Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PUBLICIS GROUPE. We currently have 6 research reports from 1 professional analysts.
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A tough H2 16e with improvement still expected in FY17e
20 Oct 16
Publicis has just released slightly lower than expected Q3 organic revenue growth of +0.2% versus +0.8% for consensus. On a reported basis, total revenue amounted to €2.32bn, down 0.4% and up 1.5% at constant currency. For the 9-month period, the organic revenue growth was +1.9% (reported: +2.9% to €7,068m and +5.2% at CER).
Good H1 16 and focus on executing the new organisation for H2
04 Aug 16
Satisfactory set of results for H1 16 Publicis reported satisfactory results with revenues up 2.8% organically for the period (reported: +4.6% to €4,753m) and a flat operating margin of 13%. FY16 guidance is still for Q3 organic growth to be impacted by the FY15 account losses but the group positively confirmed solid progress in delivering savings and Sapient synergies. Publicis’ reorganisation/ transformation, leading to the creation of four “Solutions hubs” dedicated to serve clients on a transversal basis, was completed as of end-H1 16. Working on the execution will now be the focus over the next few months.
A promising start to the year, although still cautious for FY16e
19 Apr 16
Publicis reported much higher figures than expected with Q1 16 organic revenue growing +2.9% compared with its previous guidance of stable or slightly negative at worst. This is therefore far above a consensus expectation of +0.3% and our own flat forecast. Consolidated revenues for the quarter reached €2,291m, up 8.9% on a reported basis and +10% at CER.
Restored credibility and a transition year ahead...
11 Feb 16
Publicis reported better than expected Q4 organic revenue growth of +2.8% when the market expected less than 1% after the poor Q3 and 9 months trends (respectively +0.7% and +1%). For the full year, the organic revenue growth therefore reached +1.5%, above management's guidance of around +1%, with revenue amounting to €9,601m, up €2,346m from the previous year and positively impacted by forex (+€823m impact or +11.3%) and the integration of acquisitions (+€1,399m total net impact or +19.3%, namely coming from Sapient). The full-year adjusted OP was €1,487m, reflecting a 15.5% operating margin slightly above the consensus of 15.4% and compared to 16.3% in FY14. Headline net profit amounted to €901m and EPS to €4.39, up 20.6% and slightly above our €4.19 forecasts. The proposed dividend per share is raised by 33.3% to €1.60, giving a good signal to the market (payout at 39.5% from 37.3% in FY14 and FY18 goal reiterated at 42%). The FY16e guidance is highly cautious, pointing to modest organic revenue growth but with an improvement expected for all the group's financial metrics. Management estimates FY17e will show all the benefits on growth and margins coming from the current ongoing reorganisation/transformation.
Worrying poor Q3 organic trends...
22 Oct 15
Unexpectedly, Publicis reported Q3 15 organic revenue growth of only +0.7% (9 months 15: +1%), an all the more disappointing performance in that the basis of comparison was rather easy (Q3 14 had been only +1%) and that, as recently as end-July, the group was highly confident in producing a "very very strong Q3", thanks to a solid pipeline and strong spending plans from clients... Q3 revenues amounted to €2,325m, up €577m from a year earlier, positively impacted by forex (+€182m impact or 10.4%) and the integration of new businesses (+€381m impact or 21.8%). Year-to-date, consolidated revenues amounted to €6,867m (+34.5% or +€1,761m), up only 1% on an organic basis, impacted by poor North American activities (+0.9% organic) and declining LatAm revenues (-6%). Management is now expecting Publicis' revenues to rise organically by round +1% versus at least +2.5% and +3% to +3.5% earlier this year...
Satisfactory operating margin despite still low organic trends
28 Jul 15
Publicis produced a better than expected operating margin over H1 15 (flat at 13%) despite still poor top-line organic growth (Q2 at 1.4%, improving from +0.9% in Q1; H1 at +1.2% when Omnicom is at +5.2%). Reported figures were boosted by the forex impact (+14.2% on revenues) and perimeter changes (+19.7% impact), namely coming from Sapient. Forex and acquisitions supported the operating margin (+20bp) as did personnel costs (+20bp), offsetting the rise in other opex (-40bp impact). In line with the global advertising spending anticipations (ZenithOptimedia 2015 forecasts revised from 4.9% in December 2014 to +4.2% in June 2015), management is now expecting Publicis' revenues to rise organically by at least +2.5% versus +3% to +3.5% previously, in line with the agencies market. A market outperformance is still anticipated in 2016e.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare
18 Jan 17
Pearson has produced a surprisingly weak update, capitulating on long-standing market concerns regarding North American higher education courseware, accelerating its restructuring programme and rebasing profit and dividend guidance from FY17E onwards. We move from Buy to Hold, with an initial view is that the shares could fall towards the 600-700p level. Call 0830.
Staying on the front foot
19 Jan 17
The mission’s year-end trading update indicates that the group continued its good performance in its traditionally stronger second half, albeit at a lower premium than first half progress. FY16 revenue and headline profit were up 8.0%, higher than GroupM’s estimate of UK ad spend growth at 7.2% and the 6.3% average top-line growth of the quoted smaller agency sector. Collaboration between the mission’s networked agencies continues to extend, with the strong (and loyal) client roster giving a deep pool in which to win a greater share of spend. The valuation discount to the sector has reduced, but remains unjustifiably large.
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.
Small Cap Breakfast
19 Jan 17
SuperAwesome — The London based specialist in e-compliance is considering an IPO in its home town according to City A.M. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January