Ipsos - Q1 does not reassure us that Ipsos will achieve its full-year growth guidance
Organic sales up 4.5%, significantly below our expectations given the very favorable base effectSales in the Americas down 3%, penalized by Public Affairs and disappointing growth in the Tech sectorOur organic growth forecast has been revised downwards to +3% (versus +4% previously, which was already at the lower end of the Group's guidance range).We move to "ADD" from "BUY". The risk reward no longer seems as attractive after the rerating of valuation multiples and given the risk on growth guidance.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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