ODDO : A flexible model but FCF significantly impacted
The advertising agency market should see an historic organic drop of 12% in its revenues in 2020 with a trough in Q2 and Q3. The flexibility of the model should limit the contraction in EBIT, but FCF is likely to be halved with a probable sharp contraction in WCR. Visibility is still low and the risk of a recession in 2021 might curb the rebound. Our fear is that agencies will stimulate their business using their balance sheets (payment deadlines), which would trigger a lasting c...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.
WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.
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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