Publicis beat the consensus in Q3 20 with organic net revenue down 5.6% (vs -8% in H1 20). This was attributable to the US (60% of the total) where Publicis benefited from a double-digit increase at Publicis Health, strong growth in digital media, organic growth at Sapient US, and the resumption of the activity at Epsilon 2.0. Unfortunately, the perception on the stock remains tarnished by the lack of visibility in Q4 20 (no guidance) due to the COVID-19 pandemic.
15 Oct 2020
Better than expected in Q3 20, lack of visibility in Q4 20
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Better than expected in Q3 20, lack of visibility in Q4 20
Publicis beat the consensus in Q3 20 with organic net revenue down 5.6% (vs -8% in H1 20). This was attributable to the US (60% of the total) where Publicis benefited from a double-digit increase at Publicis Health, strong growth in digital media, organic growth at Sapient US, and the resumption of the activity at Epsilon 2.0. Unfortunately, the perception on the stock remains tarnished by the lack of visibility in Q4 20 (no guidance) due to the COVID-19 pandemic.