havas : The quiet force
Havas is the world’s sixth-largest listed advertising agency. While Havas’ growth may be a little weaker than that of some competitors at around 2.5% between 2024 and 2027, mainly because of its European exposure, it has strong margin expansion potential, driving solid earnings growth (Net result CAGR of 9% out to 2027). We expect the group continue its M&A policy, and a transformative deal is possible in the future. We are initiating coverage of the stock on Outperform with a target price of € 2.3, applying a discount of 25% on our DCF-derived valuation.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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