We have spoken to over 50 investors following our recent initiation on M&C Saatchi. In this note we summarise the principal areas of debate arising from these discussions and highlight an encouraging reaction to our positive investment case. Specifically, we sense that further evidence that the group’s growth strategy is gaining traction would be well received and could act as a catalyst for further share price progress. We retain our 271p target price (45% 12-month TSR) and BUY recommendation.