The mojo''s back. The beats keep coming, and the challenges of the past year have forced a healthy round of cost-cutting. With the agencies now more focused, on the up, and ready to strut their stuff in a post-lockdown world, surely it''s time to buy into their story? It''s complicated. True, as mobile and e-commerce continue to grow, relationships with clients evolve, and Chrome''s third-party cookies come to an end, agencies will have new chances to shine. But as we show in this report on current and coming trends, competition is also about to get a lot more intense. On execution risk, less exposure to growth opportunities and less-favourable asset mix, we downgrade WPP to Underperform. At Publicis we see more to come, especially from Epsilon and Sapient, and stay Outperform.