental market? Bad press I think plays a part but there are real problems with the way service charges are levied and freeholders have control of the management companies they appoint, without having to suffer the consequences, financially or having to live in the block themselves.
Most blocks do not have a "cladding issue" but the way it was handled by successive governments has made every block a target and management companies will do it for their own profit even if there is no issue.
Totally agree M.
Also, and I rent my property, I cant understand why govt continues to target landlords. I get that there are rogue landlords out there who need dealing with but, if my experience is anything to go by, there are also many responsible and good landlords.
I am now literally waiting for the next rent increase letter, as mine, not unreasonably, looks to cover her increased costs/tax.
Worse, it raises the possibility that my landlord will at some point capitulate and decide that renting out properties is not for them anymore and they will sell up, throwing very long standing tenants onto the street.
its a fine line but overall the the government policy is half working imho even if it may be screwing you over unfortunately.
facts are many who would have bought a home at reasonable price have traditionally been simply outbid by more well to do people who can get cheaper mortage or have a bigger deposit and earn an easy profit - btl tax rules back in the day were crazy generous to landlords. they could outbid locals - rent to them rake in the profits when that person very well could have afforded to pay mortgage payments - so its great that the needle has swung towards making it less easy for the well to do to own a home that really should have been owned by the tenant.
You are 100% right that they have gone way over the top ref rights for tenants without addressing the damange bad tenants cause and some over then top regulation - eg cash cow of registering each propertry at £70 per year per property fee.
Worse, it raises the possibility that my landlord will at some point capitulate and decide that renting out properties is not for them anymore and they will sell up, throwing very long standing tenants onto the street.
thats just the reality of being a tenant - the vast majority of landlords really appreciate good tenants and hoewfully dont take the micky - ref the numbers though its a zero numbers game overall if the supply and demand is still the same - if that property is sole and is now bought by owner occupier - whilst there will be one less local rental property - there is one less potential tenant wehn you next want to rent - so excatly the same supply and demand.
Lets face facts cost of living increases are so high - thats the real underlying reason rental prices are going up - everythioong costs more. Yes landlords will always blame then gov - and yes the renters right act has inflated prices - if the ends result though is "moderating hgouse prices" in real terms well that will have some later benfit to tenants.
What we need more than anything is more new homes built so tenants have the power of choice aws to where to live - rather than too many houses where obviously landlords are gonna make hay.
It's the tax on income that is a problem (plus other taxes) Paying 24% min , 49% max tax without being able to offset many expenses as a sole trader, that they could as a limited company, makes no sense at all.
I know people who are selling up. Why: main thing is the new act, but equally the tax on income.
This market has a long way to go before we get to the last sellers. Prices in many areas will fall, and rents increase.
Angela will probably then bring in rent controls, which will completely kill the market.
The renter reform bill was pure malice. Nothing wrong with that part of the market. It seems that Lbour felt landlords were rich so they needed reining in.
Yes a lot of money was made 25 years ago, but not now. Prices have at best followed inflation in the last 10 years. In many / most cases they have lagged inflation.
I sold my buy to lets and evicted the tenants, they were very upset, don't blame them.
Come on now, it wasn't malice at all. It was driven by concern about renters lacking security of tenure. You sound as though you were into long-term lets, but plenty of other landlords, especially in London when prices were rising, though nothing of evicting tenants and then charging much higher rents. Fine for landlords (at least, those without consciences) but not for renters who kept being moved.
Well they did pass the The Leasehold and Freehold Reform Act 2024 which is being implemented in phases - no real effect yet I think. Note benefits include
+ Separately the FCA recently banned payments of "commissions" to freeholders / managing agents arranging insurance on blocks of flats.
+ Ground Rents already ended on new build's.
Taken together these should reverse the rather excessive maintenance charges levied on blocks of flats. It may take some time for the housing market to acknowledge these changes however.
Morning Tortoise
Regrettably you shouldn't be surprised at the the London flat mkt. scandal as government interference with mkt. forces never ends well. Do you remember the Persimmon scandal 8 years ago as below?
Jeff Fairburn, the former chief executive of the UK housebuilder Persimmon plc, was ousted in late 2018 following a major corporate scandal over his £75 million bonus. The payout—originally valued at over £100 million—was widely condemned as one of the most excessive executive pay packages in British corporate history, largely because the company's surging profits were heavily subsidised by the UK government's taxpayer-funded Help to Buy scheme. [1, 2, 3, 4](courtesy of AI).
Your final paragraph alludes to the sadness facing thousands of people who as a consequence of tax payer funded Help to Buy, along with the bank of Mum & Dad ended up paying 8x salary or more for a grossly overvalued poorly constructed new build flat.
I have direct evidence of the aforementioned salary multiples along with the experience of property development in my earlier life.
Some of the current large house builders produce a very poor product BTRW is one of the better ones having won many awards for quality.
Thousands of people have had their lives ruined by poor property decisions. it's not just in London either I see no end to the Mexican stand off in the current prop mkt. and the last thing required now is a poorly thought out help to Buy scheme that loads all the risk on the long suffering tax payer.
Thanks for the Persimmon plc reminder Carla......It kinda needed a hand grenade to highlight the unreality of salary/bonus payments to so-called big house builders.
They are not, of course, builders of anything. They are property developers...the type of people who back in they day you counted your fingers after shaking hands!
The volume house builders are all the same, turn out much the same product with the most un-qualified sub contractors which they appoint on price only and then fail to properly supervise the ensuing workmanship. (Bit of a rant there but the industry can and should do much better but don't hold your breath.)
