Un modèle qui est loin d'être mort - ACHAT - OC 81€ (vs 78,5€)
Les résultats S1 confortent le discours tenu par le groupe depuis plusieurs mois d’un redressement progressif de la croissance de son revenu en 2017. Après un revenu T1 en recul de -1,2% lfl, le T2 constitue une bonne surprise avec une progression de +0,8% lfl alors qu’une nouvelle baisse était anticipée. De plus le groupe réussit à faire progresser ses marges de 20bp malgré une baisse de son revenu S1 de -0,2%. La croissance du groupe devrait rejoindre celle de ses pairs au S2 pour la dépasser ensuite et l’amélioration des marges se poursuivre grâce à la rationalisation des structures. Opinion ACHAT avec un objectif relevé à 81€ (vs 78,5€).Publicis is holding company. Through its subsidiaries, Co. is engaged in marketing, communication and digital transformation. Co. designs a customized package of services to meet each client's particular needs through a holistic and global approach. In addition, Co. provides financial markets with information concerning the relative size of each of the different business sectors for the sole purpose of allowing sector comparisons. Co.'s principal activities comprise four main categories: Digital, Advertising, Specialized Agencies and Marketing Services (SAMS) and Media.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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