Ipsos - Accelerating growth in Q3, risk reward still very attractive
Acceleration of organic growth as expected: +4% in Q3 after +0.5% in Q2 and -3% in Q1Reported quarterly sales down -2.3% due to currency effectsTMT sales still down -9%, while other sectors growConfirmation of annual guidance: organic growth between 3% and 4% and Adj.EBIT margin around 13%For prudence's sake, we have lowered our forecasts for 2023 and 2024The current valuation level represents a very attractive risk reward, with the EV/Adj.EBIT multiple below its 2008/2009 level"BUY" opinion confirmed, with a target price of €69 (vs. €75 previously)Ipsos is an independent survey-based research group based in France. Co. focuses exclusively on the production, interpretation, and distribution of information gathered from individuals about their views, desires, attitudes, and behaviors. It uses two principal methods of survey-based research: Quantitative research and Qualitative research. Co. organizes its business around six areas of specialization: Advertising Research; Marketing Research; Media Research; Opinion and Social Research; and Customer Relationship/Management Research. In addition, it divides its operations into five geographical areas: Europe, North America, Latin America, Asia-Pacific, and Middle East.
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