If you want a good quality, well built new property, or extension to an existing one, then select a local builder (probably a family business who also lives in your area) that is probably building single or no more than five/six units on a small nearby development site. These guys generally have a stable workforce and use the same specialist local tradesman for plumbing, electrics, plastering etc.
They will not do shoddy work when they just live down the road and you can knock on their door if you've got a problem.
For the record I am a retired chartered civil engineer with personal experience of this problem.
Caveat Emptor
Pistol
Personally i am always surprised at how high the service charges are in flats.
This is what puts me off that type of property.
Good news that the Wise (LON:WISE) Belgian prosecutors office probe is in the rear view mirror, with no blame apportioned. The business is growing as planned alongside the ongoing buyback. They just need to achieve the US banking licence to get positive sentiment back on track.
Wise (NSQ:WSE)
i would agree its excellent news ref belgium - if nothing else the belgium issue will have been a wake up call for directors that potentially every country they deal with may have spats with them. their ability to manage these obstacles in their path without material wosrt case downside is key - money laundering is such that that the highest of the high standards are expected in many jurisdictions - not easy when you are a volume provider charging low fees.
Interesting article yesterday here
https://s-curve.news/articles/2026-11-12-wise-account-closures
ref volumes etc of people having their accounts closed with no warning (and funds potentially frozen) - in some respects this is excatly what Wise need to be doing - if there are any doubts put a hold ask questions and provde you are not blindly letting any funds flow through that may look sketchy. customers wont like it but thats just the risk they take if they are transferring stuff all over the world - volumes flagged seem uber uber low - well below and level that would worry me.
the longer the shareprice flatlines whilst they are increaisng profits at a lick each 6 months tne better value the shares look- i am still on the sidelines here at present.
Wise (LON:WISE)
Morning all
Wise (WISE) — H1 FY27: Belgium, Big Banks and Building the Railway
TL;DR:
Wise has settled its Belgian prosecutor investigation without admitting wrongdoing in a ‘financially immaterial’ way. This removes a significant legal uncertainty; separate regulatory remediation remains outstanding.
Two of North America’s 20 largest banks have also gone live on Wise Platform.
Net revenue grew 23%, cross-border volume 24%, and Platform volume nearly 50%.
The infrastructure thesis continues to strengthen.
1. Belgium — an important distinction
The most reassuring development was Wise Europe’s agreement to fully settle the Brussels prosecutor investigation, without admitting wrongdoing.
During the earnings-call Q&A, CFO Emmanuel Thomassin confirmed that the settlement terms were confidential but financially immaterial.
This removes an important source of legal and reputational uncertainty.
There remains the separate National Bank of Belgium supervisory proceedings concerning AML/KYC shortcomings; The NBB’s remediation deadline of 31 January 2027 remains in place.
One significant risk has been resolved; the wider regulatory issue has not yet been completely closed.
2. Two major North American banks
Including Morgan Stanley, Wise now works with three of the region’s twenty largest banks. The new relationships went live on Wise Platform during H1.
The identities and commercial economics of the two new relationships remain undisclosed.
During the Q&A, Kristo Käärmann explained that Wise may already capture most eligible international-payment flows at some smaller banking partners. Early penetration at major banks currently remains relatively limited.
Wise Platform volume grew nearly 50% year-on-year, roughly twice the rate of Wise’s overall cross-border business (24%).
Its share of total volume has consequently risen from 4% to 6% in just eighteen months, reinforcing its emergence as a second growth engine.
3. Building the railway
Wise delivered 23% net revenue growth and 24% cross-border volume growth while maintaining a 23% pretax margin.
Transaction expenses benefited from direct payment-system connections and greater bargaining power with banking partners, although accounting effects flatter the headline year-on-year reduction.
Wise’s nine direct payment-system integrations progressively reduce reliance on intermediaries, allowing Wise to lower customer prices while expanding its network.
Conclusion
The Belgian settlement removes a meaningful legal overhang, although NBB remediation remains a timely milestone in early 2027.
The arrival of two major North American banking partners provides further evidence that Wise’s infrastructure is gaining institutional acceptance.
The long-term opportunity isn’t persuading banks to adopt Wise, but becoming increasingly integral in international-payment flows.
Wise is still building the railway. Increasingly, other banks are choosing to run their trains on it.
Disclosure: Long Wise.
This is excellent news for both WISE and the e-Money Sector.
It's not often you get out from an investigation without some remedial actions - they can always find something. This is a pretty exceptional result, in that context.
FYI Aviva (LON:AV.) AV. AI's summary: "The nine-month trading update itself is in a linked PDF that the announcement does not reproduce. "
Doing things properly is better than an AI bodge.
I've written it myself! G
From my reading - the results from Canada ( which represent circa 28% of their overall General Ins premiums ) are disappointing but it is only one Quarter figures.
Thanks Graham!
Hi - sorry off topic but just to let you know you were right about Interactive Brokers having an involvement with IG Group as 'custodians'. Pity the staff at IG Group weren't as clued up as you; they were totally unaware until my case. They could have saved a lot of time, effort and worry on my false 'fraud' situation. Thanks again.
No worries, glad to hear I was able to provide some helpful context
For what it's worth I thought they read quite well on most metrics except the word broadly slipping into the eps growth statement. It read like a quite close broadly but u can never be sure on these things....so I half expected them to open down 2-3% but haven't yet... I still think the decent divi growing thesis is intact so not too concerned by this update one way or another. Stock is not in the teeth of market concerns at present so likely ok. I own.