Le profit warning de trop - NEUTRE vs ACHAT, OC 15£ vs 19,9£
Après avoir abaissé la croissance lfl de sa marge brute 2017 à +2% en mars vs +3% (12/2016), l’annonce d’une nouvelle révision avec une progression comprise entre 0% et +1% casse la confiance que le marché avait dans la résilience de son modèle. Ce profit warning est expliqué par la pression des groupes de FMCG et les pertes de budgets de 2016 (ATT et VW). Nous estimons qu’il peut également être lié à une structure trop éclatée qui rend difficile la mise en place le concept d’horizontalité qui devient dorénavant le principal axe stratégique du groupe. Des restructurations du type de celles menées par Publicis pourraient amener à une croissance plus faible sur les trimestres à venir. Sans catalyseur réel sur la croissance à court terme, nous abaissons notre opinion à NEUTRE vs ACHAT avec un objectif de cours abaissé à 15,0£ (vs 19,9£).WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.
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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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