FY25A was a challenging year for M&C Saatchi but this week’s results suggest that, notwithstanding macro uncertainty, its underlying prospects are improving - with the potential for a period of (now largely complete) restructuring to drive positive momentum. Our updated estimates indicate c.50% adj. EPS growth over a three-year view (boosted by an increased commitment to share buybacks) and our 152p TP suggest c.25% SP upside potential. BUY.