WPP to Sell Kantar Stake to Bain Capital; Maintaining GBX 1,450 FVE; Shares Undervalued
WPP, which is on our Best Idea list, announced the sale of a stake in Kantar to Bain Capital Private Equity which represented a total enterprise value of Kantar at GBP 3.2 billion. While this is below the GBP 4 billion Kantar valuation we had estimated, our GBX 1,450 fair value estimate for WPP will not be impacted. Although the WPP share price has increased more than 14% year to date, we continue to view this narrow moat name as attractive. WPP and Bain have agreed that WPP will retain a 40% st...
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