WPP Posts in Line Third-Quarter Update; On Pace to Meet 2016 Organic Growth Target of 3%
WPP reported its third-quarter trading update with total revenue coming in line with expectations. Net sales improved by 23% on a reported basis and 3% on a like-for-like basis. The strong improvement in reported sales stems from the ongoing weakness of the pound after the United Kingdom voted to leave the European Union, which accounted for 16% of the increase in sales. We are maintaining our fair value estimate of 1,635 GBX and our narrow economic moat rating. With shares trading in the 3-star...
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