Daily Stock Market Report (Thur 5 June 2025) - WISE, CMCX, DOCS, VANL, MTO, MRL

Thu 6:10am by Mark Simpson

46 comments 5850 reads

Good morning!

I'm back from Mello, which was a triumph as usual, and will be with you for this morning's news. It was great to meet so many subscribers in person. Feel free to put any Mello highlights in the DSMR comments below.

Graham has updated the rating tracking spreadsheet for the over 500 companies we have covered recently on the DSMR. Check it out here.

Companies Reporting

Name (Mkt Cap)

RNS

Summary

Our view (Author)

Wise (LON:WISE) (£13.7bn)	Final Results	Rev +15% to £1.2bn, PBT +17% to £565m. Continued benefits of high interest rates. Intention to move primary listing to the US.	AMBER (Megan) The currency transfer specialist has only been listed in London since 2021 and in that time it has delivered some remarkable growth metrics, which have been continued in these numbers. But investors have not responded as company executives would have liked (perhaps because of underlying fears from the history of currency transfer companies). Another British company looking to seek fairer fortunes in the US. At least we get to keep the secondary listing.
Unite (LON:UTG) (£4.19bn)	Disposal of Nine Properties for £212 Million	Sale of student properties with a total of 3,656 beds across five cities at a 1% discount to December 2024 book value.
MITIE (LON:MTO) (£2.01bn)	FY Results & Offer for Marlowe	Record contract awards and total order book +35% to £15.4bn. Net debt more than doubled to £199m. Proposed £366m cash and shares acquisition for AIM-listed peer.	AMBER/RED (Mark) Some impressive top-line figures don't make it into the EPS. Negative working capital, and now debt taken on to fund an acquisition that doens't look obviously cheap, adds to the risk of a blow-up that all outsourcers seem to have periodically.
Fevertree Drinks (LON:FEVR) (£1.08bn)	AGM Trading Statement	Low single digit revenue growth in line with expectations. 10% US tariffs will be shared with US distribution partner Molson Coors.
Wizz Air Holdings (LON:WIZZ) (£1.73bn)	Final Results	Fleet size +11% but passenger numbers up just 2%. Rev +4%. Summer fares expected to be slightly lower than last year.
CMC Markets (LON:CMCX) (£796m)	Final Results	Net operating income +2%, with especially strong growth in Australia. Underlying EBITDA +12%.	BLACK/AMBER (Mark) This is a…

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Mark Simpson

Thu 11:08am

Yes, sorry. Their "AGM Update" turned out to be an update about the details of the AGM (not something we report on!) whereas most "AGM Updates" are trading updates that are given at the AGM (which we would report on.) I'll detag it.

JSchoffer

Thu 11:33am

I agree its a shame Camtab - but at the same time I'm happy to make the best returns for my portfolio wherever that may be so I am probably part of the problem!

charlie51

Thu 11:43am

I agree. I can't say that I was that taken initially by the presenting companies list, but it only takes one to make it worthwhile. For me that was Personal Group (PGH).

Maddox

Thu 11:46am

WISE: Came to market on a p/e 100 and this has steadily come down grown as it's grown into its valuation. It is currently on a p/e of 26 on today's opening price of 1083p. So it's the high valuation that has I think put a ceiling on further share price appreciation.

Maintaining it's UK listing as it is currently preserves the A & B share structure - that would have to go were WISE to seek inclusion in the FTSE 100 index for which it's market cap would qualify.

Thu 12:19pm

I think its just the buyback not the dividend.

sharw

Thu 12:26pm

Mark - while you are dealing with your tags check:

Is that Unite (LON:UTG) ?

Is that Palace Capital (LON:PCA) ?

(Don't worry, Graham has similar gremlins pop up!)

Paddy

Thu 12:29pm

Yes you are correct, my mistake!

JohnDoe2378

Thu 12:53pm

Anyone else frustrated by piles of junk rising 20%, and some good quality stocks static?!

Dr Martens (LON:DOCS) as an example!!

Monty Carlo

Thu 1:17pm

Just pick the static stocks that pay a reliable dividend yield and you will be fine.

I've just been totting up the Legal & General (LON:LGEN) divis that arrived today and it really is eye-opening - a single dividend payment worth more than the entirety of some of my small cap positions.

Just remember Stocko can't do total return. The IRR of the LGEN position in my ISA exceeds 10% and that is going back over a decade, whereas the Stocko chart will give the impression that you lost money over that timeframe.

abtan

Thu 1:19pm

Wise (LON:WISE)

This is a large holding of mine so I hope it's okay to share some quick thoughts:

Q4 Revenue +11% YOY.
I estimate that this would have been c.+30% if the company had not voluntarily lowered their FX take rate (0.67% in Q4-2024 ---> 0.53% Q4-2025)
Excellent Card Usage revenue growth, helped by Wise Account balances increasing from £13.3b ---> £17.1b.
Wise Account balances are a key metric for me.
Continued growth in Asset Cash Balances should drive Asset revenue as well (which was c£15m in 2025 based on CFO comments earlier today - presumably this is pure profit.)
Gross Profit now 80%.
I expect this to keep increases as Wise grows and relies less on 3rd parties.
For context this was 62% in 2020.
YOY% volumes for both Personal & Business customers have been growing faster throughout 2025.
Wise Platform now makes up 4% of volumes, up from 3% last year.

I remain a big fan of the company after today's results, with no real surprises and more of the same:

lower costs for customers (with competitors presumably forced to lower their own costs - I don't know any listed players who are cheaper);
growing fast;
a net cash position;
generating plenty of cash;
profitable :)

Camtab

Thu 3:08pm

JSchoffer thanks for the reply. I totally agree,I was just trying to point out the hypocrisy of it all and therefore the challenges of curing the problem.

Thu 3:24pm

Quite a number of comments here on Wise (LON:WISE) moving its primary listing to the US but have now found another blow today to the appeal of the LSE - the float of Cobalt has been pulled at the last minute:

https://uk.finance.yahoo.com/n...

Pimlico on Thames

Thu 4:21pm

Hi Team. Bit of housekeeping to help those who may want to search the history.

The table is still showing UTG (PNK:UTGN) (£4.19bn), when it should be Unite (LON:UTG)

timarr

Thu 5:38pm

They're also making an interesting move by utilising safeguarding insurance allowing them to use customer funds for liquidity.

The platform business is one to keep an eye on, too. That's taking out competition as well as bringing in income.

Steady as it goes, really.

Thu 5:44pm

Hi timarr

"They're also making an interesting move by utilising safeguarding insurance allowing them to use customer funds for liquidity."

Yes, I saw this too. I think it was about £500m.

I wasn't quite sure what the rationale for this was to be honest as they already have so much cash (and not all of it is needed for regulatory purposes.) Someone asked about it on the call this morning, but I didn't find Kristo's answer very informative.

It will be interesting to see what they do with these funds if they ever need them.

Spender71

Thu 6:07pm

Red flag?

Thu 6:11pm

Mine was Brave Bison (LON:BBSN) Very impressive presentation.

Thu 6:12pm

Wise (LON:WISE): I can't imagine how or why this would be an issue as safeguarding is a regulated issue. It appears to be cheap way of raising capital to invest in the business.

Thu 7:42pm

Thanks. Should be sorted now.

Gag20806

Fri 8:31am

Many thanks Graham for updating the spreadsheet. I use it a lot to get a quick snapshot of how things are changing

Daily Stock Market Report (Thur 5 June 2025) - WISE, CMCX, DOCS, VANL, MTO, MRL

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Mark Simpson

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