Stratégie inchangée malgré un T3 médiocre - NEUTRE, OC 14,7£ vs 15£
La marge brute T3 est en bas de consensus. La croissance lfl devrait être nulle en 2017 vs +0% à +1% annoncé en août, +2% en mars et +3% en décembre 2016. La marge d’EBITA devrait être stable vs 2016 (vs +30bp préc). La principale raison de ce nouvel avertissement est la pression sur les coûts des groupes de grande consommation et les pertes de budgets de 2016 (AT&T et VW). Contrairement à Publicis, WPP ne pense pas que la concurrence des groupes de conseil et la désintermédiation vers les géants d’Internet ont un impact sur son modèle. Le groupe ne cherche pas à modifier sa stratégie mais accélère la simplification de ses structures pour mieux répondre à la demande. Nous révisons nos prévisions et notre objectif à 14,7£ (vs 15£). Opinion NEUTRE maintenue. 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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