Report
Ali Mogharabi
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Publicis 3Q Revenue Update Beats Expectations; Maintaining EUR 63 FVE; Shares Remain Undervalued

Publicis reported better-than-expected third-quarter 2018 net revenue, as organic growth accelerated, driven mainly by new account wins, partially offset by the negative impact of foreign exchange rates. Similar to Omnicom, which reported strong numbers earlier this week, Publicis has begun to again display strength of its brand equity by winning some big accounts with agencies such as Leo Burnett and Saatchi & Saatchi. We continue to view such intangible assets as an economic moat source fo...
Underlying
Publicis Groupe SA

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Ali Mogharabi

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