WPP reported FY20 results slightly above expectations In the context of a tough year, the results proved reassuring with organic revenue growth in Q4 at -6.5% versus cons at -7.8%. For the full year revenues were in line, however margins came in 4% ahead of consensus and EPS 5% ahead of consensus on the back of continued strong cost management performance amid the pandemic. Company reiterated outlook of a rebound in growth and margin from a COVID impacted 2020 Company reiterated previously announced guidance, expecting a mid-single digit like-for-like net revenue growth for FY21, coupled with margins in the range of 13.5% to 14%. Capex guidance was unchanged at GBP450-500m. The company also expects a net working capital outflow of GBP200-300m, reflecting the normalisation from the strong position at the end of 2020. GroupM and changing data environment a focus during the conf call with management While questions were asked on business and clients'' momentum, management highlighted that the absence of sequential performance at GroupM was due to a better than expected Q3 and a rather in-line Q4. On the changing data environment, WPP CEO outlines this will tend to benefit the larger platforms and disadvantage the smaller publishers and intermediaries. For WPP, he stated it''s a neutral to net positive. We cut our EPS on a strengthening GBP We updated our model for the negative FX impact in 2021, which mostly explains the downgrades. We slightly upgrade our organic growth expectations for next year (from +4.3% to 4.4%). We therefore cut our FY21/22 EPS by 8%/7%. We lower our target price from GBP790 to GBP760. We remain Neutral on WPP While the rebound seems well understood, we remain Neutral on the back of structural challenges not going away and execution risks related to the transformation strategy.