M&C Saatchi held an investor day yesterday and there were three key take always from our perspective (i) sport has matured into a strong leading player in its segment capable of attracting very large clients, (ii) there is traction internationally through an expanded range of capabilities (and critically in the US) and (iii) the attractions of the strong entrepreneurial culture and structure that underpins the group. The group is looking at incentivising the management of the UK agency to give it the lift that has proven to work for the group (most recently in Australia). We would welcome this from a medium term perspective. The shares have drifted off recently and are bouncing along in the middle of the last few years. With earnings catching up sharply the shares are now likely to move in to a new phase and break new ground. Our TP is based on 2015e and provided the upcoming results (18th March) confirm that trading in 2016 is on track our TP can rise towards the 400p level. At 304p the stock is looking attractive. BUY