We hosted Publicis Groupe management for their French and Middle Eastern roadshow CEO Arthur Sadoun and CFO Michel-Alain Proch provided an upbeat overview of the group''s performance and the key reasons behind Publicis'' better-than-expected performance. Despite the ongoing uncertainty around the macroeconomic outlook, we found Management commentary supportive on revenue visibility, and the benefits of the Publicis operating model for both the top line and margins. Focus 1: 2023 A key element of surprise during the FY22 results release was the guidance, from a ''very solid 3%'' to the ''ambitious 5%'' organic net revenue growth. Management elaborated, underlining that clients are relying on their marketing partners to navigate an increasingly complex digital ad ecosystem, alongside a consistent need for digital transformation. Focus 2: the longer term- Publicis well placed with clients Management explained that the Publicis model is starting to pay off, with a combination of: 1) business mix diversification, supporting net revenue growth; 2) a top-notch operating model, enabling substantial talent reinvestment; and 3) good performance of the global delivery centres, supporting the Power of One strategy. Reiterate Outperform Publicis remains a key pick in media, offering exposure to a structural rerating story driven by a more visible revenue transition, a best-in-class operating model and strong FCF yield. For more on our key picks for the year please see How to play media in 2023?.