Publicis emerged last year as the largest holding co, the ''top dog'' of ad agencies. After a decade of savvy MandA, it is once again set to benefit from industry consolidation - this time from Omnicom''s plans to acquire Interpublic. While the combined OMC/IPG group will take over as the biggest agency, Publicis'' competitive edge (scale, mix, Gen AI) and strong financial position mean it still screens as the Greatest of All Time, aka the GOAT. We believe Publicis is well-equipped to capitalise on opportunities amid the OMC/IPG merger process and navigate US macro uncertainties. Reiterate Outperform and Agencies Top Pick with a new EUR130 TP (40% upside). We see c60% upside in a bull case scenario.