Publicis Reports In-Line 1Q Revenue; Maintaining EUR 65 FVE; Shares Fairly Valued
Publicis Groupe’s first-quarter 2017 revenue was in line with our estimate and indicated improvement in organic growth, which is expected to continue the rest of the year. While Publicis is slowly improving its organic revenue growth, we also expect the firm to make progress toward operating more efficiently, which will help Publicis maintain margins at levels above its peers. We did not make any adjustments to our Publicis model and are maintaining our narrow moat rating and fair value estimate...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.
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.
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